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Marine Seismic Equipment and Acquisition Market is likely to touch US$ 626.1 Mn by 2027

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Jayashri T . Bhadane
Marine Seismic Equipment and Acquisition Market  is likely to touch US$ 626.1 Mn by 2027

Global Marine Seismic Equipment and Acquisition Market: Snapshot

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 stood at US$ 410.6 Mn in 2018. Rising at a CAGR of 4.80% between 2019 and 2027, the market is likely to touch US$ 626.1 Mn by 2027. During the same period of time, the worldwide marine seismic acquisition market is estimated to expand at a CAGR of 5.60%, to increase from US$ 4.2 bn in 2018 to US$ 6.4 bn by the end of 2027.

fa global marine seismic equipment acquisition market

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 2018 and is expected to continue its leading steaks over the forthcoming years, thanks to the continual rise of the end-use industries.

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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. The high demand for conventional oil reserves is the key factor behind the growth of this regional market.

North America, which stood second in 2018, 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.

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Key Players in the Global Marine Seismic Equipment and Acquisition Market

  • 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.,
  • Compagnie Generale de Geophysique, S.A (CGG)

Are some of the leading players functional in the global market for marine seismic equipment and acquisition.

Global Marine Seismic Equipment and Acquisition Market: Recent Developments

  • On 07th February, 2020, Shearwater GeoServices Holding AS has announced that the company has been awarded a contract by Reliance Industries Ltd for 3D broadband marine seismic acquisition in Bay of Bengal, India. The project is expected to commence in second quarter of 2020. Moreover, the survey would be executed by the Polar Duchess using a Dual source design and would be covering 1,500 sq. km of KG-UDWHP-2018/1 block in the Krishna-Godavari basin.

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  • In January 2020, SeaBird Exploration announced that the company has received a Letter Of Award for a 3D survey in Asia. The survey is expected to commence at the end of first quarter of 2020 and is likely to be completed in second quarter of this year. The company would be using a third party vessel and equipment for this project, as the company seeks to optimize its capacity against all contract opportunities currently seen in the region.

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