The global hydrographic acquisition software market size was USD 156.3 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the hydrographic acquisition software market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 409.1 million by 2028, exhibiting a CAGR of 14.7% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Water depth, topography features, tide measurement, and other hydrographic data are processed using hydrographic acquisition software to anticipate the characteristics of underwater regions. However, it is crucial to consider if the water depth in and around ports is adequate to permit ships to approach and berth securely before building docks, harbors, and dams. Users of the software can build hydrography maps, locate targets, compare new and old surveys, and use many other capabilities for a range of applications.
COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market
Countries all across the world have been significantly impacted by the COVID-19 epidemic. North America, especially industrialized nations like the U.S. and Canada, is one of the most important regions for adopting and developing new digital technologies due to favorable government policies to encourage innovation, a sizable industrial base, and high purchasing power. Therefore, any factor that has a negative effect on industrial expansion also has a negative effect on regional economic expansion. The U.S. is now the most severely affected nation in the world as a consequence of the COVID-19 outbreak. The nation has a significant market for hydrographic acquisitions software for the maritime, oil, and gas sectors.
"Technological Advancements to Boost the Market "
Applications for UAV lidar and photogrammetry images are growing quickly. This is not surprising considering that renting an aircraft with photogrammetry equipment is relatively expensive compared to employing GPS-enabled UAVs for aerial surveys. Organizations will own their own UAV fleets due to the relative affordability of UAVs, enabling quick surveys over huge land tracts and infrastructure projects as needed. Using LiDAR sensors mounted on drones is another industry that is closely connected.
"Product Development and Enhancements to Expand the Market Growth"
This hydrographic acquisition software tool offers a number of extra features for a range of applications, including the creation of hydrography maps, target tracking, a comparisons of recent and historic surveys, and more. It's an effective tool for gathering hydrographic data, planning surveys, data processing, and creating final deliverables including tracker sheets, CAD views, contours, bulk calculations, and cross-sections. Real-time sounding quality control, a vessel navigation view, and extensive data filtering tools are all included in the program to ensure the accuracy of the survey results.
"Rising Demand for Offshore Oil Exploration, Oil and Gas to Multiply the Market Share"
Offshore infrastructure and wind farm construction are driving the world's hydrographic acquisition software market, including both commercial and government entities involved. Currently, the market concentration rate is relatively low. As a result of growing technological breakthroughs and industrial activity around the world, global demand for energy and utilization are both increasing. As the future energy mix grows more sustainable, there is a greater need for secure and trustworthy offshore energy infrastructure. Energy infrastructure that is both secure and effective is necessary to meet expanding energy demand. Offshore infrastructure for transport facilities is continually being expanded and improved.
"High Installation Costs to Hamper the Market Growth"
The steady expansion of the hydrographic acquisition software may be hindered by time and cost inefficiency. Crowdsourcing can be a constraint since it enables greater seafloor surface mapping, but it also results in different data quality and other difficulties that must be resolved before they can be linked to current or nearby examined regions by other groups. Due to a shortage of experienced and mobile surveying methods and mobile platforms, accuracy and precision are not always reliable. The operation is both time-consuming and challenging.
Based on type the hydrographic acquisition software market is classified as 32-bit processor, 64-bit processor and others.
The 32-bit processor of the type segment to lead the market.
Based on application the hydrographic acquisition software market is classified as windfarms, off-shore infrastructure, industrial and others.
The off-shore type of the application segment to lead the market.
"Upsurge in Revenue to Foster Market Growth in Asia Pacific"
In the future years, Asia Pacific is likely to grow at a faster pace. The global hydrographic acquisition software market share is expanding due to the increased usage of USVs and UUVs for mining and underwater surveys, as well as increased oil and gas application research. The use of surveying vessels to build nautical charts is becoming more popular in many countries, which benefits the hydrographic acquisition software sector. Similarly, top companies in the hydrographic acquisition software market growth will benefit from rising use of cloud-based solutions and technological developments in hydrographic acquisition software technology in the coming years.
KEY INDUSTRY PLAYERS
"Financial Players to Contribute Towards Expansion of Market"
The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.
List of Market Players Profiled
- Measutronics (U.S.)
- HYPACK (U.S.)
- Fugro (Netherlands)
- EIVA (Denmark)
- BeamworX (Netherlands)
- Teledyne Marine (U.S.)
- Chesapeake Technology Inc. (U.S.)
- Quality Positioning Services B.V. (Netherlands)
- CEE Hydrosystems (U.S.)
- Geo-matching (Netherlands).
- June 2021: The UKHO (UK Hydrographic Office) and Teledyne CARIS have joined the Nippon Foundation-GEBCO Seabed 2030 Project. They all work together to forward the effort associated with generating the comprehensive map of the seabed by the end of the program's scheduled timeframe.
- March 2021: EdgeTech, a leader in high-resolution underwater technology including sonar imaging systems, shall introduce a new high-resolution sub-bottom profiling sonar system as well as tri-frequency side-scan technology. The 2050-DSS is a tri-frequency side-scan sonar system which may operate on any two frequencies at the same time, depending on the preferences of the operator.
- December 2020: Lloyd's Register agreed to buy Navico Group's C-MAP commercial maritime division. Navico Group is a prominent supplier of commercial marine cartography and digital publishing, journey optimization on land and at sea, cloud-based fleet management, and fleet analytics software. The acquisition will assist LR in expanding its operations in order to meet the problem of isolated and disconnected maritime systems.
The report covers the information on the advancement outlooks with new inventions and SWOT analysis. The market elements situation, with the development areas of the market in the upcoming years. Market segmentation information including the subjective and quantitative research including the effect of financial and strategy viewpoints are discussed in the report. The report also disseminates the information on the regional and nation level assessment incorporating the demand and supply dominators that are affecting the development of the market. The competitive landscape including market share of major players, along with the new research methodologies and strategies adopted by players for the forecasted period is listed in the report.
Frequently Asked Questions
1. What value is the market expected to touch by 2028?
- The global hydrographic acquisition software market is expected to reach USD 409.1 billion by 2028.
2. What CAGR is the market expected to exhibit by 2028?
- The market is expected to exhibit a CAGR of 14.7% by 2028.
3. Which are the driving factors of the market?
- Product developments and enhancements, as well as rising demand for offshore oil exploration, oil and gas, are likely to boost the market.
4. Which are the top companies operating in the market?
-Stema Systems, Teledyne Marine, Chesapeake Technology, QPS, Ifremer, HYPACK, A Xylem Brand, Eye4Software, EIVA and others.