Marine Seismic Equipment and Acquisition Market Estimated to Reach US$ 533.9 Mn and US$ 5,662.4 Mn by 2024: Transparency Market Research

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Transparency Market Research

24 Feb, 2017, 12:30 GMT

ALBANY, New York, February 24, 2017 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Marine Seismic Equipment (Sub-bottom Profilers, Seismic Sensors, Geophones & Hydrophones, Streamers, Air/Water Gun) And Acquisition (2-Dimensional (2D) Survey, 3-Dimensional (3D) Survey, 4-Dimensional (4D) Survey, Ocean Bottom Nodes) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global marine seismic equipment market was valued at US$ 359.8 Mn in 2015 and is projected to reach US$ 533.9 Mn by 2024 at a CAGR of 4.5% from 2016 to 2024. The global marine seismic acquisition market was valued at US$ 3,562.6 Mn in 2015 and is projected to reach US$ 5,662.4 Mn by 2024 at a CAGR of 5.3% from 2016 to 2024

Marine seismic surveys are carried out to generate subsea bottom profiles for industries such as oil & gas, energy, and construction. This type of surveying is conducted by generating mechanical sound waves that are sent into the earth. The energy reflected back from the earth is measured by recording sensors. The marine seismic operations require various equipment such as seismic sensors, streamers, geophones, hydrophones, energy sources (air/water gun), streamers and sub-bottom profilers.

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There are three basic technologies used in for marine seismic acquisition: 2D survey, 3D survey and 4D survey. Currently, 2-dimensional survey is generally used in frontier exploration areas to produce a general interpretation and mapping of geophysical nature on the regional level. The data obtained by 3D technology offers detailed information about subsurface structure and fault distribution. Therefore, 3D survey is preferred over the 2D survey technology. 4-dimentional survey is the state-of-the-art technology in the field of marine seismic acquisition. The 4D technology aims to determine the changes occurring in the subsurface structure of the subsea level. In order to subdue the limitations of the conventional streamers methods Ocean bottom nodes and ocean bottom cables are new generation and alternative technologies. This method is often applied primarily for reservoir characterization and monitoring. The ocean bottom nodes technology is anticipated to be highly attractive market by the end of the forecast period.

In terms of technology, 3D survey was the largest segment of the global marine seismic acquisition market, accounting for more than 85% share in 2015. The segment is anticipated to continue its dominance during the forecast period due to continual growth from the end use industry. 4D survey is another key technology segment of the marine seismic acquisition market. 4-dimentional survey is the state-of-the-art technology in the field of marine seismic acquisition.

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The 4D technology aims to determine the changes occurring in the subsurface structure of the subsea level. These surveys are often employed in oilfield reservoirs to study the life and capacity of the reservoir. Therefore the 4D survey technology is expected to witness significant growth during the forecast period. With continuous developments and innovations in the marine data acquisition market, companies are primarily involved in providing end-users with new technological developments in order to obtain high resolution and highly accurate data. Ocean bottom nodes is the new generation technology used to obtain data of wide azimuth for repeated number of times in order to obtain the time lapse or 4D acquisition data. In terms of equipment, the seismic streamers dominated the marine seismic equipment market in 2015. Seismic streamers or cables detect low level of reflected seismic energy, using pressure-sensitive devices called hydrophones. The streamers are expected to continue their dominance over the forecast period.

Europe dominates the marine seismic equipment and acquisition market, followed by Latin America and Middle East & Africa. Latin America is expected to be the key upcoming markets for marine seismic equipment and acquisition market during the forecast period. Significant demand from the oil & gas industry in developing regions is anticipated to be a key factor driving the marine seismic equipment and acquisition market in these regions. North America and Asia Pacific are also expected to offer lucrative opportunity for the marine seismic equipment and acquisition market, owing to the rising demand from the end-use industries such as infrastructure construction, mining and energy.

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The global marine seismic equipment and acquisition market is highly consolidated. Key players include Compagnie Generale de Geophysique, S.A, Petroleum Geo-Services (PGS), TGS-NOPEC Geophysical Company ASA, SeaBird Exploration PLC, Polarcus DMCC, Fugro N.V., Mitcham Industries, Inc. and others

The global marine seismic equipment and acquisition market has been segmented as follows:

Marine Seismic Equipment Market: Equipment Type Analysis 

  • Sub-Bottom Profilers
  • Seismic Sensors
    • Scalar Sensor
    • Vector Sensor
  • Geophones & Hydrophones
  • Streamers
    • Single Streamer
    • Multiple Streamers
  • Air / Water Guns

Marine seismic acquisition Market: Technology Analysis 

  • 2-Dimensional (2D) Survey
  • 3-Dimentional (3D) Survey
  • 4-Dimensional (4D) Survey
  • Ocean Bottom Nodes
    • Two-Component (2C) Nodes
    • Four-Component (4C) Nodes
    • Permanent Seismic Installations
    • Others

Marine seismic equipment and acquisition Market: Regional Analysis 

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • Russia
    • Italy
    • U.K.
    • France
    • Rest Of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest Of Asia
  • Latin America
    • Brazil
    • Mexico
    • Rest of South America
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of MEA

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research