Contracts are the key strategy adopted by industry players to grow in the hydrographic survey equipment market. The core competencies of these market players include their widespread geographical presence and increased investments in R&D.
The global hydrographic survey equipment market is projected to grow from USD 2.07 Billion in 2016 to USD 2.74 Billion by 2022, at a CAGR of 5.39% from 2017 to 2022 during the forecast period. Growth in this market can be attributed to the rise in maritime trade, increased use of UUVs and USVs to conduct hydrographic and oil & gas surveys.
The unmanned vehicles segment is estimated to account for the largest share in the hydrographic survey equipment market in 2017 and is projected to grow at the highest CAGR during the forecast period.
Based on type, the unmanned vehicles segment is estimated to account for the largest share in the hydrographic survey equipment market in 2017 and is projected to grow at the highest CAGR during the forecast period. The use of unmanned vehicles increases safety during critical operations due to the least human interventions and reduces risks and costs associated as against the use of a manned vehicle.
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The offshore oil & gas survey segment is estimated to account for the largest share of the hydrographic survey equipment market in 2017 and is projected to grow at the highest CAGR during the forecast period
Based on application, the offshore oil & gas survey segment is estimated to account for the largest share in the hydrographic survey equipment market in 2017 and is projected to grow at the highest CAGR during the forecast period. The offshore oil & gas industry relies on survey & positioning for exploration and planning facilities, construction, and maintenance. Growth of this segment can be attributed to the rising demand for crude oil energy across the world.
Based on depth, the deep water segment is projected to grow at the highest CAGR during the forecast period. Growth of this segment can be attributed to the increasing number of deepwater operations in oil field development projects in the Gulf of Mexico, Brazil, and West Africa, as well as other emerging regions, which is expected to drive the demand for hydrographic survey equipment.
The hydrographic survey equipment market in the Asia Pacific region is projected to grow at the highest CAGR from 2017 to 2022. Countries in this region include China, India, Malaysia, and the Rest of Asia Pacific. Rise in exploration and production, port & harbor management, along with the development of offshore wind energy parks in the region are fueling the growth of the hydrographic survey equipment market in the Asia Pacific.
Contracts is the key strategy adopted by industry players to grow in the hydrographic survey equipment market. The core competencies of these market players include their widespread geographical presence and increased investments in R&D.
Major players in the hydrographic survey equipment market are Kongsberg Gruppen ASA (Norway), Teledyne Technologies (US), INNOMAR Technologie GmbH (Germany), Edgetech (US), Sonardyne International (UK), iXblue SaS (France), and SyQwest Inc. (UK), among others.
Kongsberg Gruppen ASA (Norway) is a leading player in the hydrographic survey equipment market and operates through varied business segments, such as Kongsberg Maritime AS, Kongsberg Defence Systems, and Kongsberg Protech Systems. The company provides hydrographic survey equipment through its Kongsberg Maritime AS segment. Core competencies of the company include engineering cybernetics, signal processing, software development services, and system integration. The company majorly focuses on securing contracts and undertaking collaborations to strengthen its position in the hydrographic survey equipment market. In 2017, Kongsberg Maritime AS, a business unit of Kongsberg Gruppen ASA, won a USD 18.1 million contract from the NDMA to deliver 2 HUGIN AUVs for mine countermeasure systems. In 2016, Kongsberg Maritime AS, a business unit of Kongsberg Gruppen ASA, collaborated with Chesapeake Technology to use their SonarWiz mapping software for its PulSAR side-scan sonar.
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