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Transparency Market Research, New York: One of the major influences on global marine seismic equipment and acquisition market is the demand generated by oil and gas industry. The industry is known to use seismic services and analytics for various activities such as exploration.
It is pertinent to note here the various lease rounds carried out for third year in a row – close to 50 in number and record breaking in every sense. Some of the regions which are acting as hotbeds of exploration activity are Latin America, Africa, and the chart is topped by the Mediterranean region.
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It is also worth noting here that conventional discoveries are on a high curve, and broke a four-year record in 2019 in terms of BOE – Barrels of Oil Equivalent. The number in 2019 was 12.2 billion barrels BOE. From the new regional hotspots, 26 discoveries (100 BOE) were made.
As per a Transparency Market Research study, the global marine seismic equipment and acquisition market will grow at a steady 4.80% CAGR (Compound Annual Growth Rate) in the equipment segment in the period starting 2019, and ending 2027. The market set to arise in the period would be worth around USD 626.1 Million by the end of this period. And, over the same period, the market for seismic acquisition will grow at growth rate of 5.60%, compounded annually. Again, this will pull the market worth up from USD 4.2 Billion to USD 6.4 Billion.
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Europe to Lead the Global Marine Seismic Equipment and Acquisition Market over the Forecast Period
The global marine seismic equipment and acquisition market was led by Europe in 2018, dominating both the marine seismic acquisition market and seismic equipment market. The trend is set to continue. And, as per analysts of the global marine seismic equipment and acquisition market, this growth is attributable to rising demand for oil reserves.
It is also pertinent to note that over the coming few years, the North American region will also show notable growth owing to increase in activity in certain industries like construction, mining, and oil and gas.
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Lucrative opportunities will arise in Middle East and Africa, keeping the global marine seismic equipment and acquisition market players hooked to itself over the forecast period. One of the reasons supporting growth in the region will be rising activity in terms of offshore oil exploration activity in the region over the forecast period.
Global Marine Seismic Equipment and Acquisition Market to Witness Pro-active Players over the Forecast Period
The global marine seismic equipment and acquisition market is slightly fragmented and includes prominent players such as 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) among others. The players are massively focused on technological development so better and more functional products can be rolled out to lure consumers. As of now, the major technologies in use include ocean bottom nodes, and 2D, 3D, and 4D surveys.
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Electric Vehicles Fuel Cells Market – North America is projected to lead the global market during the forecast period, due to the stringent environmental laws and rise in awareness about fuel cells. Tesla Inc., is the major manufacturers of electric cars in the U.S. followed by Chevrolet. Tesla’s two most popular vehicles are the Tesla Model S and Tesla Model X. In Europe, Ford, Volkswagen, and BMW are key manufacturers of electric cars. The electric vehicles fuel cells market in Europe and Asia Pacific is likely to expand at a rapid pace during the forecast period. Countries such as India, Japan, and China in Asia Pacific have started electrification of vehicles on a large scale.
Jackup Rigs Market – Increase in exploration and new discovery of oil and gas deposits in deep and ultra-deep water are fueling the market. In January 2019, BP announced a discovery of more than 1 billion barrels of oil in its Thunder Horse field in the Gulf of Mexico. These discoveries are likely to spark long-term drilling and exploration operations over the coming years, leading to a steady rise in the demand from the global jackup rigs market over the forecast period scale.
Wellhead Equipment Market – There are still some challenges that may slow down the growth of the global wellhead equipment market in the coming years of the forecast period. One of the key restraining factors is the price fluctuations of crude oil market has delayed several sanctioned gas and oil projects across the globe. This has led to several project sites facing work backlog and rise in budget. Such delays are expected to slow down the market in the near future. However, increasing demand for wellhead equipment in harsher and unmanned project sites coupled with technological advancements are likely to have a positive influence on the growth of wellhead equipment market.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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