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Hydrographic Survey Equipment Market Trends, Size, Strategies, Scope By 2024-2033
Hydrographic Survey Equipment Market Trends
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According to The Business Research Company's, The hydrographic survey equipment market size has grown strongly in recent years. It will grow from $2.91 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to increase in maritime safety, rise in port and harbor maintenance, rise in offshore resource exploration:, increase in environmental monitoring, rise in infrastructure development.
The hydrographic survey equipment market size is expected to see strong growth in the next few years. It will grow to $4.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to climate change and sea-level rise, increasing offshore renewable energy, blue economy growth, international collaboration, rising underwater archaeology. Major trends in the forecast period include multi-beam sonar systems, unmanned survey vessels:, lidar technology integration, real-time data processing, integration with gis and remote sensing.
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Market Drivers and Trends:
An increase in maritime trade is expected to propel the growth of the hydrographic survey equipment market going forward. Maritime trade refers to the type of trade that includes the use of ships to transport goods by sea. Hydrographic surveying is a civil engineering service that determines the physical features of an underwater area and helps the maritime trade. For instance, in 2021, according to United Nations Conference on Trade and Development data, a Switzerland-based intergovernmental organization, maritime trade is projected to increase by 4.3% in the year 2021. Therefore, the increase in maritime trade is driving the hydrographic survey equipment market.
Technological advancements are a key trend gaining popularity in the hydrographic survey equipment market. Major companies operating in the hydrographic survey equipment market are focused on developing new technological solutions to strengthen their position. For instance, in March 2022, Kongsberg Maritime, a Europe-based company operating in hydrographic survey equipment launched an addition to the acoustic modems, a cNODE Mantis that creates a new capability for streaming a live video feed for numerous subsea installations. The cNODE Mantis featured a live video solution technology that helps in subsea installation projects and visually monitors the placement of structures on the seabed.
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Major Key Players of the Market:
Kongsberg Maritime AS, Sonardyne International Ltd., Innomar Technologie GmbH, Edgetech Air Systems Pvt. Ltd., Tritech International Limited, Teledyne Technologies Incorporated, iXblue SaS, SyQwest Inc., Valeport Ltd., Xylem Inc., Raytheon Technologies Corporation, Fugro N.V., Thales Group, Atlas Electronics Inc., Odom Hydrographic Systems Inc., Stewart Technology Associates, H.J. Merrihue GmbH, Mesco Inc., Teg Oceanographic Services Inc., Waterway Surveys Inc., R2Sonic LLC., WASSP Ltd., Applied Acoustics International, ECHO81, Geomares Publishing, Hemisphere GNSS, Hydrotechnik Lübeck GmbH, JFE Advantech Co. Ltd., Knudsen Engineering Limited, L-3 Communications Klein Associates Inc.
Hydrographic Survey Equipment Market 2024 Key Insights:
• The hydrographic survey equipment market size is expected to see strong growth in the next few years. It will grow to $4.15 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Rising Maritime Trade Boosts Hydrographic Survey Equipment Market
• Innovative Technologies Drive Hydrographic Survey Equipment Market
• Asia-Pacific was the largest region in the hydrographic survey equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
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Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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