Hydrographic Survey Equipment Market at $3.6 Bln by 2021
- Business & Finance
The hydrographic survey equipment market is projected to grow from USD 2.77 billion in 2016 to USD 3.62 billion by 2021, at a CAGR of 5.43% during the forecast period, according to the latest report by the market research specialist MarketsandMarkets.
The MarketsandMarkets survey covers five segments namely, positioning systems, acoustic underwater systems, non-acoustic marine geophysical systems, oceanographic system & samplers, and others. Reportedly, the acoustic underwater systems segment is expected to dominate the overall market in terms of market size, and is estimated to exhibit a similar trend during the next five years owing to the need for accurate nautical charts.
The cable/pipeline route survey subsegment is estimated to register the highest CAGR rate among all applications due to high demand from oil & gas, energy & power as well as telecommunication industries. The market for cable/pipeline route survey application is the largest in North America and Europe, owing to the developed oil/gas exploration market in these regions.
According to the company, the research methodology used to estimate and forecast the hydrographic survey equipment market involved gathering data on key vendor revenues through secondary research. Vendor offerings were also taken into consideration to identify segmentation of the hydrographic survey equipment market. The bottom-up procedure has been employed to arrive at the overall market size of the hydrographic survey equipment market from the revenue of key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research that involved interviews of industry experts such as CEOs, VPs, directors, and executives.
The hydrographic survey equipment market comprises sonar and echo sounder manufacturers, such as Thales Group (France), Trimble Navigation Limited (U.S.), Teledyne Controls (U.S.), The Raytheon Company (U.S.), and Fugro ( The Netherlands).