The MEA hydrographic survey market is expected to grow from US$ 11.10 million in 2019 to US$ 17.23 million by 2027; it is estimated to grow at a CAGR of 5.8 % from 2020 to 2027. The surging demand for energy & power projects drives the market growth. Developing countries in MEA are likely to offer numerous growth opportunities to the hydrographic survey providers during the forecast period. The growth in industrialization in these economies has led to urbanization, resulting in a rapid increase in energy consumption. Moreover, the demand for energy and power is set to increase with surging household incomes and expanding manufacturing and heavy industries. The number of energy & power projects, including wind and solar projects, is mounting rapidly in various MEA countries. Thus, the rise in demand for energy and power - leading to the escalation in the related projects - especially in developing countries in MEA, is expected to provide numerous profitable business opportunities for the MEA hydrographic survey market players during the forecast period.
In case of COVID-19 outbreak, among the MEA countries, Turkey has faced the highest number of confirmed cases and deaths. Other major countries facing the economic impact of pandemic include South Africa, Iran, Israel, Iraq, Morocco, Saudi Arabia, the UAE, and Qatar. The region comprises many growing economies such as the UAE and Saudi Arabia that are prospective markets for hydrographic survey providers due to the several ongoing marine and oil & gas projects. The pandemic across the world would have significant effects on global economies. On the other side, the economies of various oil-based countries in the MEA are witnessing downturn due to falling oil prices. In addition, the factory lockdowns, business shutdowns, and travel bans are aggravating the economic problems of the countries in the region. Hence, the decline in the region’s economic condition and the impact of COVID-19 on the growth of various industries in the region are expected to negatively impact the growth of the hydrographic survey market till Mid- 2021.
Based on component, the software segment led the MEA hydrographic survey market in 2019. Hydrographic survey software products help process hydrographic data, and the processed data are used for hydrography map creation, target detection, new and old survey analysis, and comparison, and so on. The introduction of custom-designed software has enabled the complete automation of these surveys. Hydrographic survey software products are used in industries such as engineering, dredging, construction, environmental, and fishing. The rising innovations in technology and surging demand for oil and gas exploration are significant factors driving the growth of the market for the software segment. For instance, HYPACK/Xylem Inc. offers hydrographic survey software for planning and conducting surveys. The software assists in data collection and processing by providing navigational and dredging support, and offers reports for performance and data statistics. The benefits of hydrographic survey software such as fast processing of data, customization, and easy to use are expected to increase its demand in coming years.
The overall MEA hydrographic survey market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for MEA hydrographic survey market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the MEA hydrographic survey market. Esri, HYPACK / Xylem Inc., IIC Technologies, OceanWise Limited, Quality Positioning Services B.V. (QPS), and Teledyne Marine (Teledyne Technologies Incorporated) are among the players operating in the market.
In case of COVID-19 outbreak, among the MEA countries, Turkey has faced the highest number of confirmed cases and deaths. Other major countries facing the economic impact of pandemic include South Africa, Iran, Israel, Iraq, Morocco, Saudi Arabia, the UAE, and Qatar. The region comprises many growing economies such as the UAE and Saudi Arabia that are prospective markets for hydrographic survey providers due to the several ongoing marine and oil & gas projects. The pandemic across the world would have significant effects on global economies. On the other side, the economies of various oil-based countries in the MEA are witnessing downturn due to falling oil prices. In addition, the factory lockdowns, business shutdowns, and travel bans are aggravating the economic problems of the countries in the region. Hence, the decline in the region’s economic condition and the impact of COVID-19 on the growth of various industries in the region are expected to negatively impact the growth of the hydrographic survey market till Mid- 2021.
Based on component, the software segment led the MEA hydrographic survey market in 2019. Hydrographic survey software products help process hydrographic data, and the processed data are used for hydrography map creation, target detection, new and old survey analysis, and comparison, and so on. The introduction of custom-designed software has enabled the complete automation of these surveys. Hydrographic survey software products are used in industries such as engineering, dredging, construction, environmental, and fishing. The rising innovations in technology and surging demand for oil and gas exploration are significant factors driving the growth of the market for the software segment. For instance, HYPACK/Xylem Inc. offers hydrographic survey software for planning and conducting surveys. The software assists in data collection and processing by providing navigational and dredging support, and offers reports for performance and data statistics. The benefits of hydrographic survey software such as fast processing of data, customization, and easy to use are expected to increase its demand in coming years.
The overall MEA hydrographic survey market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for MEA hydrographic survey market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the MEA hydrographic survey market. Esri, HYPACK / Xylem Inc., IIC Technologies, OceanWise Limited, Quality Positioning Services B.V. (QPS), and Teledyne Marine (Teledyne Technologies Incorporated) are among the players operating in the market.
Table of Contents
1. Introduction
3. Research Methodology
4. MEA Hydrographic Survey Market Landscape
5. MEA Hydrographic Survey Market - Key Market Dynamics
6. Hydrographic Survey Market - MEA Analysis
7. MEA Hydrographic Survey Market Analysis - By Component
8. MEA Hydrographic Survey Market Analysis -By End User
9. MEA Hydrographic Survey Market - Country Analysis
10. MEA Hydrographic Survey Market- COVID-19 Impact Analysis
11. Industry Landscape
12. COMPANY PROFILES
13. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Esri
- HYPACK / Xylem Inc.
- IIC Technologies
- OceanWise Limited
- Quality Positioning Services B.V. (QPS)
- Teledyne Marine (Teledyne Technologies Incorporated)
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 85 |
Published | April 2021 |
Forecast Period | 2019 - 2027 |
Estimated Market Value ( USD | $ 11.1 Million |
Forecasted Market Value ( USD | $ 17.23 Million |
Compound Annual Growth Rate | 5.8% |
Regions Covered | Africa, Middle East |