Seismic Survey Equipment Market
Posted by Onkar Nimbalkar on June 10th, 2019
Seismic Survey Equipment Market is estimated to reach US$ XX Mn in 2026 in terms of revenue with a CAGR of XX% in the forecasting Period 2018 to 2026. Essential to improving survey efficiency, demand for right supplies according to the World Economic Forum will boost the market growth. Initially in June 2014, seismic survey equipment market has experienced a prolonged slump that results into increase in oil prices. These have an impact on major oil companies with a steady rise in exploration and production (E&P) activities. Increasing in exploration and production (E&P) activities will result to drive seismic surveys.
Seismic survey equipment is used to carry seismic survey means to study subsurface properties that give a scene of various minerals and size of oil and gas reservoirs. Rise in Multi-client Projects and Increasing Oil Exploration in Africa and Latin America will drive the seismic survey equipment market. While Decrease in seismic survey contracts and Sluggish demand from the oil industry in the Middle East and Europe will restrain the market growth to the certain extent. Also, end-use industries such as construction, oil and gas and mining will significantly boost the Seismic Survey Equipment Market growth.
However, the launching of new product model has become a key trend in survey equipment market that bins to gain competitive players over peers. Also, geophysical survey spaces expand their geographical footprint and increase their client base with proper strategic partnerships with peers.Seismic Survey Equipment Market Seismic Survey Equipment Market is majorly segmented by the By Component, By Technology, By Location, by industrial application and region wise. On the basis of the component; hardware, software, and services are the sub-segmented. Hardware detectors for seismic survey include hydrophones, geophones, and other sources. Thus seismic sources mainly include air gun, Vibroseis, and dynamite to generate the seismic waves. Usually reflected seismic waves are recorded by the hardware detectors which further processes the information to interpret about the sub-surface. Thus, hardware sub-segment is estimated to gain highest CAGR over the forecasting period.
Seismic Survey Equipment technologies are sub-segmented into 2D imaging, 3D imaging, and 4D imaging. Among these, 4D imaging is expected to expand the highest CAGR during the forecasting period. Also, the 3D segment was the topmost revenue generating segment in 2017. As 3D imaging layout grid pattern from detectors and seismic sources is much easier to interpret and understand.
Basically, Seismic Surveys are conducted on onshore and offshore. Segment offshore is expected to gain high CAGR during the forecasting period. As the offshore seismic survey is carried out in marine areas. According to 2018, the Denmark-based geophysical solution provides US$ 25 Mn contract for the data acquisition of ocean bottom in the Middle East region. Also, there are still many large areas underwater remain unexplored for the production of oil & gas. Thus investment in offshore seismic surveys will be extended towards growth.
Usually on the basics of industrial end-user, Seismic Survey Equipment Market is sub-segmented into oil & gas and others such as Mining, construction, energy. Generally, in 2018, oil and gas segment for consumer seismic survey equipment share the highest revenue i.e. around 90% during the forecasting period.
North American countries are leading the Seismic Survey Equipment Market and further followed by Europe till 2017. Increase in oil exploration and production activity in the region such as North America is expected to gain the largest CAGR during the forecasting period. According to 2018 in North America, International Energy Agency (IEA) produce 10mn barrels of oil per day. Also, the Asia-Pacific region gain the market by increasing oil and gas exploration activates viz. majorly driven by China.
Some important key players which mainly operate in the seismic survey equipment. They are CGG Schlumberger Limited, Geospace Technologies Corporation, Wireless Seismic, Inc., BGP Inc., China National Petroleum Corporation, Mitcham Industries Inc., and Fairfield Nodal, ION Geophysical Corporation. Detailed company profiling such as financials, SWOT analysis, business strategies, recent developments, and other strategic information develop these key players to the certain extent. Thus Production capacity expansion, brand portfolio expansion, mergers, collaborations and acquisitions are the key strategies adopted by Seismic Survey Equipment Market industries.
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The scope of the Seismic Survey Equipment Market:
Seismic Survey Equipment Market By Component:
Seismic Survey Equipment Market By Technology:
• 2D imaging
• 3D imaging
• 4D imaging
Seismic Survey Equipment Market By Location:
Seismic Survey Equipment Market By Industrial Application:
• Oil & gas
• Others (Mining, construction, energy, among others)
Seismic Survey Equipment Market By Geography:
• North America
• Middle East & Africa
• Latin America.
Key Players operating in the Seismic Survey Equipment Market:
• CGG, Mitcham Industries, Inc.
• Geospace Technologies Corporation
• Wireless Seismic, Inc., BGP Inc.
• China National Petroleum Corporation
• Schlumberger Limited
• Fairfield Nodal
• ION Geophysical Corporation
• Geospace Technologies
• IG Seismic Service
• International Seismic
• ION Geophysical
• Mitcham Industries
• PARAGON GEOPHYSICAL SERVICES
• Polaris Seismic International
• Terrex Seismic
• Wireless Seismic
• Dawson Geophysical\Geometric
• IG Seismic Services
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About the AuthorOnkar Nimbalkar
Joined: May 28th, 2019
Articles Posted: 20
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