According to a new market report published by Transparency Market Research titled “Seismic Survey Equipment Market– Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018 – 2026,” the global seismic survey equipment market is expected to reach US$ 1,884.1 Mn by 2026. The market is projected to expand at a CAGR of 4.60% during the forecast period from 2018 to 2026. According to the report, the global seismic survey equipment market will continue to be influenced by the increase in oil prices after experiencing a prolonged slump since June 2014 in addition to the growing oil demand particularly from the developing economies. North America region is projected to be at the forefront of global demand, with the market in the region growing at a CAGR of above 4.8% through 2026.
Hardware segment is expected to be more lucrative for the global seismic survey equipment market
The global seismic survey equipment market is segmented by component into hardware, software, and services. In 2017, the hardware segment was seen to be a major revenue generating segment. Hardware for seismic survey includes various detectors such as hydrophones, geophones, and various seismic sources such as Vibroseis, air gun, and dynamite to generate the seismic waves. The seismic sources generate the seismic waves that are sent into the earth’s surface and are reflected back toward the surface. The detectors record these reflected and refracted waves which are then subjected to further processing and interpretation to gather information about the sub-surface. The hardware segment is expected to expandat a significant CAGR of 4.82% over the forecast period.
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3D segment is expected to dominate the seismic survey equipment market around the globe
Based on technology, the market has been divided into 2D, 3D, and 4D. In 2017, the 3D segment was the topmost revenue generating segment. For carrying out 3D data acquisition, the seismic sources and detectors are laid out in a grid pattern. 3D seismic data is much easier to interpret and understand and hence is a widely used method to gather seismic data. The 4D segment is expected to expand at the fastest CAGR of 4.83% from 2018-2026.
Offshore segment to expand at a faster pace over the forecast period
The seismic survey that is carried out in marine areas is referred to as offshore seismic survey. There are still large areas underwater that remain unexplored for the production of oil & gas. Hence, considerable investments are being made to carry out offshore seismic surveys. For instance, in April 2018, Seabed Geo solutions, a joint venture of CGG, a Denmark-based geophysical solution provider and Fugro, a geo-intelligence and asset integrity solution provider, were awarded a US$ 25 Mn contract for data acquisition of ocean bottom in the Middle East region. The offshore segment is expected to expand at a faster CAGR of 4.74% over the forecast period.
Oil & gas industry segment to occupy major revenue share
In terms of industry, the seismic survey equipment market has been segmented on the basis of oil & gas and others. Others might include mining industry, construction industry, and energy industry which use seismic survey equipment. The oil and gas segment is a major consumer of seismic survey equipment and is expected to occupy a revenue share of over 90% in 2018.
North America expected to continue to hold significant share in the overall market
In terms of geography, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2017, North America was the topmost revenue generating region followed by Europe. North America region is expected to expand at the highest CAGR from 2018 to 2026 owing to the increase in oil exploration and production activity in the region. In March 2018, oil production in North America reached over 10 million barrels per day according to the International Energy Agency (IEA).
The market in Europe is projected to grow at a significant CAGR during the forecast period. Additionally, many associations in the oil & gas space are entering into strategic partnerships to improve their market presence and increase their client base.
The seismic survey equipment market is gaining traction in the Asia Pacific region due to the increase in oil and gas exploration activities majorly driven by China. Additionally, there are various seismic equipment manufacturers emerging in the region to carry out the seismic survey process to locate the arenas for oil and minerals.
CGG, Mitcham Industries, Inc., Geospace Technologies Corporation, Wireless Seismic, Inc., BGP Inc., China National Petroleum Corporation, Schlumberger Limited, FairfieldNodal, ION Geophysical Corporation, among others are some of the major players operating intheseismic survey equipment market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. Various players are innovative and introducing technologically advanced products into the market to cater to the dynamic needs of the clients. Also, market players are establishing partnerships, entering strategic M&A, and expanding to enhance their seismic survey equipment offerings worldwide.
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Escalating Oil and Gas Exploration Activities to Propel the Growth Rate of the Seismic Survey Equipment Market
The seismic survey equipment market is prognosticated to attract substantial growth across the assessment period of 2018-2026. The growing influence of oil and gas exploration activities will serve as a prominent growth generator. The growing demand for oil and gas due to the booming population numbers may bring tremendous growth opportunities for the seismic survey equipment market.
- Seismic surveys record data from artificially generated shock waves that are refracted or reflected from different rock types. This survey requires a large number of equipment and detectors. They require an ideal sound source. Thus, the functionalities of the seismic survey equipment prove to be great growth generators during the tenure of 2018-2026.
- The emergence of using considerable technologies will serve as a profitable growth generator for the seismic survey equipment market. The research and development activities have increased extensively over the years. The technological advancements and upgrades across the seismic survey equipment market have further boosted the growth rate.
- Activities like mergers, acquisitions, partnerships, joint ventures, and collaborations are helping the manufacturers to increase their influence, eventually helping in increasing the growth rate of the seismic survey equipment market. The need for oil and gas exploration activities has escalated substantially over the decades. These factors are pushing for carrying out surveys, which, in turn, accelerate the growth opportunities across the seismic survey equipment market.
- The SARS-CoV-2 outbreak has resulted in great losses. The closure of manufacturing units and production facilities resulted in a decrease in the production of seismic survey equipment. Furthermore, a brief halt in oil and exploration activities resulted in a decline in demand. Therefore, all these aspects led to growth damage.
- The relaxations in lockdown for boosting the economy will help in decreasing the damage to the growth of the seismic survey equipment market.
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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