The Hydrographic Equipment market offers an exclusive range of opportunities in the years to come. In 2012 the Commercial ship industry saw the largest shipbuilding change in its history. The world merchant fleet has more than doubled since 2001 in terms of gross tonnage. Developments in the world economy and changes in trade growth and patterns are shaping the demand for enhanced maritime activity which in turn demands for navigational aids such as nautical charts, vessel traffic management at ports and harbors.
The growth rate of world seaborne trade is estimated at 3.1 % and is expected to increase by 44 % by 2020. The provision of hydrographic services has been a fundamental enabler and an important boost to many aspects of economic development. Investment in hydrographic equipment market is certainly going to serve as a good opportunity, considering the ever growing need for charted waters support and maritime commerce.
The North America Hydrographic equipment market is estimated at $417.21 million in 2014, and it is expected to reach $452.20 million by 2020. North America is expected to grow in Hydrographic equipment market at a CAGR of 1.35%. The major challenge in this industry is that the market has reached a stage of maturity in this region. The driving factor in this market is the growing international trade on sea routes. The high numbers of seaports indicate increased vessel traffic which demands for better information for navigational information.
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Latin American Hydrographic Equipment Market
The Latin American Hydrographic equipment market is estimated at $224.14 million in 2014, and it is expected to reach $242.94 million by 2020. Latin America is expected to grow in Hydrographic equipment market at a CAGR of 1.35%. One of the major challenges in this industry is the government regulation such as heavy customs law. The economic growth in the Latin American countries has led to the increase in the international trade in this region. Majority of the international trade is carried out by sea routes. Increase in offshore oil and gas activity for exploration of new oil reserves will be the major driving factor for this market in the region.
Asia Pacific Hydrographic Equipment Market
The Asia Pacific Hydrographic equipment market is estimated at $1071.64 million in 2014, and it is expected to reach $1332.12 million by 2019. Asia Pacific is expected to be fastest growing region in the commercial cabin interior market at a CAGR of 3.69%. The major challenge in this industry is growth of the market is limited to few economies such as Singapore, Thailand, Malaysia and China. The driving factors in this market are provision of up to date hydrographic information for the mariners as the APAC region holds the world’s largest merchant fleet.
European Hydrographic Equipment Market
The Europe Hydrographic equipment market is estimated at $493.55 million in 2014, and it is expected to reach $568.67 million by 2019. Europe is expected to grow in the Hydrographic equipment market at a CAGR of 2.39%. The major challenge for this region is that shipping industry is facing a downturn. Increase in the fuel prices, leading to exploration of offshore oil and gas reserves, and the rising demand for up to date nautical charts by the seafarers worldwide will drive this market in the future. This region is a major hub for research and development in ocean; also countries such as Norway, Denmark and France are focusing on exploring their own oil reserves in ocean rather than depending on OPEC.
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