Seismic Survey Equipment Market Scope
Over the past few decades, due to increasing uses of oil and gas and escalating oil prices escalated the demand for oil and gas exploration. Before going for exploration, the oil and producers opt to analyse the geological structures beneath the earth such as number of layers of rock, geological features, soil properties and many others things. The equipment used for surveying and analysing these geological structures are known as seismic survey equipment. Seismic surveying is one of the non-invasive methods used for collecting information about the respective location. However, volatility in oil prices might stagnate the demand for these equipment. On the other hand technological advancements and strategic alliances amongst the key players may create lucrative opportunities over the forecasted period.
According to AMA, the Global Seismic Survey Equipment market is expected to see growth rate of 4.76% and may see market size of USD1684.33 Million by 2026.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Seismic Survey Equipment market throughout the predicted period.
CGG (France), Mitcham Industries Inc. (United States), Geospace Technologies Corporation (United States, BGP Inc. (China), China National Petroleum Corporation (China), Schlumberger Limited (United States), FairfieldNodal (United States), Guralp Systems Limited (United Kingdom), Baoding Longet Equipment Co.Ltd. (China) and ION Geophysical Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Teledyne Marine (United States) and HiSeis (Australia).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Seismic Survey Equipment market and Region with country level break-up.
On the basis of geography, the market of Seismic Survey Equipment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 6 June 2019, CGG and Fairfield Geotechnologies have signed a cooperation agreement to acquire a large-scale, multi-client survey in South Central Louisiana. The new 578-square-mile wide-azimuth survey, known as Bayou Boeuf, is designed to image the Austin Chalk play and provide a better understanding of the formations in this area which have recently regained industry interest. The Bayou Boeuf survey provides coverage over the Avoyelles, Rapides, Evangeline and Saint Landry Parishes. Permitting is nearly complete and acquisition is expected to commence in September 2019.
On August 30, 2018, Geospace Technologies has entered into a strategic contract with two international seismic contractors to rent up to 12,500 stations of its cableless ocean-bottom OBX nodal system. Total revenue from these contracts is expected to be over USD 20 million, with delivery and revenue recognition may begin in company’s first quarter of the fiscal year 2019 and revenue recognition continuing into the first quarter of the fiscal year 2020.
Market Trend
- Growing Adoption of 4D Seismic Monitoring in Identifying Hydrocarbon Capitals
- Inclination towards Technological Advancements in Geographical Imaging of Complex Topographies
Market Drivers
- Escalating Oil Prices and Lack of Availability of Fossil Fuels Across the Globe
- Upsurged E&P (Oil Exploration and Production) Activities Across the Globe by Oil Manufacturers
Opportunities
- Growing Geological Research and Developments in Developing Economies
- Ideal to Use in Offshore Seismic Surveys or Marine Surveys
Restraints
- Volatility in Oil Prices might Stagnate the Demand for Seismic Survey Equipment
- Increasing Oil and Gas Substitutes and Rising Applications of Renewable Energy Sources
Challenges
- Lack of Exploration and Production Activities &Minimal Investments Underdeveloped Economies
Key Target Audience
Seismic Survey Equipment Manufacturers, Seismic Survey Equipment Distributors and Traders, Upstream and Downstream Buyers, Oil and Gas Industry Associations, Government Regulators, Research and Development Institutes and Others