Report : Europe Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Software and Services) and End User (Marine and Oil & Gas)
Oil & Gas Segment to Dominate Europe Hydrographic Survey Market during 2019–2027.
According to a new market research study on “Europe Hydrographic Survey Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component and End User,” is expected to reach US$ 42.03 million by 2027 from US$ 26.01 million in 2019. The market is estimated to grow at a CAGR of 6.3 % from 2020 to 2027. The report provides trends prevailing in the Europe hydrographic survey market along with the drivers and restraints pertaining to the market growth. Growing maritime commerce and transport and increase in the number of offshore oil & gas projects are the major factor driving the growth of the Europe hydrographic survey market. However, scarcity of awareness in some countries hinder the growth of Europe hydrographic survey market.
Due to the COVID-19 outbreak, Russia, UK, France, Spain, Italy, and Germany are some of the worst affected member states in the European region. Businesses in the region face severe economic difficulties as they had either to suspend their operations or substantially reduce their activities. Due to business lockdowns, travel bans, and supply chain disruptions, the region witnessed an economic slowdown in 2020 and most likely to witness till Mid-2021. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures and travel restrictions to limit coronavirus spread among its citizens. European countries represent a major market for hydrographic survey due to increasing adoption and growth in marine safety and flourishing oil & gas industry. However, due to COVID-19, the major offshore projects that demand hydrographic surveys to perform analysis on water depth and other activities have seen a sharp decline in European countries due to halt in projects. These factors are expected to have a direct impact on hydrographic survey market growth in European countries. Russia, Italy, Germany, UK, and France hydrographic survey markets are anticipated to see the worst impact till Mid-2021.
The Europe hydrographic survey market is segmented on the basis of component, end user, and country. Based on component, the market is segmented into software and services. The software segment dominated the Europe hydrographic survey market in 2019 and services segment is expected to be fastest growing during forecast period. In terms of end user, the Europe hydrographic survey market is divided into marine and oil & gas. The oil & gas segment dominated the Europe hydrographic survey market in 2019 and is also expected to be fastest growing during forecast period.
BeamworX BV, Esri, Eye4Software B.V., HYPACK / Xylem Inc., IIC Technologies, Moga Software s.r.l., Norcom Technology Limited, OceanWise Limited, Quality Positioning Services B.V. (QPS), Teledyne Marine (Teledyne Technologies Incorporated) are among the leading companies in the Europe hydrographic survey market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, BeamworX BV had launched a new version of the BeamworX software suite (version 2020.3). This new NavAQ software supports AIS, automation, and Mbe multi-detection.
The report segments the Europe Hydrographic Survey Market as follows:
Europe Hydrographic Survey Market – By Component
Europe Hydrographic Survey Market – By End User
- Oil & Gas
Europe Hydrographic Survey Market – By Country
- Rest of Europe
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