The global hydrographic equipment market is anticipated to grow significantly over the forecast period. Hydrographic survey is a process used to measure and describe the physical features of the navigable earth’s surface such as oceans, lakes, and rivers. The equipment used in such surveys is known as hydrographic equipment. Hydrographic technology earlier consisted of hardware setup to connect with the satellites for receiving information. However, modern technology relies more on software. QINSy (Quality Integrated Navigation System) is modern software used for managing operations for a hydrographic complex, even if this complex consists of hydrographic equipment from different manufacturers. QINSy licenses have been issued to more than 700 companies worldwide in 71 countries.
Key factors that may drive this market are product enhancement and advancements, increasing demand for offshore oil exploration, oil, and gas. The sector requires precise position systems, high-resolution sounds, and acoustic equipment in the future. Cost and time inefficiency may act as the main restraint to the progressive growth of the hydrographic equipment market. The global industry can be segmented based on application into port and harbor management, hydrographic charting, coastal engineering, and offshore oil and gas. Hydrographic and nautical charts aid in ensuring safe navigation. This is becoming increasingly essential on account of growth in commercial shipping, recreational boating as well as fishing activities. Ports contain warehouses, ships, cargo, and loading docks among others. Port management includes overseeing the various components of the shipping industry for smooth and streamlined operations. Echo sounding is another emerging application of hydrography. It is used to determine the depth of water by sending the sound pulses to the depth. Coastal engineering is the study of the processes ongoing at the coastline and the constructions within the shores. It involves aspects of civil engineering, oceanography, marine geology, often directed at providing navigational access. Offshore oil and gas deals with good drilling at the seabed. This is done to extract petroleum which lies in rock formation beneath the seabed. Offshore oil and gas in the United States is a source of a large portion of the nation’s oil and gas supply. Reservoirs are found under the sea offshore from Louisiana, Texas, California, and Alaska.
The hydrographic equipment market can also be segmented based on region into North America, Asia Pacific, Europe, and the Rest of the World. The Asia Pacific is the market leader, followed by North America and Europe. The major players in this market are Lic Technology, Ohmex, Raytheon Company, Seafloor Systems, Thales, Teledyne Reson A/S, Teledyne Odom Hydrographics, Furgo, and Atlas Elektronik GmbH.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.