Asia Pacific Hydrographic Survey Market
APAC comprises several developing and developed economies, such as China, India, Japan, South Korea, and Australia. APAC is the largest region globally and is well-known for technological innovations taking place in aforesaid countries. Rapid developments owing to technological advancements, initiatives from governments, digitalization of economies, and rise in disposable income of the middle-income class group are among the factors propelling the region's overall economy, driving it from a developing to a developed phase. APAC is anticipated to register the fastest CAGR in the global hydrographic survey market during the forecast period. There is an immense growth in the oil & gas and marine industries in the region due to rising government initiatives to develop port and offshore oil & gas infrastructure. The region is highly inclined toward conducting hydrographic surveys for efficient maritime commerce and the safety of vessels. In December 2019, the Indian Naval Ship (INS) Darshak did a hydrographic survey offshore Mauritius. The ship performed the hydrographic surveys under a Memorandum of Understanding between India and Mauritius. The survey information in the southern part of Mauritius was given to the Minister of Housing and Land Use Planning by the High Commissioner of India to Mauritius. The data allows stakeholders and policy makers to make better decisions regarding maritime security, the potential use of maritime resources, and coastal developments. Rising demand for energy & power projects and advancements in hydrographic survey software and services are the major factor driving the growth of the APAC hydrographic survey market.
Furthermore, in case of COVID-19, APAC is highly affected specially India. The APAC is characterized by a large number of developing countries, a positive economic outlook, high industrial presence, huge population, strong investments in industrial infrastructure, and rising disposable income. All these factors make APAC a major growth driving region for various markets, including hydrographic survey. The growing spending in marine, and oil & gas industries by the government in this region presents a huge opportunity for the growth of the global hydrographic survey market. The ongoing COVID-19 caused huge disruptions in the growth of various industries in the region. Due to lockdown, various plants and factories in China affects the global supply chains and negatively impacts sales of various products. In APAC, the governments of various countries have taken drastic measures to reduce coronavirus outbreak effects by announcing lockdowns, travel, and trade bans. The shutdown of various plants and halts in offshore projects disrupted various major projects in the region. All these measures affected the adoption and growth of hydrographic survey in 2020 and likely to affect till Mid-2021.
Strategic insights for the Asia Pacific Hydrographic Survey provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 14.97 Million |
| Market Size by 2027 | US$ 25.13 Million |
| Global CAGR (2020 - 2027) | 6.8 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Hydrographic Survey refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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. Burgeoning number of offshore oil & gas projects is expected to escalate the APAC hydrographic survey market. Offshore projects play an important role in oil & gas production. They also contribute significantly to upsurge the economic activity and employment. The operations of offshore projects are complex, and contractors, engineers, equipment suppliers, and software and service providers play important role in their establishment and project commencement. The growth of the oil & gas industry drives the adoption of the hydrographic surveys to its peak. To attain the high levels of offshore oil and gas activities, various potential countries are heavily investing in this sector. As per the Indian Brand Equity Foundation (IBEF), the oil & gas industry in India is expected to witness an investment of US$ 206 billion in the coming years. Several major oil & gas firms across APAC region are highly adopting hydrographic survey tools to conduct various surveys. For instance, in September 2020, in India, Oil and Natural Gas Corporation Limited (ONGC) awarded a 3-year contract to Fugro to offer integrated survey services, which comprises pipeline route engineering and rig site surveys with multibeam bathymetric, magnetometry, and 2D ultrahigh resolution (UHR) shallow seismic profiling, together with rig positioning, and current profile measurements. Its Fugro Mapper solution performs the surveys in water depths of ~100 m. The data obtained from the ONGC surveys, with the seabed and sub-seabed insights, helps them design key offshore infrastructure. These projects are expected to escalate the APAC hydrographic survey market.
In terms of component, the software segment accounted for the largest share of the APAC hydrographic survey market in 2019. In terms of end user, the oil & gas segment held a larger market share of the APAC hydrographic survey market in 2019.
A few major primary and secondary sources referred to for preparing this report on the APAC hydrographic survey market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Esri, HYPACK / Xylem Inc., IIC Technologies, OceanWise Limited, Quality Positioning Services B.V. (QPS), Teledyne Marine (Teledyne Technologies Incorporated).
The Asia Pacific Hydrographic Survey Market is valued at US$ 14.97 Million in 2019, it is projected to reach US$ 25.13 Million by 2027.
As per our report Asia Pacific Hydrographic Survey Market, the market size is valued at US$ 14.97 Million in 2019, projecting it to reach US$ 25.13 Million by 2027. This translates to a CAGR of approximately 6.8 % during the forecast period.
The Asia Pacific Hydrographic Survey Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Hydrographic Survey Market report:
The Asia Pacific Hydrographic Survey Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Hydrographic Survey Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Hydrographic Survey Market value chain can benefit from the information contained in a comprehensive market report.
Office No. 1011, First floor, Farena Corporate Park, Magarpatta-Mundhwa road, Pune - 411028, Maharashtra, India
US:+16467917070
sales@businessmarketinsights.com
Get Free Sample For Asia Pacific Hydrographic Survey Market
