Marine Seismic Equipment and Acquisition Market Estimated to Reach US$ 5,662.4 Mn by 2024: Transparency Market Research

Transparency Market Research has released a new market report titled “Marine Seismic Equipment (Sub-bottom Profilers, Seismic Sensors, Geophones & Hydrophones, Streamers, Air/Water Gun) And Acquisition (2-Dimensional (2D) Survey, 3-Dimensional (3D) Survey, 4-Dimensional (4D) Survey, Ocean Bottom Nodes) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the global Marine Seismic Acquisition Equipment Market was valued at US$ 359.8 Mn in 2015 and is projected to reach US$ 533.9 Mn by 2024 at a CAGR of 4.5% from 2016 to 2024. The global marine seismic acquisition market was valued at US$ 3,562.6 Mn in 2015 and is projected to reach US$ 5,662.4 Mn by 2024 at a CAGR of 5.3% from 2016 to 2024

Marine seismic surveys are carried out to generate subsea bottom profiles for industries such as oil & gas, energy, and construction. These surveys are referred to as marine seismic acquisitions. Marine seismic acquisition plays a vital role in exploration of various minerals, hydrocarbon sources, oil & gas reserves, etc. These surveys help understand geophysical conditions of the sea and subsea bottom. The marine seismic acquisition operations can be carried out based on the data acquisition technology type. 2 dimensional (2D) survey, 3 dimensional (3D) survey, 4 dimensional (4D) survey, and ocean bottom nodes are the four basic types of technologies used for marine seismic acquisition activities. 2D is one of the traditionally used technologies and one of the first few technologies to be used to conduct marine seismic survey.

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The data obtained by 3D technology offers detailed information about subsurface structure and fault distribution. The 4D technology aims to determine the changes occurring in the subsurface structure of the subsea level. These surveys are often employed in oilfield reservoirs to study the life and capacity of the reservoir. Ocean bottom nodes and ocean bottom cables are new generation and alternative technologies for the limitations of the conventional towed streamer methods. This method is often applied primarily for reservoir characterization and monitoring. For all types of marine seismic acquisitions, equipments such as sub-bottom profilers, seismic sensors, geophones & hydrophones, streamers, and air/water gun are used to carry out the seismic operations.

Of late, the oil & gas industry has been focusing on exploring the offshore segment, owing to the concluding existing proved onshore oil reserves. The oil & gas industry needs seismic services and various analytical data from marine seismic acquisition service providers. Therefore, rising demand for offshore seismic surveys is anticipated to be primarily driven by the rise in exploration activities in emerging regions. This trend is expected to continue during the forecast period. Moreover, the rising demand for multi-client projects from the end-use industry is also expected to boost the marine seismic equipment and acquisition market during the forecast period. However, owing to the sluggish growth of the oil & gas industry is anticipated to slightly hamper the growth of the marine seismic equipment and acquisition market during the forecast period.

The marine seismic equipment and acquisition market in North America and Europe are projected to expand at a moderate pace during the forecast period. Europe has traditionally been the one of the major oil exploring and producing region. However, oil exploration and production activities have decreased significantly since the last few years due to the downturn in the oil & gas industry. Therefore, marine seismic equipment and acquisition market in Europe is expected to grow at a sluggish rate. However, the growing demand for subsurface profiles in the Baltic basin, Lubin basin, and the Porcupine basin is expected to drive the marine seismic equipment and acquisition market in Europe, during the forecast period. The oil & gas sector is well-established and well-developed in North America. The marine seismic equipment and acquisition market in the region is expected to be primarily driven by rising exploration activities in Oakland, Seattle, and Philadelphia areas

The marine seismic equipment and acquisition market in the Asia Pacific region is anticipated to expand notably in the next few years and is expected to offer lucrative opportunity during the forecast period. Countries such as Australia, Indonesia, New Zealand, the Philippines and Vietnam generated the maximum revenue in the seismic acquisition market in the rest of Asia Pacific. Rising 3D survey operations in the Carnarvon basin, Vlaming sub-basin offshore Perth, Timer Sea, 3D seismic survey offshore Indonesia, and the great South basin propelled the seismic acquisition market in this sub-region. This trend is expected to continue during the forecast period.

The marine seismic equipment and acquisition market in Middle East & Africa and Latin America is estimated to witness highest growth during the forecast period. Latin America is an emerging region for the marine seismic acquisition market. Increase in demand for seismic acquisition in the oil & gas industry is driving the market for marine seismic equipment in Latin America. Countries such as Mexico, Venezuela, Brazil, Costa Rica, and Chile offer immense growth potential for the market during the forecast period, owing to the rising demand from the exploration & production companies. Various companies are constantly conducting marine exploration operations in Africa. This is boosting the demand for marine seismic equipment in Middle East & Africa region. The need for exploring offshore non-conventional reservoirs due to the depleting conventional reservoirs is driving the demand for marine seismic equipment and acquisition market in Latin America and Middle East & Africa regions during the forecast period.

The global marine seismic equipments and acquisition market is highly consolidated. Key players include Compagnie Generale de Geophysique, S.A, Petroleum Geo-Services (PGS), TGS-NOPEC Geophysical Company ASA, SeaBird Exploration PLC, Polarcus DMCC, Fugro N.V., and Mitcham Industries, Inc and others.

The global marine seismic equipments and acquisition market has been segmented as follows:

Marine Seismic Equipments Market: Equipment Type Analysis

  • Sub-Bottom Profilers
  • Seismic Sensors
    • Scalar Sensor
    • Vector Sensor
  • Geophones & Hydrophones
  • Streamers
    • Single Streamer
    • Multiple Streamers
  • Air / Water Guns

Marine seismic acquisition Market: Technology Analysis

  • 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
    • Others

Marine seismic equipments and acquisition Market: Regional Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • Russia
    • Italy
    • U.K.
    • France
    • Rest Of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest Of Asia
  • Latin America
    • Brazil
    • Mexico
    • Rest of South America
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
  • Rest of MEA

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