DUBLIN–(BUSINESS WIRE)–The “Asia-Pacific Hydrographic Survey Market Forecast to 2027 – COVID-19 Impact and Regional Analysis By Component and End User” report has been added to ResearchAndMarkets.com’s offering.
The APAC hydrographic survey market is expected to grow from US$ 14.97 million in 2019 to US$ 25.13 million by 2027; it is estimated to grow at a CAGR of 6.8 % from 2020 to 2027.
The advancements in hydrographic survey software and services accelerate the market growth. Hydrographers play a key role in identifying the ocean environment and the production of nautical charts for navigation safety. In addition to the primary role of hydrography, the end users are increasingly seeking real-time data for the sustainable management of marine resources and protection of coastal infrastructure. They need hydrographic data to manage the challenges related to climate change and urbanization in coastal communities. Thus, hydrographic surveying and the roles of experts in this field are in experiencing a paradigm shift, and rise in the adoption of disruptive technologies, solutions, and techniques is likely to boost survey capacity and productivity, simultaneously mitigating the risks and costs involved.
The integration of advanced technologies such as artificial intelligence (AI), virtual reality (VR), and automated data collection is emerging as the next step in the further development of the hydrographic survey industry. AI, machine learning (ML), and forward-looking sonar (FLS) transform hydrographic data collection, processing, analysis, and presentation. The technology integration would enable the close-to-real-time transmission of hydrographic data to cloud in the coming years. Moreover, several methods of processing data using complex algorithms and AI are in the developing phase. The introduction of AI and ML capabilities would allow enterprises to shift from being product-centric to data-centric, which would enable enterprises to expand their product and service portfolios, thereby allowing them to ensure greater client satisfaction. Advanced technologies are swiftly gaining prominence in the marine, and oil & gas sectors, and the rising use of hydrographic survey software integrated with advanced technologies is emerging as a prominent trend in the APAC market.
Countries in APAC, especially India, are highly affected due to COVID-19 outbreak. APAC has a large number of developing countries, a positive economic outlook, high industrial presence, huge population, strong investments in industrial infrastructure, and population with rising disposable income. All these factors make APAC a major growth driving region for various markets, including hydrographic survey. The growing spending on the marine and oil & gas industries by the government in the region offer lucrative opportunities for the growth of the global hydrographic survey market. The ongoing COVID-19 outbreak caused huge disruptions in the growth of various industries in the region. Lockdown is disrupting the activities in various plants and factories, restricting the global supply chains, and negatively impacting the various products sales. In APAC, the governments of various countries have taken drastic measures to reduce the outbreak effects by announcing lockdowns, and travel and trade bans. The shutdown of various plants and halts in offshore projects disrupted various major projects in the region. All these measures hindered the growth of the hydrographic survey market in 2020, and it is likely to continue till Mid-2021.
Based on component, the APAC hydrographic survey market for the services segment is expected to grow faster during the forecast period. Services are the intangible assets of organizations, and they play a critical role in boosting their core competencies. Outsourcing certain tasks to various service providers enables end users to stay agile, drive innovations, and respond to market changes more effectively. The hydrographic survey services include training, deployment and integration, support, and maintenance service. The advantages of hydrographic survey services such as less cost, easy availability, presence of different types of services, and customizable according to the user are expected to increase its demand in coming years.
Market Dynamics
Drivers
Burgeoning Number of Offshore Oil & Gas Projects Mounting Maritime Commerce and Transport Restraints
Insufficient Awareness in Underdeveloped Countries Opportunities
Rising Demand for Energy & Power Projects Future Trends
Advancements in Hydrographic Survey Software and Services Companies Mentioned
Esri HYPACK / Xylem Inc. IIC Technologies OceanWise Limited Quality Positioning Services B.V. (QPS) Teledyne Marine (Teledyne Technologies Incorporated) For more information about this report visit https://www.researchandmarkets.com/r/17z13