North America includes developed economies, such as the US and Canada, and emerging economies, such as Mexico. Technological developments make North America a highly competitive market for various companies. The companies in this region are continuously developing overall business processes to meet end users’ demands for high-quality products. Presently, the US boasts of robust port infrastructure and maritime sector due to its significant reliance on imported goods and notable outsourcing of manufacturing and production facilities over Asian economies. As per the National Ocean Service, the marine transportation system in the US moves ~80% of the country’s overseas trade in terms of weight. The region is highly inclined to keep its marine transportation system functioning in safe and efficient ways. North America is focused on achieving data about water depth, the shape of the seafloor and coastline, and other physical features of water bodies. Thus, it is highly adopting hydrographic survey software and services, which offer efficient data to improve the water bodies. A National Oceanic and Atmospheric Administration (NOAA) survey ship uses its multibeam echo sounder—a sound transmitting and receiving system—to perform the hydrographic surveys. Thus, to conduct surveys to measure various activities in oceans and rivers, the demand for hydrographic surveys is surging in the region; this, in turn, is accelerating the market growth.
Furthermore, in case of COVID-19, North America is highly affected specially the US. North America is one of the most important regions for adopting and developing new digital technologies due to favorable government policies to boost innovation, a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any negative impact on the growth of industries is expected to affect the economic growth of the region. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with 26,654,965 confirmed cases and 458,544 deaths as of 8th February 2021 by the World Health Organization (WHO). The US is a prominent market for the hydrographic survey for oil & gas and marine sectors. The factory and business shutdowns across the US, Canada, and Mexico impact the adoption of the hydrographic survey market. Due to shortage in the workforce and the practical difficulties in many social distancing cases hindered oil & gas activities in the US, which leads to a halt in various ongoing projects. Thus, it also impacted the integration of hydrographic survey software. The ongoing COVID-19 crisis and critical situation in the US will impact the hydrographic survey market growth of North America negatively for the next few months.
Market Overview and Dynamics
The North America hydrographic survey market is expected to grow from US$ 35.90 million in 2019 to US$ 56.55 million by 2027; it is estimated to grow at a CAGR of 6.0 % from 2020 to 2027. Growing demand for energy & power projects is expected to upsurge the North America hydrographic survey market. North American countries such as Mexico and Canada, 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 North American countries. Thus, the rise in demand for energy and power—leading to the escalation in the related projects—especially in countries like Mexico, is expected to provide numerous profitable business opportunities for hydrographic survey market players during the forecast period across North America region.
Key Market Segments
In terms of component, the software segment accounted for the largest share of the North America hydrographic survey market in 2019. In terms of end user, the oil & gas segment held a larger market share of the North America 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 North America 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, Quality Positioning Services B.V. (QPS), Teledyne Marine (Teledyne Technologies Incorporated), Triton Imaging, Inc.
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North America Hydrographic Survey Market Segmentation
North America Hydrographic Survey Market - By Component
Software
Services
North America Hydrographic Survey Market -By End User
Marine
Oil & Gas
North America Hydrographic Survey Market - By Country
US
Canada
Mexico
North America Hydrographic Survey Market - Company Profiles
How big is the North America Hydrographic Survey Market?
The North America Hydrographic Survey Market is valued at US$ 35.90 Million in 2019, it is projected to reach US$ 56.55 Million by 2027.
What is the CAGR for North America Hydrographic Survey Market by (2020 - 2027)?
As per our report North America Hydrographic Survey Market, the market size is valued at US$ 35.90 Million in 2019, projecting it to reach US$ 56.55 Million by 2027. This translates to a CAGR of approximately 6.0 % during the forecast period.
What segments are covered in this report?
The North America 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 North America Hydrographic Survey Market?
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Hydrographic Survey Market report:
Historic Period : 2017-2018
Base Year : 2019
Forecast Period : 2020-2027
Who are the major players in North America Hydrographic Survey Market?
The North America Hydrographic Survey Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America 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.
Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.
Essentially, anyone involved in or considering involvement in the North America Hydrographic Survey Market value chain can benefit from the information contained in a comprehensive market report.
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