Decrease in conventional reserves and the necessity to carry out exploration in an increasingly harsh environment means that advanced seismic exploration technologies are required. Currently, there is a continuous trend for increasing the penetration of seismic surveys, which is only possible due to improved equipment sensitivity. High sensitivity receivers and multichannel recording systems are preferred due to better efficiency and reliable life span. However, with increase in the distribution of multichannel technologies, rising problem of power supply can be resolved. The increase in the number of equipments units while packaging a grid and the usage of digital sensors leads to huge power consumption at the time of conducting the survey.
For better data recording wireless data systems are preferred. Using standalone unit reduces down the labor and time costs for unreeling and laying cables and it also allows seismic exploration to take place in highly complex terrains. Various oilfield service companies have started using wireless data recording system, but the chances of usage of wireless data recording system by many companies are quite narrow.
Seismic equipment market is regulated by the volume and structure of demand for geological exploration by various oil producing companies. Till 2008, the global seismic equipment market was growing at a healthy rate due to the increasing capacities of oilfield service companies, majorly driven by the desire of exploration and production (E&P) companies to increase the number of surveys they were conducting. Crisis that had taken place in the year of 2008 has led to a decrease in the volume of exploration works by E&P companies, which had led to a rapid decrease in real volumes in the seismic equipment market. Simultaneously, the oilfield service providing companies had underused the production capacities, leading to a reduction in demand for seismic equipment.
In the year 2010, the seismic exploration market was worth USD 8.9 billion. Small percentage of the market comprises equipment manufacturers while the remaining percentage consisted of seismic data processing and field works. Global seismic equipment market is heterogeneous in nature. Development of local market is determined through the demand of seismic exploration in various regions and also by the demand for specific technologies in a region.
Traditionally marine seismic equipments comprises of the large share of the seismic equipment market whereas surface equipment contributes only 45%. Highest share of the surface equipment market belongs to data registration systems (45%) and vibroseis sources (31%) whereas signal receiver accounts for 24% market share in 2010.
Methods such as Slip Sweep and Flip Flop are continuously used to get high quality signals and such methods needs wide involvement of vibroseis sources. Special synchronized systems are utilized to ensure efficient and effective use of groups of vibroseis sources. Key technological trends for conducting seismic surveys are accelerating the continuous up gradation and expansion of the equipments of oilfield service companies, which in turn is driving the seismic equipment market to grow.
Some of the key drivers of the seismic equipment market include the renewal cycles of the technology used and the growing numbers of seismic surveys being conducted. However, large amount of capital required to carry out the seismic survey can hamper the growth of the market. Ample opportunities are there for marine seismic equipment market as demand for energy is increasing at a rapid rate.
Some of the key companies in the business of marine seismic equipments are SIG FRANCE, Mitcham Industries Inc., ION Geophysical Corporation and Tesla Exploration International Limited among others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
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