The Europe hydrographic survey market is expected to grow from US$ 26. 01 million in 2019 to US$ 42. 03 million by 2027; it is estimated to grow at a CAGR of 6. 3 % from 2020 to 2027. Increase in the number of offshore oil & gas projects escalates the market growth.
New York, April 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component and End User" - https://www.reportlinker.com/p06064952/?utm_source=GNW
Offshore projects play an important role in oil & gas production. They also contribute significantly to upsurge the economic activity and employment. The operations of offshore projects are complex, and contractors, engineers, equipment suppliers, and software and service providers play important role in their establishment and project commencement. The growth of the oil & gas industry drives the adoption of the hydrographic surveys to its peak. To attain the high levels of offshore oil and gas activities, various potential countries across Europe are heavily investing in this sector. Several major oil & gas firms across Europe are highly adopting hydrographic survey tools to conduct various surveys. Hence, increase in the number of oil and gas project is escalating the demand for hydrographic survey software, thereby driving the Europe hydrographic survey market.
Russia, the UK, France, Spain, Italy, and Germany are among the worst affected member states in Europe due to the COVID-19 outbreak.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 it is most likely to continue till Mid-2021.The member states of Europe such as Italy, Spain, and Germany have implemented drastic measures and travel restrictions to limit the spread of novel coronavirus among its citizens.
European countries represent a major market for hydrographic survey due to increasing adoption and growth in marine safety and oil & gas industry.However, due to COVID-19 outbreak, 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. The market in Russia, Italy, Germany, the UK, and France is anticipated to witness the worst impact till Mid-2021.
Based on end user, the oil & gas segment led the Europe hydrographic survey market in 2019.Several countries in Europe are witnessing high growth in the oil & gas sector due to rising investments in it.
The oil & gas industry include pipeline route survey, waterpower, energy, floating wind farm, floating solar plants, and drilling rigs/exploration.The oil & gas sector needs hydrographic data for building, deploying, and operating seismic surveys, well drilling and production platforms, and pipeline facilities with greater accuracy.
In this sector, hydrographic surveying is essential prior to installing or decommissioning offshore structures as well as before the deployment and structural inspection of subsea pipelines, wellheads, and production platforms. The importance of hydrographic survey in oil & gas industry as mentioned above is expected to increase its demand in coming years.
The overall Europe 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 Europe 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 Europe hydrographic survey market. 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), and Teledyne Marine (Teledyne Technologies Incorporated) are among the players operating in the market.
Read the full report: https://www.reportlinker.com/p06064952/?utm_source=GNW
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