North America Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Analysis

The "North America Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component and End User" report has been added to ResearchAndMarkets.com'soffering. 

The North America hydrographic survey market is expected to grow from US$ 35.90 million in 2019 to US$ 56.55 millionby 2027; it is estimated to grow at a CAGR of 6.0 % from 2020 to 2027. 

The increasing maritime commerce and transport accelerates the market growth. 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. Government agencies, such as the US Army Corps of Engineers, NOAA, US Department of Transportation (DOT), US Coast Guard, US Customs and Border Protection, and Environmental Protection Agency (EPA) regulate marine commerce and transportation. These government agencies 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. North America is 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 North Americaeconomy, thereby escalating the demand for hydrographic survey software and services, ultimately driving the North America market.

Countries in North America, especially the US, are highly affected due to COVID-19 outbreak. 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 adversely affects the economic growth of the region. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak. The country is a prominent market for the hydrographic survey in the oil & gas and marine sectors. The factory and business shutdowns across the US, Canada, and Mexico impact the adoption of the hydrographic survey services or software. The shortage in the workforce and the practical difficulties due to social distancing hindered the oil & gas activities in the US, which leads to a halt in various ongoing projects. It also impacted the integration of hydrographic survey software. The ongoing COVID-19 crisis and critical situation in the US would hinder the growth of the North America hydrographic survey market for the next few months.

Based on component, the software segment led the North America 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 advantages of software such as fast processing of data, customization, and easy to use are propelling its demand, thereby driving the growth of the North Americahydrographic survey market.