(EMAILWIRE.COM, June 25, 2019 ) Market NEWS: The 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.

The 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. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.

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Among types, the unmanned vehicles segment is estimated to account for the largest share in the hydrographic survey equipment market in 2017. Growth in the unmanned vehicles segment is attributed to the increased demand for unmanned vehicles from the commercial sector, owing to their application for deep water exploration and production activities, drilling support and pipeline inspection, and hydrographic surveys.

Among depths, the shallow water segment is estimated to account for the largest share in the hydrographic survey equipment market in 2017. The shallow water basins in North America, Europe, Asia Pacific, and the Middle East are expected to play a key role in driving the hydrographic survey equipment market.

Among applications, the offshore oil & gas survey segment is estimated to account for the largest share in the hydrographic survey equipment market in 2017. Increasing investments in offshore oil & gas exploration activities by emerging economies, such as India, China, South Korea, and Brazil is driving the hydrographic survey equipment market.

Among end users, the commercial segment is projected to be the fastest-growing market during the forecast period in the hydrographic survey equipment market. Increase in dredging operations, pipeline & cable laying, oil & gas exploration, offshore surveys, and drilling activities by commercial companies is expected to drive this segment.

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North America is estimated to account for the largest share in the hydrographic survey equipment market in 2017, which includes the US and Canada. The US is leading the market for hydrographic survey equipment in North America. Factors responsible for the leading position of North America are the extensive use of hydrographic survey equipment in dredging, subsea research activities, and oil and gas exploration in the region.

However, factors including the high costs associated with carrying out hydrographic surveys and lack of technical expertise in undertaking hydrographic surveys is expected to restrain the growth of the hydrographic survey equipment market in the near future. Issues related to the management of the high volume of survey data is a key challenge in the growth of the hydrographic survey equipment market.

The types of hydrographic survey equipment offered by various companies in the market have been listed in this report. The recent developments section of the report lists the latest and important developments by companies in the hydrographic survey equipment market between 2014 and 2017. The major players in the hydrographic survey equipment market are Kongsberg Maritime (Norway), Teledyne Technologies (US), INNOMAR Technologie GmbH (Germany), Edgetech (US), Sonardyne International (UK), iXblue SaS (France), and SyQwest Inc. (UK), among others. New product launches and contracts accounted for a major share of all the growth strategies adopted by leading players in the hydrographic survey equipment market.

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