Published: Sep, 2019
The marine industry has made rapid advancements over the past decade. The willingness of the industry to induct new technologies and equipment has created demand within the global marine seismic equipment and acquisition market. Furthermore, the need to avert marine mishaps has also led to adoption of several innovative technologies and distinct equipment. As ports and bays embrace digitalization, the induction of marine seismic equipment shall also gain momentum.
China’s Nanjing Jinling Shipyard Co. Ltd. recently entered into a deal with NYK Bulk and Projects Carriers Ltd. to manufacture two new-generation heavy-lift vessels. The deal shall open fresh avenues for growth across several markets pertaining to marine handling. The use of marine seismic equipment and acquisition is closely related to the development of new vessels. Furthermore, transport of cargos and wind-turbine blades across the marine industry also necessitates the presence of marine seismic equipment.
It is expected that the global marine seismic equipment and acquisition market would expand at a remarkable pace in the years to follow. Export operations of the marine industry are supported by national governments across several regions. This trend has generated fresh funds across the marine industry. These funds are projected to trickle down to the global marine seismic equipment and acquisition market.
Transparency Market Research (TMR) predicts that the global marine seismic equipment and acquisition market would expand at a steady CAGR of steady 4.50% over the forecast period between 2016 and 2024. The market is slated to touch a value of US$533.9 mn by the end of this forecast period.Need for 4-Dimensional Surveys within Marine Industry
The marine industry is characterized by tremendous unrest and entropy across the field of operation. This factor, coupled with the need for continual analysis of marine areas, has given a thrust to the growth of the global marine seismic equipment and acquisition market. Furthermore, the willingness of global investors to bid on contracts within this market has also generated increased revenues.
Marine marshes and other areas in the seabed cannot be analyzed without the use of 4-dimensional technologies. Furthermore, the need for resilience and pinpoint control over marine operations also necessitates the presence of marine seismic equipment. Hence, the global market is slated to grow at a stellar pace in the years to follow.
Exploration Activities in the Oil and Gas Sector
The oil industry undergoes continual improvements with regard to exploration techniques and pathways. Furthermore, measurement of the scale of spilling and tectonic movements across oilfields is also a key consideration for rig operators. This factor has played an integral role in driving demand within the global marine seismic equipment and acquisition market. This factor has played an integral role in the growth of the global market. Increased investments in the oil and gas industry have also spearheaded the growth of the global marine seismic equipment and acquisition market.
Middle East to Emerge as Key Segment
The presence of a seamless industry for oil and gas exploration in the Middle East has given a thrust to regional market growth. The marine seismic equipment and acquisition market in the region shall attract revenues from multiple stakeholders and investors in the years to come by.
Few of the prominent players in the global marine seismic equipment and acquisition market are Polarcus DMCC, Geo Marine Survey Systems, Fugro N.V., and SeaBird Exploration PLC.
The review is based on TMR 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”.
The global marine seismic equipment market is segmented as:
- Sub-Bottom Profilers
- Seismic Sensors
- Scalar Sensor
- Vector Sensor
- Geophones & Hydrophones
- Single Streamer
- Multiple Streamers
- Air / Water Guns
- 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
- 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
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