Rise in Oil and Gas Exploration Activities Benefit Marine Se
- Rise in multi-client projects in Africa and Latin America cement global prospects of marine seismic equipment and acquisition market
- Spate of new oil and gas reserves discoveries boost demand
ALBANY, New York, May 21, 2020 /PRNewswire/ -- Growing demand for cutting-edge technologies in marine seismic equipment has driven the evolution of the marine seismic equipment and acquisition market. Developing regions of the world notably Africa and Latin America are seeing a massive rise in oil and gas exploration activities, where marine seismic equipment have been in high demand. This has fueled lease rounds in all key markets.
The global marine seismic equipment market stood at US$ 410.6 Mn in 2018. Clocking a CAGR of 4.80% from 2019 to 2027, the market is likely to reach worth of US$ 626.1 Mn by 2027-end. During the same assessment period, the marine seismic acquisition market is anticipated to clock a CAGR of 5.60%; it stood at US$ 4.2 bn in 2018 and is anticipated to reach worth of US$ 6.4 bn by 2027-end.
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Key Takeaways in Marine Seismic Equipment and Acquisition Market Study
- Among the various technologies, the 3D survey contributed a massive share of more than 6/7th of the global share in 2018
- Regionally, Europe expected to be the leading market; application in conventional oil reserves will help it retain dominance through 2027
- Players shifting focus on the Middle East and Africa as region of numerous lucrative opportunities in global marine seismic equipment and acquisition market
- Mediterranean region expected to be hotbeds of exploration activity in marine seismic equipment and acquisition market
- North America to be a notably lucrative avenue in construction, mining, and oil and gas industries; the regional market will see promising growth year-over-year
Explore 140 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Marine Seismic Equipment and Acquisition Market (Equipment Type: Sub-bottom Profilers, Seismic Sensors (Scalar Sensor and Vector Sensor), Geophones and Hydrophones, Streamers (Single Streamer and Multiple Streamers), Air/Water Gun; Technology - 2 Dimensional (2D) Survey, 3 Dimensional (3D) Survey, 4 Dimensional (4D) Survey, and Ocean Bottom Nodes (2-component Nodes, 4-component Nodes, Permanent Seismic Installations, and Others)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/marine-seismic-equipment-acquisition-market.html
Marine Seismic Equipment and Acquisition Market: Key Driving Factors and Promising Avenues
Numerous macroeconomic trends and industry-specific factors are encouraging the generation of opportunities in marine seismic equipment and acquisition market. Utilization of big data analytics in oil and gas industry is a promising trend gathering steam for improving explorations. Developing regions of the world has seen a spate of opportunities for marine seismic equipment vendors. Rise in conventional world oil reserves has also boosted lucrative avenues in the marine seismic equipment and acquisition market. Demand in marine seismic equipment and acquisition market is also stimulated by the continuing strides in mining and construction industries.
Marine Seismic Equipment and Acquisition Market: Regional Outlook
On the regional front, Latin America and Africa are emerging as new hotbed of promising opportunities in marine seismic equipment and acquisition market waiting to be tapped into during the forecast period. The oil and gas industry has been leaning on utilizing seismic services and analytics in new exploration activities in the region.
Europe accounts for a promising share to the marine seismic equipment and acquisition market. The presence of numerous top players who are focused on meeting the demands of end-use industries has fueled the prospects.
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Competitive Dynamics in Marine Seismic Equipment and Acquisition
Players in marine seismic equipment and acquisition market are focusing on unveiling technologically advanced products and systems notably including ocean bottom nodes, 3D, and 4D surveys. Several players are forging deals and getting into contracts to improve the functionality of marine seismic equipment.
The overall landscape is slightly fragmented. Well-entrenched players include Compagnie Generale de Geophysique, Agile Seismic LLC, Mitcham Industries Inc., Petroleum Geo-Services (PGS), SeaBird Exploration PLC, Polarcus DMCC, and Seismic Equipment Solution.
Marine Seismic Equipment and Acquisition Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Marine Seismic Equipment and Acquisition Market: Equipment Type
- Sub-Bottom Profilers
- Seismic Sensors
- Scalar Sensor
- Vector Sensor
- Geophones & Hydrophones
- Single Streamers
- Multiple Streamers
- Air/Water Guns
Marine Seismic Equipment and Acquisition Market: Technology
- 2-Dimensional (2D) Survey
- 3-Dimentional (3D) Survey
- 4-Dimensional (4D) Survey
- Ocean Bottom Nodes
- Two-Component (2C) Nodes
- Four-Component (4C) Nodes
- Permanent Seismic Installations
Marine Seismic Equipment and Acquisition Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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