Seismic Survey Equipment Market: Quantitative Industry Analysis, Current and Fut

Posted by Sakshi Mishra on December 31st, 2019

According to a new market report published by Transparency Market Research entitled “Seismic Survey EquipmentMarket–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025,”the global seismic survey equipment market was valued at US,261.2Mnin 2017 and is expected to expand at a CAGR of4.60%from 2018 to 2026, reaching US$ 1,884.1Mn by the end of the forecast period.

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Growth in oil prices after a prolonged slump in addition to growing oil demand expected to be the primary market driver

The seismic survey equipment market is primarily driven by the increase in oil prices after experiencing a prolonged slump since June 2014. The increase in oil prices have resulted in the steady rise in exploration and production (E&P) activities by major oil companies. This was mainly due to the strong global demand which is gradually drawing down the excess supplies, according to the World Economic Forum. The increase in exploration and production activity will result in the increase in the number of seismic surveys being carried out which will drive the market growth. Seismic survey is a method which is used to study the subsurface properties and help in locating various minerals and size of oil and gas reservoirs. The equipment used for carrying out the seismic survey is referred to as seismic survey equipment. As the global oil demand rises especially from the developing countries, E&P companies will need to search for newer areas to locate oil underneath the land and sea. This will positively affect the seismic survey equipment market. However, the uncertain nature of oil prices is considered to be a hindrance for the growth of the seismic survey market. The unexpected downturn in oil prices can result in less exploration and production activity and decrease the investments by oil & gas companies. This in turn impacts the seismic survey equipment providers negatively. However, strong demand for oil particularly from the growing economies is expected to fuel the seismic survey market growth.