The Seismic Survey Equipment Market revenues were estimated at US$ 1.2 Bn in 2021 and is anticipated to grow at a CAGR of 3.8% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 2.2 Bn.
The key component of the Seismic Survey Equipment Market includes Hardware where the demand growth of Seismic Survey Equipment through Hardware Component was recorded at 4.6% during 2018 – 2021, while it is expected to grow at CAGR of 3.8% during 2022 –2023.
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The demand for global seismic survey equipment is being driven by its usage in hydraulic fracturing for environmental research. The fracking fluid contains chemicals, and the flowback water is contaminated. The need for seismic exploration equipment is predicted to rise as a result of the necessity to measure dangers in gas exploration.
The key factors which are propelling the Seismic Survey Equipment sales are an increase in demand from the oil and gas sector and marine surveys. Throughout the projection period, it is anticipated that the oil and gas industry will continue to dominate the market.
The recent slump in the oil and gas industry has had a significant effect on the market for geophysical equipment and services. After mid-2016, the oil and gas market began to revive, and it really took off in 2017. The price of oil was US$ 75 per barrel in 2018. To fulfill the rising demand for oil and gas on a worldwide scale, investors are anticipated to invest in the exploration of unconventional deposits.
In 2018, the world consumed 4662.1 and 3309.4 Mn tonnes of oil equivalent as fuel according to the report of British Petroleum. In a carbon-constrained environment, it is anticipated that demand for lithium-ion batteries, and solar and wind energy storage systems will increase. This factor is also anticipated to fuel a significant increase in demand for a broad range of minerals and metals. The necessity to discover new hydrocarbon sources is crucial and valuable due to the oil and gas resource’s constant depletion.
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Competitive Landscape
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in the Seismic Survey Equipment market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Seismic Survey Equipment market share.
Some of the recent developments in the Seismic Survey Equipment market are:
- In July 2022, Geospace Technologies Corporation announced a long-term rental deal with SAExploration, a key supplier of maritime geophysical services. The OBX-750E seabed ocean bottom wireless seismic data collection nodes will be rented by SAExploration. Based on the terms of the existing contract, the value of the agreement is estimated to be US$ 12Mn.
- In February 2022, in the Asia-Pacific region, an Ocean Bed Nodes (OBN) resource contract with an anticipated length of around 5 months had approved, according to a statement from SeaBird Exploration. The company intends to use the Voyager Explorer on the contract, which would prolong the charter of the unmanned vessel, and the contract is scheduled to begin in April 2020.
- In September 2020, Trimble unveiled the new and improved R12i GNSS receiver, which will enable users to complete tasks more quickly and precisely.
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Key Companies Covered
- CCG
- Geospace Technologies
- Ion Geophysical
- Mitcham
- Wireless Seismic, Inc
- Petroleum Geo-Services
- Compagnie Generale de Geophysique
- Polarcus Limited
- Norwegian Petroleum Exploration Consultants
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Cellulosic Ethanol Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Seismic Survey Equipment Market in terms of Components (Hardware, Software and Services)) by Technology, (2D, 3D and 4D), By Location (Onshore and Offshore) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Seismic Survey Equipment Market Segmentation
By Component:
- Hardware
- Software
- Services
By Technology:
- 2D
- 3D
- 4D
By Location:
- Onshore
- Offshore
By Industry:
- Oil & Gas
- Others
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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