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.
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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.