Seismic Survey Equipment Market - the Increase in Oil Prices Have Resulted in the Steady Rise in Exploration and Production Activities

Albany, NY -- (SBWire) -- 06/25/2018 --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.

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. 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.

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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.

A key trend in the seismic survey equipment market is the launching of new product models in a bid to gain competitive edge over peers. For instance,in September 2017, Wireless Seismic, Inc., announced the launch of RT3, a seismic recording system having the capability of ultra-high channel count of about more than 2,50,000 seismic channels and features next-generation radio technology of WSI. Also,key players in the geophysical survey space are forming strategic partnerships with peers in order to expand their geographical footprint and increase their client base. For instance, in April 2018, FairfieldNodal announced the acquisition of Geokinetics Inc. which is a global seismic solutions provider to oil & gas industries.

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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.

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.