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$1,261.2Mnin 2017 and is expected to expand at a CAGR of4.60%from 2018 to 2026, reaching US$ 1,884.1Mn by the end of the forecast period.
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.
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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.
Hardware segment to be the fastest growing throughout the forecast period
Basedon component, the global seismic survey equipment market has been segmented into hardware, software, and services. In 2017, the hardware segment was a major revenue generating segment. Hardware for seismic survey includes various detectors such as hydrophones, geophones, and various seismic sources such as Vibroseis, air gun, and dynamite to generate the seismic waves. The hardware segment is expected to expand at a significant CAGR of 4.82% over the forecast period.
3D technology segment to be the major revenue generating segment in 2026
Based on technology, the market has been divided into 2D, 3D, and 4D. In 2017, the 3D segment was the topmost revenue generating segment. 3D seismic data is much easier to interpret and understand and hence is widely used for gathering seismic data. The 4D segment is expected to grow at the fastest CAGR of 4.83% from 2018-2026.
Offshore segment to grow at a faster pace over the forecast period
The seismic survey that is carried out in marine areas is referred to as offshore seismic survey. There are still large arenas underwater that remain unexplored for the production of oil & gas. Hence, considerable investments are being made to carry out offshore seismic survey. For instance,in May 2018, TGS-NOPEC Geophysical Company L.P. completed the data acquisition of 10,000 km 2D long offset broadband multi-client seismic survey in the Egyptian Red Sea. This task was a part of a project which was awarded to TGS and Schlumberger in December 2017. The offshore segment is expected to expand at a significant CAGR of 4.74% over the forecast period.
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Oil & gas industry to be a major revenue generating segment
In terms of industry, the seismic survey equipment market has been segmented into oil & gas, and others. Others include mining industry, construction industry, and energy industry which use seismic survey equipment. The oil and gas segment is a major consumer of seismic survey equipment and is expected to occupy a revenue share of over 90% in 2017.
North America to be the fastest growing region due to increased exploration and production activity
In terms of geography, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2017, North America was the topmost revenue generating region followed by Europe. North America is expected to expand at the highest CAGR from 2018 to 2026 due to the increase in oil exploration and production activity in the region. In March 2017, oil production in the North American region reached over 10 million barrels per day.
Key players in the market focusing on introduction and development of new products to gain a competitive edge and improve brand positioning
Key players in the market are focusing on the introduction and development of new products into the market to gain a competitive edge and improve brand positioning. The key players profiled in the global seismic survey equipment market include CGG, Mitcham Industries, Inc., Geospace Technologies Corporation, Wireless Seismic, Inc., BGP Inc., China National Petroleum Corporation, Schlumberger Limited, FairfieldNodal, and ION Geophysical Corporation,among others.
The seismic survey equipment market has been segmented as below:
Seismic Survey Equipment Market, by Component
- Services (Survey design services, consultation services, advisory services, after sales services, and customer support)
Seismic Survey Equipment Market, by Technology
Seismic Survey Equipment Market, by Location
Seismic Survey Equipment Market, by Industry
- Oil & gas
- Others (Mining, construction, energy, among others)