Visiongain has published a new report entitled Marine Seismic Equipment & Acquisition Market Report 2024-2034: Forecasts by Application (Oil and Gas Exploration, Offshore Wind Development, Carbon Capture and Storage (CCS), Other), by Equipment Type (3D Seismic Vessels and Equipment, Seismic Streamers and Control Systems, 4C Seismic Equipment, Seismic Sources and Associated Coordination Systems, 2D Seismic Vessels and Equipment Type), by Technology (2D Seismic Survey, 3D Seismic Survey, 4D Seismic Survey, Ocean Bottom Cable (OBC) Surveys, Ocean Bottom Node (OBN) Surveys, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global marine seismic equipment & acquisition market was valued at US$1,265.0 million in 2023 and is projected to grow at a CAGR of 4.7% during the forecast period 2024-2034.
Expanding Offshore Renewable Energy Projects
The expanding scope of offshore renewable energy projects, such as wind farms, drives the demand for marine seismic equipment. Prior to the installation of wind turbines, detailed seabed surveys are essential to assess geological conditions and plan the foundation structures. Marine seismic surveys provide crucial information for offshore wind farm development. For example, in regions like the North Sea and the Baltic Sea, where offshore wind projects are prolific, marine seismic technology is employed for site characterization to ensure the sustainable and efficient deployment of renewable energy infrastructure.
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How has COVID-19 had a significant negative impact on the Marine Seismic Equipment & Acquisition Market?
The marine seismic equipment & acquisition market experienced a notable impact from the COVID-19 pandemic, as the unprecedented global health crisis disrupted operations, delayed projects, and altered industry dynamics. The stringent lockdown measures implemented worldwide resulted in a slowdown of offshore activities, affecting exploration and production schedules. The reduced mobility of personnel and limitations on on-site operations hampered the deployment of marine seismic equipment, leading to project delays and logistical challenges.
The decline in oil prices, exacerbated by the demand shock caused by the pandemic, prompted many industry players to re-evaluate their exploration budgets, affecting the demand for marine seismic services. Companies faced financial constraints, and the uncertainty surrounding the duration and severity of the pandemic added complexity to investment decisions. Consequently, some projects were postponed or scaled back, impacting the overall market revenue during the initial phases of the pandemic.
The pandemic also underscored the importance of technology and innovation in the marine seismic sector. With travel restrictions and social distancing measures in place, there was an increased focus on remote operations and digital solutions. The adoption of advanced technologies, such as autonomous vessels and remote monitoring systems, gained prominence to ensure continuity in data acquisition while adhering to safety protocols. This shift towards digitalization and automation is likely to have a lasting impact on the industry, driving efficiency and resilience in the face of future challenges.
How will this Report Benefit you?
Visiongain’s 320-page report provides 101 tables and 150 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global marine seismic equipment & acquisition market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Marine Seismic Equipment & Acquisition. Get financial analysis of the overall market and different segments including application, equipment type, and technology and capture higher market share. We believe that there are strong opportunities in this fast-growing marine seismic equipment & acquisition market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Geopolitical Developments and Exclusive Economic Zones (EEZs)
Geopolitical developments and the delineation of Exclusive Economic Zones (EEZs) impact the marine seismic equipment market. The declaration of EEZs by coastal nations for the exploration and exploitation of marine resources necessitates comprehensive seismic surveys for resource assessment. For instance, disputes over maritime boundaries in the South China Sea have led to increased marine seismic activity as nations seek to assert their territorial claims and explore potential hydrocarbon reserves.
Market Demand for High-Resolution Imaging
The market demand for high-resolution imaging capabilities propels the marine seismic equipment and acquisition market. High-resolution seismic surveys provide detailed subsurface images, aiding in the accurate identification of reservoir structures. This is particularly crucial in areas with complex geological features. In regions like the Santos Basin offshore Brazil, where pre-salt reservoirs present intricate geological challenges, high-resolution marine seismic technology is indispensable for optimizing exploration and drilling efforts.
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Where are the Market Opportunities?
Global Energy Transition and Carbon Capture Initiatives
The global energy transition and initiatives related to carbon capture and storage (CCS) impact the marine seismic equipment and acquisition market. As the focus shifts towards cleaner energy sources and carbon reduction, marine seismic surveys play a vital role in identifying suitable locations for CCS projects. In regions like the North Sea, where several CCS projects are underway, marine seismic technology assists in characterizing subsurface structures for effective carbon storage.
Arctic Exploration Opportunities
The exploration opportunities in the Arctic region contribute significantly to the marine seismic equipment and acquisition market. As climate change opens up previously inaccessible Arctic waters, there is growing interest in exploring the region's hydrocarbon potential. The challenging Arctic environment necessitates specialized marine seismic equipment capable of operating in extreme conditions. Companies exploring Arctic resources, such as Russia in the Kara Sea, rely on advanced marine seismic technology to unlock the potential of these vast and challenging offshore areas.
Competitive Landscape
The major players operating in the marine seismic equipment & acquisition market are CGG S.A, Danfoss, Fairfield Geotechnologies, Fugro N.V., ION Geophysical Corporation, Petroleum Geo-Services (PGS), Schlumberger Limited, Seabird Exploration, Shearwater GeoServices, TGS-NOPEC Geophysical Company. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- 01 Nov 2023, TGS partnered with NEXT Geosolutions to develop and commercialize a new generation of full-waveform inversion (FWI) technology for seismic data processing.
- 01 Oct 2023, Schlumberger launched the Q-Marine Seismic Acquisition System, a high-capacity, dual-source marine seismic acquisition system that provides efficient, reliable, and safer operations.
- 17 Sept 2023, CGG awarded a contract by Equinor to acquire 3D seismic data over the Johan Sverdrup field in the Norwegian North Sea
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To find more Visiongain research reports on the oil sector, click on the following links:
- Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) Market Report 2024-2034
- Geothermal Power Market Report 2023-2033
- Chemical Enhanced Oil Recovery (EOR) Market Report 2023-2033
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