Seismic Support Vessels Market Growth Analysis 2018-2028
Rockville, MD -- (SBWire) -- 04/19/2019 --Seismic Support Vessels Market: Introduction
Seismic support vessels are ships used for seismic survey in oceans and high seas as well as for locating and pinpointing the best possible area for oil & gas exploration in the middle of seas/oceans. Seismic support vessels are built carefully and only in select locations across the globe. These vessels are integrated with many gadgets such as commuters, GPS, nautical charts and other equipment that augment the survey process. Seismic support vessels monitor/analyze seismic waves with the help of seismic detectors and determine feasible areas for oil drilling. In addition to determining underwater seismology, these vessels also help in studying the geology of oceans and seas. This study includes oceanic trenches, formation of rocks and other important details that could adversely affect the lives of humans and marine creatures analogously.
Nowadays, seismic support vessels, also known as research vessels, are witnessing high demand, considering the amount of offshore oil & gas drilling that is being carried out.
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Seismic Support Vessels Market: Dynamics
The growth of the seismic support vessels market is on an upward scale, owing to the increasing demand for these vessels in the offshore oil & gas industry as well as in defence & geological survey. With the advancement of technologies in the offshore oil & gas industry, activities such as seismic surveys are on the rise to minimize the environmental impact of oil and gas exploration on Earth as well as to reduce the probability of drilling dry wells. This factor propels the demand for seismic support vessels, which in turn accelerates the growth of the seismic support vessels market. To increase the security and safety of the countries, most nations have increased their defense budgets, which is expected to positively impact the growth of the seismic support vessels market. Seismic support vessels also help determine natural calamities and are useful in research surveys.
Manufacturers of seismic support vessels continuously focus on integrating advanced technologies and features such as high functionality, large work deck, low noise, low fuel consumption and large accommodation capacity seismic support vessels, which can increase the efficiency, capacity and optimize the accuracy of geological and hydrographic survey in harsh conditions.
Seismic Support Vessels Market: Regional Overview
In terms of the geographical reach of the seismic support vessels market, it can be said that economies with longer coastlines are expected to have a larger market share. South East Asia & Pacific and China are expected to remain the most attractive regions in the global seismic support vessels market. These regions register high demand for seismic support vessels, which is driven by the demand from the offshore oil & gas industry. However, in terms of production, Europe and North America are expected to hold prominent shares in the seismic support vessels market due to the high demand of these vessels in geological survey and defense sectors. Moreover, Latin America is also estimated to grow with a significant growth rate over the forecast period, owing to improvements in the logistic and marine industry in the region.
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Seismic Support Vessels Market: Market Participants
Examples of some of the market participants identified across the value chain of the global seismic support vessels market include,
Tananger Offshore AS
Damen Shipyards Group
Swire Pacific Offshore Operations (Pte) Ltd
Salt Ship Design
Sanco Shipping AS
Ulstein Group ASA
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