According to the new research report, titled “Hydrographic Survey Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Software and Services) and End User (Marine and Oil & Gas)” published by The Insight Partners, the market is expected to reach US$ 155.91 million by 2027, registering a CAGR of 6.2% from 2020 to 2027.
Hydrographic Survey Market in APAC to Grow at Highest CAGR during 2020–2027
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.
In February 2020, Sandhayak-class survey ship, INS Jamuna of Indian Navy conducted the hydrographic survey and shore-based survey activities in Sri Lanka over the two months deployment period. On the basis of mutual agreement to conduct a joint hydrographic survey off the southwest coast of Sri Lanka, the ship was deployed in the country. Thus, various ongoing surveys to inspect sea operations in the region are boosting the market growth.
However, due to the COVID-19 outbreak followed by a global lockdown, the economic strength of APAC is hindered to some extent. Oil & gas, energy & power, and marine are among the significant industries that are heavily impacted due to the coronavirus pandemic. Due to the COVID-19 outbreak, a delay has been caused in the offshore projects. The region has witnessed the highest number of coronavirus affected cases and deaths, especially in China and India. This factor negatively affected the growth of the market in some countries of the region in 2020 and likely to affect till mid-2021.
Key Findings of Study:
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.
In February 2020, Teledyne CARIS introduced the HIPS and SIPSTM 11.3. This new software introduced the first-ever commercial-off-the-shelf (COTS) release of an AI solution for classifying and cleaning sonar noise. The sonar noise classifier identifies the sonar noise, which, with the precision as high as 95%, lowers the requirement of manual cleaning efforts. This enables the hydrographer to focus more on other crucial aspects of the survey and processing workflow. The use of AI technology would lead the modernization of hydrographic surveys, by imparting the capabilities ranging from automated processing pipelines to feature detection for charting.
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 market.