The global marine
seismic equipment and acquisition market has so far been an extremely
consolidated one, with respect to its competitive landscape.
According to Transparency Market Research in its recent publication,
nearly 90% of the market was taken up by the top six players in it.
SeaBird Exploration PLC, Fugro N.V., Polarcus DMCC, TGS, PGS, and CGG
have consistently been the leaders of the global marine seismic
equipment and acquisition market for the recent past.
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The competition
within the global marine seismic equipment and acquisition market is
expected to rise further between the handful of players leading it,
primarily due to a declining rate of demand for the equipment by the
primary end user of the market: the oil and gas industry. The leading
entities in the global marine seismic equipment and acquisition
market are known to hold wide multi-client marine seismic databases.
According to TMR, on
the basis of technology, the global marine seismic equipment and
acquisition market is expected to expand at a CAGR of 5.3% within a
forecast period from 2015 to 2024. By the end of 2016, this market
was calculated to have reached US$3.73 bn, and is expected to reach
US$5.66 bn by the end of 2024. On the basis of equipment, this market
is expanding at a CAGR of 4.5% for the same forecast period. It was
calculated at US$359.8 mn at the end of 2016 and is likely to reach
US$533.9 mn by the end of 2024.
Europe Trumps
Demand Scale for Marine Seismic Equipment and Acquisition
Europe led the
global marine seismic equipment and acquisition market in 2016 with a
calculated value of US$987.1 mn in technologies and US$86.4 mn in
equipment. The bulk of this high demand volume and value generated
has been attributed to the region’s growing demand and production
rates for conventional oil. Analysts expect Europe to remain the
leading region in the global marine seismic equipment and acquisition
market till 2024 for the same reasons.
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“North America is
another region expected to continue showing a high demand for global
marine seismic equipment over the coming years. It is currently in
the second position as far as demand volume is concerned. The end
users of conventional oil are increasing in this region, especially
from mining and construction, fuelling the demand for better
exploration and extraction methods. However, emerging economies are
expected to be the lands of opportunities for the players in the
global marine seismic equipment and acquisition market. This is true
especially for Latin America and the MEA regions. Both regions
already hold strong oil and gas industries that are showing
optimistic signs of further progress,” states a TMR analyst.
More End Users
Preferring 3D Survey Equipment
Based on
technologies, the global marine seismic equipment and acquisition
market can be segmented into 2D, 3D, and 4D surveys, along with
bottom nodes. Of these, 3D survey equipment are finding a greater
number of takers than the others, thanks to their ease of use,
relatively lower costs than 4D survey equipment, and better
development streaks. Over the foreseeable future, 4D survey equipment
could witness greater demand due to expected key developments.
The global marine
seismic equipment and acquisition market is, however, facing the
inevitable problem of a decrease in the overall reduction in new
survey contracts over the coming years. End users are finding it
harder and harder to cover the costs of running and maintaining
survey equipment through sales and operation profits.
“Future prospects
for the global marine seismic equipment and acquisition market may
lie in the field of operations that depend on the conventional oil
and gas industries. Their diversification can be key to the
procurement of new contracts in the market. These end users include
mining, constriction, and mineral extraction, along with similar
profiles in subsea fields,” adds the analyst.
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The information
presented in this review is based on a Transparency Market Research
report, titled, “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)) - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key segments of
the Global Marine Seismic Equipment and Acquisition Market
Marine Seismic
Equipment Market - Equipment 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
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