Hydrography deals with description and measurement of physical features of the water bodies. Apart from analyzing the physical features of rivers, lakes, oceans and coastal areas, it also predicts and assesses any changes in their conditions. This study is vital in order to prepare for safety and navigation. The industries that benefit from this analysis include security and defense, economic development, marine activities, environmental protection and scientific research. Oil and gas sector has the maximum use of hydrography. Growth in the applications of this technology is driving the global hydrographic equipment market. Rising demand for energy from across the world is considered to be the strongest driver for the global market. Boost in the maritime commerce is also creating positive atmosphere in the global market.
Segments and Trends in Hydrography Equipment Industry
According to the experts, rising demand from the oil and gas sector will be a major driver of growth and revenue for the hydrographic equipment market. Other major drivers for the industry include added rate of exploration across existing and new reserves, demand for accurate nautical charts and their precision. Apart from that, boost of the business in replacement equipment market and development and management of coastal zone segments are some major factors driving this industry.
In order to understand the basic trends in the market, researchers have segmented it on the basis of the types of applications, which include offshore oil and gas, port and harbor management and hydrographic charting. On the basis of geography, they have divided the market into North America, Central America, South America, Middle East, Africa and Asia Pacific. Prominent countries include US, UK, UAE, Canada, Liberia, Brazil, Australia, Norway, Russia, Netherlands, and Singapore.
Market Forecasts and Opportunities
According to the analysis of the segmentation and current trends, the researchers expect hydrographic equipment market to witness numerous opportunities for investment, growth and development. The major opportunities are expected to found in terms of blue economy and uncontested sectors of the market. However, updated information about the navigation areas, rising costs, and abiding to the international regulations are still expected to be the basic challenges for the market. Nevertheless, the market is expected to witness steady demand from the petroleum sector.
During the forecasting period of the next four to five years, from 2014 to 2020, the hydrographic equipment market is expected to grow at a steady CAGR of over 2.73%. At this estimated compound annual growth rate, the market is projected to reach $2,934.18 million by 2020. During the forecasting period, offshore oil and gas and hydrographic charting are expected to be the vital drivers. Echosounders are expected to have the largest market share, which is expected to be followed by profilers and tide gauges. In terms of geography, North America is expected to dominate the industry.