The hydrographic survey market in the MEA is further segmented into South Africa, Saudi Arabia, and the UAE. The region is expected to witness rapid commercialization and industrialization, which would also boost the growth of various sectors. The Gulf countries are economically developed, while the African countries are yet to match these countries' economic conditions. Similarly, the boost in per capita income, recovering economic conditions, and government spending toward infrastructure development of the region are among the factors anticipated to drive the adoption of the hydrographic survey in several industries. The UAE is emerging with a fast-paced, changing environment with numerous large-scale offshore projects. Safe maritime activities are the top priority of the Military Survey Department, the UAE. The hydrographic surveys are conducted in the country for deep sea survey and data analysis, preparation and dissemination of annual tide tables for main seaports in the UAE, and production of hydrographic maps and charts at different scales. In Ghana, the Ghana Ports and Harbours Authority is the only agency responsible for hydrographic surveys in Takoradi and Tema harbors. Its hydrographic section functions comprise laying and maintaining all buoys, dredging to maintain depths, checking position and distance of mooring buoys, salvaging sunken craft, harbor soundings, and compiling harbor charts. Since the establishment of Takoradi and Tema harbors, the hydrographic surveying activity has surged immensely. Thus, the growing need to conduct hydrographic surveys on the water bodies to determine their transportation safety would boost the market growth in the MEA during the forecast period.
Furthermore, in case of COVID-19, among the MEA countries, Turkey has faced the highest number of confirmed cases (2,531,456) and deaths (26,797). Other major countries facing the economic impact of COVID-19 include South Africa, Iran, Israel, Iraq, Morocco, Saudi Arabia, UAE, and Qatar. The region comprises many growing economies such as UAE and Saudi Arabia, among others, which are prospective markets for hydrographic survey providers due to the several ongoing marine and oil & gas projects. The global COVID-19 pandemic would have significant effects on global economies, but the region is anticipated to be impacted as there is already pressure on the economy of various oil-based countries due to falling oil prices. In addition to this, the factory lockdowns, business, and various major plant shutdowns, and travel bans are further aggravating the economic problems of the countries in the MEA. Hence, the estimated decline in the region’s economic condition and the impact of COVID-19 on the growth of various industries in the region is expected to negatively impact the growth of the hydrographic survey market till Mid- 2021.
Market Overview and Dynamics
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. Burgeoning maritime commerce and transport is expected to boost up the MEA hydrographic survey market. Maritime commerce and transport is a key to trade and globalization; moreover, it is essential for ensuring national security. The movement of passengers and cargo demand an efficient marine transportation system. Several government agencies across MEA are responsible for national security, marine safety, vessel traffic management, waterway maintenance, and environmental protection. Commercial shipping is crucial for the regional and domestic coastal trade of any country. Ships transporting dry and liquid bulk goods, containers, and passengers need efficient and safe shipping lanes and ocean routes as well as suitable port facilities and infrastructure. The ocean planning activities must ensure that the allotment of ocean space to other activities is compatible with safe maritime commerce and transport. Numerous MEA countries are heavily investing in hydrographic surveys to have properly charted waters that can aid a rising need for maritime commerce and transportation. Optimized charts enable faster transits of ships with deeper drafts, allowing the movement of huge goods through navigational chokepoints and ports. Precise hydrographic software and services are vital for ensuring the navigation safety as well as supporting and boosting safe maritime commerce and transport, which would contribute to the constant sustainable growth of the economy, thereby escalating the demand for hydrographic survey software and services, hence driving the MEA market growth.
Key Market Segments
In terms of component, the software segment accounted for the largest share of the MEA hydrographic survey market in 2019. In terms of end user, the oil & gas segment held a larger market share of the MEA hydrographic survey market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the MEA hydrographic survey market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Esri, HYPACK / Xylem Inc., IIC Technologies, OceanWise Limited, Quality Positioning Services B.V. (QPS), Teledyne Marine (Teledyne Technologies Incorporated).
Reasons to buy report
To understand the MEA hydrographic survey market landscape and identify market segments that are most likely to guarantee a strong return
Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA hydrographic survey market
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Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA hydrographic survey market
Obtain market revenue forecast for market by various segments from 2020-2027 in MEA region.
How big is the Middle East & Africa Hydrographic Survey Market?
The Middle East & Africa Hydrographic Survey Market is valued at US$ 11.10 Million in 2019, it is projected to reach US$ 17.23 Million by 2027.
What is the CAGR for Middle East & Africa Hydrographic Survey Market by (2020 - 2027)?
As per our report Middle East & Africa Hydrographic Survey Market, the market size is valued at US$ 11.10 Million in 2019, projecting it to reach US$ 17.23 Million by 2027. This translates to a CAGR of approximately 5.8 % during the forecast period.
What segments are covered in this report?
The Middle East & Africa Hydrographic Survey Market report typically cover these key segments-
Component (Software and Services)
End User (Marine and Oil & Gas)
What is the historic period, base year, and forecast period taken for Middle East & Africa Hydrographic Survey Market?
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Hydrographic Survey Market report:
Historic Period : 2017-2018
Base Year : 2019
Forecast Period : 2020-2027
Who are the major players in Middle East & Africa Hydrographic Survey Market?
The Middle East & Africa Hydrographic Survey Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Hydrographic Survey Market report is valuable for diverse stakeholders, including:
Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
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Essentially, anyone involved in or considering involvement in the Middle East & Africa Hydrographic Survey Market value chain can benefit from the information contained in a comprehensive market report.
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