Global Marine Seismic Equipment and Acquisition Market: Snapshot
The global marine seismic equipment and acquisition market is highly influenced by the exponential rise in the oil and gas industry as seismic services and various analytical data make a critical part of oil and gas exploration. The increase in oil and gas exploration activities in emerging regions, such as Africa and Latin America, is likely to add to the growth of this market substantially in the near future. The significant rise in multi-client projects is also projected to propel this market in the years to come.
The opportunity in the global marine seismic equipment market reached US$359.8 mn in 2015. Rising at a CAGR of 4.50% between 2016 and 2024, the market is likely to touch US$533.9 mn mark by 2024. During the same period of time, the worldwide marine seismic acquisition market is estimated to expand at a CAGR of 5.30%, to increase from US$3.5 bn in 2015 to US$5.6 bn by the end of 2024.
Continued Dominance of Europe in Global Marine Seismic Equipment and Acquisition Market
Europe has been leading the worldwide marine seismic equipment and acquisition market and is expected to remain so over the next few years. In 2015, the Europe marine seismic acquisition market generated US$944.1 mn, whereas, the market for marine seismic equipment in Europe garnered US$83.1 mn in the same year. The high demand for conventional oil reserves is the key factor behind the growth of this regional market.
North America, which stood second in 2015, is expected to retain its position in the years to come. The significant growth in the end-use industries, such as mining, construction, and oil and gas, is likely to boost the North America market for marine seismic equipment and acquisition over the forthcoming years.
In near future, the marine seismic equipment and acquisition markets in Latin America and the Middle East and Africa are also expected to register high-paced growth. Latin America is anticipated to emerge as a highly attractive market for marine seismic acquisition due to the increasing demand from exploration and production companies. The Middle East and Africa, on the other hand, is projected to offer lucrative opportunities for the marine seismic equipment vendors on account of the expansion in the oil and gas industry in this region.
3D Survey to Continue its Leading Streak
2 dimensional (2D) survey, 3 dimensional (3D) survey, 4 dimensional (4D) survey, and ocean bottom nodes are the main technologies used for marine seismic acquisitions across the world. The 3D survey led the global market with a share of more than 85% in 2015 and is expected to continue its leading steaks over the forthcoming years, thanks to the continual rise of the end-use industries.
Agile Seismic LLC, FailfieldNodal, Seismic Equipment Solution, Geo Marine Survey Systems, Polarcus DMCC, Fugro N.V., SeaBird Exploration PLC, Petroleum Geo-Services (PGS), TGS-NOPEC Geophysical Co. ASA, Mitcham Industries Inc., and Compagnie Generale de Geophysique, S.A (CGG) are some of the leading players functional in the global market for marine seismic equipment and acquisition.
Global Marine Seismic Equipment and Acquisition Market: Overview
Marine seismic surveys are carried out to generate subsea bottom profiles for industries such as oil & gas, energy, and construction. This type of surveying is conducted by generating mechanical sound waves that are sent into the earth. The energy reflected back from the earth is measured by recording sensors. The marine seismic operations require various equipments such as seismic sensors, streamers, geophones, hydrophones, energy sources (air/water gun), streamers and sub-bottom profilers. A seismic source creates an acoustic signal in the water. These signals penetrate into the seabed, and are reflected back to the seismic sensors. Further, these sensors measure seismic vibrations by converting ground motion into a measurable electronic signal. These recorded signals are then subjected further for processing and interpretation to yield comprehensible information about the subsea surface.
There are three basic technologies used in for marine seismic acquisition: 2D survey, 3D survey and 4D survey. The 2D seismic survey technology was traditionally used technology to understand the sub-surface structure. Currently, 2-dimensional survey is generally used in frontier exploration areas to produce a general interpretation and mapping of geophysical nature on the regional level. The data obtained by 3D technology offers detailed information about subsurface structure and fault distribution. 4D seismic survey technology involves acquisition, processing, and interpretation of repetitive seismic surveys over a period of time.
Global Marine Seismic Equipment and Acquisition Market: Research Methodology
This report analyzes and forecasts the market for marine seismic equipments and acquisition at the global and regional level. The market has been forecast based on revenue (US$ Mn) from 2016 to 2024, considering 2015 as the base year. The study includes drivers and restraints of the global marine seismic equipments and acquisition market. It also covers impact of these drivers and restraints on demand for marine seismic equipments and acquisition during the forecast period. The report also highlights opportunities in the marine seismic equipments and acquisition market at the global and regional level. It further includes detailed value chain analysis, which provides a comprehensive view of the global marine seismic equipments and acquisition market. Porter’s Five Forces model for the marine seismic equipments and acquisition market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represented the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, Offshore magazine, Rigzone magazine, BP magazine, Institute of Sciences, International Association of Geophysical Contracts FAO, internal and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market. We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Global Marine Seismic Equipment and Acquisition Market: Segmentation
The study provides a decisive view of the global marine seismic equipments and acquisition market by segmenting it in terms of equipment type (Sub-bottom Profilers, Seismic Sensors, Geophones & Hydrophones, Streamers, Air/Water Gun) and technology such as 2-Dimensional (2D) Survey, 3-Dimensional (3D) Survey, 4-Dimensional (4D) Survey, and Ocean Bottom Nodes. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for marine seismic equipments and acquisition in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual market size of marine seismic equipments and acquisition for 2015 and estimated market size for 2016 with forecast for the next eight years. The global market size of marine seismic equipments and acquisition has been provided in terms of revenue. Market revenue is in US$ Mn. Market numbers have been estimated based on equipment type and technology type. Market size and forecast for numerous end-users have been provided in terms of global, regional, and country level markets.
Global Marine Seismic Equipment and Acquisition Market: Competitive Landscape
The report comprises profiles of major companies operating in the global marine seismic equipments and acquisition market. 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 Co. ASA, SeaBird Exploration PLC, Polarcus DMCC, Fugro N.V., and Mitcham Industries, Inc. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The global marine seismic equipment and acquisition market has been segmented as follows:
Marine Seismic Equipment Market - Equipment Analysis
- Sub-Bottom Profilers
- Seismic Sensors
- Scalar Sensor
- Vector Sensor
- Geophones & Hydrophones
- 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
Marine Seismic Equipment and Acquisition Market - Region Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA