According to Stratistics MRC, the “Global Seismic Survey Equipment market" accounted for $1,157.86 million in 2017 and is expected to reach $1,984.10 million by 2026 growing at a CAGR of 6.2% during the forecast period. The use of seismic technology in shale gas exploration and huge demand for oil especially in emerging economies are some key factors influencing the market growth. However, factors such as regulation & monitoring of seismic surveys are hampering the market growth.
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Seismic survey equipment is used to hold seismic inspection means to study subsurface properties that offer a scene of different natural resources and size of oil and gas reservoirs. Rise in Multi-client Projects and growing Oil Exploration in Africa and Latin America will drive the seismic survey equipment market. Seismic surveying method is used to explore the layers of rock under the seabed for geologic features that indicate the existence of oil or gas.
Opportunity: Improvement and advancement of innovative technologies to overcome uncertainties in exploration would provide ample opportunities for the market growth.
Companies dealing with 3D seismic technology across the world are continuously working to resolve problems and decrease uncertainties in exploration, growth, and invention operations. The technology is also used to capture images of geological structures. It also helps to get better turnaround time in data achievement, processing, and interpretation. The 3D imaging gives a fine picture of earth’s surface so companies can spend in new oil & gas reserves.
Driver: Rising utilization of seismic technology in shale gas exploration being carried out by various countries across the globe.
The high-precision 3D seismic prospecting equipment must be adopted to precisely find out the key factors that can choose and influence the profitable exploration and growth of shale gas. Furthermore, in shale gas pools, both free gas and adsorbed gas have activist correlation with pressures, and the pressure values control shale gas abundance and reserves. Exploration practices in the past few years proved that well preservation state is the key factor for marine shale gas enhancement and high productivity. Therefore, the shale with high organic matter abundance does not always form shale gas pool with high gas content. Only when fine preservation condition is available, can shale gas pool with high stirring degree be formed. So, the preservation condition is also a key factor for shale gas enrichment and high productivity.
By component, the hardware segment is likely to have a huge demand due to its usage as various detectors include hydrophones, geophones, and various seismic sources such as vibroseis, air gun, and dynamite to generate the seismic waves is considerably increased. Usually reflected seismic waves are recorded by the hardware detectors which further processes the information to interpret about the sub-surface.
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By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period due to the boost in oil and gas exploration behavior majorly determined by China. In addition, there are different seismic equipment manufacturers emerging in the region to hold out the seismic survey procedure to place the arenas for oil and minerals.
The Global Seismic Survey Equipment Market Leaders are Mitcham Industries, Inc.BGP Inc., Schlumberger Limited, ION Geophysical Corporation, CGG, Geospace Technologies Corporation, China National Petroleum Corporation, FairfieldNodal, Guralp Systems Limited, Teledyne Marine, INOVA Geophysical Equipment Limited and HiSeis.
Mitcham Industries: In January 2016, Mitcham Industries acquired L-3 Communications Klein Associates to enlarge technology base and improved utilization of the engineering resources. This transaction also expands the manufacturing operations and creating them a superior part of the company and gives us right of entry to a broader range of technology. In addition, this possession should allow to influence the geographic footprint and longstanding customer relationships in the energy industry for the benefit of Klein's product line.
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China National Petroleum Corporation: In January 2018, China National Petroleum Corporation and Sinopec entered into a partnership to turn into official oil & gas associates of the 2022 Olympic and Paralympic Winter sports competition in Beijing and to offer Beijing 2022 with first-class and reliable oil and gas supplies.
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