Hydrographic Survey Market Size, Trends and Growth Analysis by 2027

The hydrographic survey industry was valued at approximately US$ 97.19 million in 2019 and is anticipated to grow to US$ 155.91 million by 2027, reflecting a compound annual growth rate (CAGR) of 6.2% from 2020 to 2027.

Maritime trade and transportation play a pivotal role in global commerce and the process of globalization, serving as a cornerstone for national security. The efficient movement of both passengers and cargo necessitates a robust marine transportation infrastructure. Various government entities, including the US Army Corps of Engineers, NOAA, US Department of Transportation (DOT), US Coast Guard, US Customs and Border Protection, and the Environmental Protection Agency (EPA), oversee marine commerce and transportation. These agencies are tasked with ensuring national security, maintaining marine safety, managing vessel traffic, preserving waterways, and protecting the environment.

According to the United Nations Conference on Trade and Development (UNCTAD), global maritime trade is projected to grow at an average annual rate of 3.5% from 2019 to 2024. This growth is expected to be primarily driven by an increase in containerized, dry bulk, and gas cargo shipments.

Commercial shipping is vital for both global and domestic coastal trade. Vessels transporting dry and liquid bulk goods, containers, and passengers require safe and efficient shipping lanes, ocean routes, and adequate port facilities. Ocean planning activities must ensure that the allocation of ocean space for various uses is compatible with the safe conduct of maritime commerce and transportation. Many coastal nations are investing significantly in hydrographic surveys to ensure their waters are accurately charted, which is essential for meeting the growing demands of maritime trade. Well-optimized charts facilitate quicker transit for ships with deeper drafts, enabling the transport of large goods through critical navigational points and ports. Accurate hydrographic software and services are crucial for ensuring navigational safety and enhancing maritime commerce, which in turn supports sustainable economic growth globally, thereby increasing the demand for hydrographic survey software and services.

The World Health Organization (WHO) has reported that countries such as the US, India, Brazil, Russia, UK, France, Spain, Italy, Germany, Argentina, Mexico, and South Africa have been severely impacted by the COVID-19 pandemic. The crisis has disrupted industries globally, leading to significant adverse effects on the economy in 2020. The US stands out as a major market for hydrographic surveys, particularly in the oil and gas and marine sectors. The shutdowns of factories and businesses worldwide have negatively influenced the hydrographic survey market's growth. Challenges such as workforce shortages and the need for social distancing have impeded oil and gas operations globally, causing delays in various projects and adversely affecting the hydrographic survey market's integration.

The hydrographic survey market is categorized based on components, end users, and geographical regions. In terms of components, the market is divided into software and services. By end user, it is segmented into marine and oil & gas sectors. Geographically, the market is divided into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). In 2019, North America held the largest share of the market, while APAC is projected to experience the highest CAGR from 2020 to 2027. Despite the optimistic growth forecast, the ongoing pandemic continues to hinder the global economy, which may restrict business activities and revenue generation for hydrographic survey industry players worldwide.

The overall size of the hydrographic survey market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast for the hydrographic survey market across all segments. Additionally, primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the hydrographic survey sector.

Key players in the global hydrographic survey market include BeamworX BV, Eye4Software B.V., HYPACK / Xylem Inc., IIC Technologies, Norcom Technology Limited, Teledyne Marine (Teledyne Technologies Incorporated), Triton Imaging, Inc., OceanWise Limited, Moga Software s.r.l., Quality Positioning Services B.V. (QPS), and Esri.