Seismic Vessel: Introduction
- Seismic vessels are ships that are used for conducting seismic surveys in oceans and high seas. These vessels are used for pinpointing and locating the best possible subsea areas for oil drilling.
Key Drivers and Restraints of Seismic Vessel Market
- The seismic vessel market is primarily driven by factors such as presence of aging oil and gas fields in onshore locations and availability of vast untapped potential of oil & gas reserves in offshore areas
- Consumption of petroleum products has been increasing significantly across the globe due to rapid industrialization and urbanization. Constant rise in demand for refined products in several end-use industries has boosted investments in the exploration and production of oil & gas reserves in offshore locations. This is estimated to propel the demand for seismic vessels during the forecast period.
- Volatility in prices of oil and gas is anticipated to hamper the seismic vessel market in the near future
COVID-19 Impact Analysis
- In the initial phase of the COVID-19 outbreak, lockdowns were imposed across the globe to limit the spread of the disease. This led to restriction on the movement of goods and the people, thereby adversely impacting the demand for oil and gas.
- Major producers of oil halted drilling activities and development expenditure. Offshore drilling activities have declined significantly due to the pandemic. Decrease in investment in offshore activities led to a drop in oil and gas spot price, thereby affecting the demand for seismic vessels.
Deep Water Application Segment Expected to Hold Prominent Share of Global Market
- The global seismic vessel market can be segmented based on technology, application, and region
- In terms of technology, the seismic vessel market can be divided into 2D imaging, 3D imaging, and 4D imaging. The 3D imaging segment accounted for key share of seismic vessel market in 2020, as the technology offers clearer images of geological structures. Furthermore, 3D imaging helps oil & gas companies reduce uncertainties in exploration, development, and production operations. This feature of 3D imaging is boosting the 3D imaging segment of the seismic vessel market.
- Based on application, the global seismic vessel market can be segregated into shallow water and deep water. Rapid depletion of oil & gas reserves in onshore locations has led to an increase in investment of oil & gas operators in the development of offshore areas.
Europe and Middle East & Africa Expected to Constitute Major Share of Global Seismic Vessel Market
- In terms of region, the global seismic vessel market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- Europe is key region of the global seismic vessel market. Rise in E&P investments in Norway and Russia is anticipated to propel the seismic vessel market in the region. Furthermore, rise in number of mature oil & gas fields in onshore locations and decrease in production cost of oil and gas in offshore areas are expected to propel the seismic vessel market in Europe.
- The seismic vessel market in Asia Pacific is estimated to witness growth during the forecast period due to the rise in demand for crude oil and natural gas as feedstock in refineries in order to meet the significantly increasing demand for petroleum product across the region. According to BP statistics, consumption of oil products increased from 7,617 thousand barrels per day in 2018 to 7,650 thousand barrels per day in 2019.
- The seismic vessel market in Middle East & Africa is anticipated to expand significantly during the forecast period. Growth of the market in the region can be ascribed to the ongoing investment in discovery of oil & gas reserves in offshore locations.
Key Players Operating in Global Market
Key companies operating in the global seismic vessel market include:
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Ulstein Verft AS
- Schlumberger Limited
- PT. Newport Marine Services
Global Seismic Vessel Market: Research Scope
Global Seismic Vessel Market, by Technology
- 2D Imaging
- 3D Imaging
- 4D Imaging
Global Seismic Vessel Market, by Application
- Shallow Water
- Deep Water
Global Seismic Vessel Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.