Seismic Survey Equipment Market
Seismic Survey Equipment Market (Component - Hardware, Software, Services (Survey design services, consultation services, advisory services, after sales services, and customer support); Technology - 2D, 3D, 4D; Location - Onshore, Offshore; Industry - Oil & Gas) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
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Seismic Survey Equipment Market - Snapshot
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.
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.
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.
Seismic Survey Equipment Market - Overview
The “Seismic Survey Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026” report provides analysis of the seismic survey equipment market for the period 2016–2026, wherein the years from 2018 to 2026 is the forecast period and 2017 is considered as the base year. Data for 2016 has been included as historical information. The report covers all the trends and technologies playing a major role in the seismic survey equipment market growth over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue and volume (in US$ Mn) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report highlights the key trends affecting the market on a global scale. Furthermore, region wise prominent countries/regions covered in the report includes the U.S, Canada, Norway, Denmark, the U.K, India, China, Indonesia, GCC countries, South Africa, and Brazil.
This report analyzes and forecasts the market forseismic survey equipment at the global and regional level. The market has been forecasted based on revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global seismic survey equipment market. It also covers the impact of these drivers and restraints on seismic survey equipment during the forecast period.
The report comprises a detailed ecosystem analysis, which provides a comprehensive view of the global seismic survey equipment market. Porter’s Five Forces model 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.
Global Seismic Survey Equipment Market: Taxonomy
This research study on the global seismic survey equipment market provides a detailed cross segment and cross country analysis based on the different segments including component, technology, location, and industry. Based on component, the market has been segmented into hardware, software, and services. Based on technology, the market has been divided into 2D, 3D, and 4D. In 2017, the 3D segment was the topmost revenue generating segment. On the basis of location, the market has been segmented into onshore and offshore. Furthermore, based on industry, the market is divided into oil & gas and others.
Global Seismic Survey Equipment Market: Research Methodology
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, national government documents, statistical databases, and market reports, Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on the market size, market trends, growth trends, competitive landscape, and outlook, etc. These help us to validate and strengthen secondary research findings. These also help to develop the analysis team’s market expertise and understanding.
Global Seismic Survey Equipment Market: Competitive Dynamics
The report covers well-established players including CGG, Mitcham Industries, Inc., Geospace Technologies Corporation, Wireless Seismic, Inc., BGP Inc., China National Petroleum Corporation, Schlumberger Limited, FairfieldNodal, and ION Geophysical Corporation among others. In September 2017, Wireless Seismic, Inc., announced the launch of RT3, a seismic recording system having the capability of ultra-high channel count of about more than 2,50,000 seismic channels and features next-generation radio technology of WSI. The benefits associated with RT3 include acquisition of much denser seismic surveys, elimination of laborious work required by blind nodal systems, and easy management of recording channels in real time.
Global Seismic Survey Equipment Market:
Seismic Survey Equipment Market, by Component
- Services (Survey design services, consultation services, advisory services, after sales services, and customer support)
Seismic Survey Equipment Market, by Technology
Seismic Survey Equipment Market, by location
Seismic Survey Equipment Market, by Industry
- Oil & gas
- Others (Mining, construction, energy, among others)
Seismic Survey Equipment Market Analysis, by Country/Region
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East &Africa
- South America
- Rest of South America