Seismic Vessels Market
PUBLISHED: 2023 ID: SMRC22562
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Seismic Vessels Market

Seismic Vessels Market Forecasts to 2028 - Global Analysis By Type (2D Imaging, 3D Imaging and 4C/4D Imaging), Depth (Deep Water and Shallow Water), Application (Oil & Gas and Other Applications) and Geography

4.7 (64 reviews)
4.7 (64 reviews)
Published: 2023 ID: SMRC22562

This report covers the impact of COVID-19 on this global market

Years Covered

2020-2028

CAGR (2022 - 2028)

12.5%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Europe

Highest Growing Market

Asia Pacific


According to Stratistics MRC, the Global Seismic Vessels Market is growing at a CAGR of 12.5% during the forecast period. Seismic vessels are ships solely utilized for seismic exploration in the open ocean and high seas. The most effective location for oil drilling in the middle of the oceans is found by using a seismic vessel as a survey vessel. Utilizing these vessels helps oil drilling businesses locate the best subsea locations for drilling. Oil and gas companies are looking to expand their operations into deeper waters and more remote areas, which has increased the need for accurate data on the geology of the ocean floor and underlying structures.

According to the IEA, the global spending on the upstream oil and gas sector grew by 6% in 2019 over that in 2018 and will further surge over the forecast period.

Market Dynamics:

Driver:

Growing energy demand to drive the market

Increased energy demand is expected to directly impact the growth of the seismic vessels market. Global energy demand is anticipated to increase due to population growth and urbanisation, which will in turn fuel the search for new oil and gas reserves. Additionally, the increase in oil prices is forcing E&P firms to invest more in exploration activities, which is anticipated to help the seismic vessels market grow.

Restraint:

Crude oil price volatility and high capital costs

Since the oil and gas industry heavily influences the seismic vessel market, price changes may result in less demand for seismic surveys, which would lower vessel utilisation and rates. Additionally, seismic vessels require a sizeable capital outlay and are highly specialised. The high cost of creating and maintaining these vessels may reduce the number of market participants and the supply of vessels, which hampers the market growth.

Opportunity:

Rising Offshore Exploration

The market for seismic vessels is heavily influenced by oil prices. Increased oil prices have a positive effect on the world's oil and gas industry, motivating E&P operators to spend more on oil and gas exploration. The oil and gas industry has seen a sharp decline in exploration funding since the oil price collapse, particularly offshore, which has had an impact on the global seismic vessel market. Oil prices have stabilised in recent years, which has increased investments in offshore exploration activities. As a result, more tenders for new offshore seismic acquisitions and orders for new seismic vessels have been submitted, which further drives the market.

Threat:

Environment-Related Norms

Due to the potential harm that seismic exploration can do to the environment, seismic vessel use is subject to stringent laws. Operations may become considerably more expensive and complex as a result of compliance with these regulations. Additionally, there are restrictions on where seismic exploration can occur, which may reduce the market's growth prospects.

Covid-19 Impact:

The seismic vessels market, like many other industries, has been significantly impacted by the COVID-19 pandemic. Global supply chains have been disrupted, travel and crew changes have been limited, and the pandemic has decreased demand for oil and gas because of the slowing economy. Delays in vessel maintenance and repair schedules brought on by the pandemic may result in more downtime and lower productivity. Seismic survey projects have been cancelled or delayed as a result of the decreased demand for oil and gas, which has resulted in lower revenues for vessel operators.

The 3D Imaging segment is expected to be the largest during the forecast period

Due to the technology's ability to produce clearer images of geological structures, the 3D imaging segment accounted for a significant portion of the seismic vessel market in 2020 and is expected to register largest share during the forecast period. Additionally, 3D imaging aids oil and gas companies in lowering uncertainties in operations related to exploration, development, and production. Moreover, the 3D imaging segment of the seismic vessel market is growing as a result of this 3D imaging feature.

The Deep water segment is expected to have the highest CAGR during the forecast period

Due to the rising demand for oil and gas resources on a global scale, deep water seismic vessel demand has significantly increased in recent years. Energy companies are increasingly looking to deep water regions to explore and develop new resources as the oil and gas reserves in shallow water regions deplete. As a result, throughout the projection years, the deep water market is anticipated to continue to be a major growth driver for seismic vessels.

Region with largest share:

During the forecast period, Europe is anticipated to register largest share in the market. The market for seismic vessels in the region is expected to grow as a result of increased investments in energy and power in Russia and Norway. Additional factors that are anticipated to drive the seismic vessel market in Europe include the expansion of mature oil and gas fields onshore and the decline in the cost of producing oil and gas offshore.

Region with highest CAGR:

Due to the rising demand for energy and the need to find new oil and gas reserves, the Asia Pacific region is expected to grow at the highest CAGR during the projection period. Technological developments also have an impact on the market because they lead to the development of seismic equipment that is more accurate and reliable. Furthermore, given the increased activity in the offshore waters of Vietnam, India, Indonesia, and Malaysia, countries in this region are also anticipated to experience significant growth in the seismic vessel market.



Key players in the market

Some of the key players in Seismic Vessels market include Ulstein Group, Drydocks World, Hijos de J. Barreras SA, Singapore Technologies Engineering Ltd, Mitsubishi Heavy Industries, Ltd., Factorias Vulcano, ASL Marine Holdings Ltd, Niestern Sander, Kleven Maritime AS and Cemre Shipyard.

Key Developments:

In November 2018, France’ CGG delivered Geowave Voyager to SeaBird Exploration, a key seismic support vessels market player, which is equipped with 40 Km streamer and is renamed as Eagle Explorer. The companies have entered into a 160-day agreement for the operation of this vessel as source vessel.

Types Covered:
• 2D Imaging
• 3D Imaging
• 4C/4D Imaging

Depths Covered:
• Deep Water
• Shallow Water

Applications Covered:
• Oil & Gas
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Seismic Vessels Market, By Type
5.1 Introduction
5.2 2D Imaging
5.3 3D Imaging
5.4 4C/4D Imaging

6 Global Seismic Vessels Market, By Depth
6.1 Introduction
6.2 Deep Water
6.3 Shallow Water

7 Global Seismic Vessels Market, By Application
7.1 Introduction
7.2 Oil & Gas
7.3 Other Applications

8 Global Seismic Vessels Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa

9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies

10 Company Profiling
10.1 Ulstein Group
10.2 Drydocks World
10.3 Hijos de J. Barreras SA
10.4 Singapore Technologies Engineering Ltd
10.5 Mitsubishi Heavy Industries, Ltd.
10.6 Factorias Vulcano
10.7 ASL Marine Holdings Ltd
10.8 Niestern Sander
10.9 Kleven Maritime AS
10.10 Cemre Shipyard

List of Tables
1 Global Seismic Vessels Market Outlook, By Region (2020-2028) ($MN)
2 Global Seismic Vessels Market Outlook, By Type (2020-2028) ($MN)
3 Global Seismic Vessels Market Outlook, By 2D Imaging (2020-2028) ($MN)
4 Global Seismic Vessels Market Outlook, By 3D Imaging (2020-2028) ($MN)
5 Global Seismic Vessels Market Outlook, By 4C/4D Imaging (2020-2028) ($MN)
6 Global Seismic Vessels Market Outlook, By Depth (2020-2028) ($MN)
7 Global Seismic Vessels Market Outlook, By Deep Water (2020-2028) ($MN)
8 Global Seismic Vessels Market Outlook, By Shallow Water (2020-2028) ($MN)
9 Global Seismic Vessels Market Outlook, By Application (2020-2028) ($MN)
10 Global Seismic Vessels Market Outlook, By Oil & Gas (2020-2028) ($MN)
11 Global Seismic Vessels Market Outlook, By Other Applications (2020-2028) ($MN)
12 North America Seismic Vessels Market Outlook, By Country (2020-2028) ($MN)
13 North America Seismic Vessels Market Outlook, By Type (2020-2028) ($MN)
14 North America Seismic Vessels Market Outlook, By 2D Imaging (2020-2028) ($MN)
15 North America Seismic Vessels Market Outlook, By 3D Imaging (2020-2028) ($MN)
16 North America Seismic Vessels Market Outlook, By 4C/4D Imaging (2020-2028) ($MN)
17 North America Seismic Vessels Market Outlook, By Depth (2020-2028) ($MN)
18 North America Seismic Vessels Market Outlook, By Deep Water (2020-2028) ($MN)
19 North America Seismic Vessels Market Outlook, By Shallow Water (2020-2028) ($MN)
20 North America Seismic Vessels Market Outlook, By Application (2020-2028) ($MN)
21 North America Seismic Vessels Market Outlook, By Oil & Gas (2020-2028) ($MN)
22 North America Seismic Vessels Market Outlook, By Other Applications (2020-2028) ($MN)
23 Europe Seismic Vessels Market Outlook, By Country (2020-2028) ($MN)
24 Europe Seismic Vessels Market Outlook, By Type (2020-2028) ($MN)
25 Europe Seismic Vessels Market Outlook, By 2D Imaging (2020-2028) ($MN)
26 Europe Seismic Vessels Market Outlook, By 3D Imaging (2020-2028) ($MN)
27 Europe Seismic Vessels Market Outlook, By 4C/4D Imaging (2020-2028) ($MN)
28 Europe Seismic Vessels Market Outlook, By Depth (2020-2028) ($MN)
29 Europe Seismic Vessels Market Outlook, By Deep Water (2020-2028) ($MN)
30 Europe Seismic Vessels Market Outlook, By Shallow Water (2020-2028) ($MN)
31 Europe Seismic Vessels Market Outlook, By Application (2020-2028) ($MN)
32 Europe Seismic Vessels Market Outlook, By Oil & Gas (2020-2028) ($MN)
33 Europe Seismic Vessels Market Outlook, By Other Applications (2020-2028) ($MN)
34 Asia Pacific Seismic Vessels Market Outlook, By Country (2020-2028) ($MN)
35 Asia Pacific Seismic Vessels Market Outlook, By Type (2020-2028) ($MN)
36 Asia Pacific Seismic Vessels Market Outlook, By 2D Imaging (2020-2028) ($MN)
37 Asia Pacific Seismic Vessels Market Outlook, By 3D Imaging (2020-2028) ($MN)
38 Asia Pacific Seismic Vessels Market Outlook, By 4C/4D Imaging (2020-2028) ($MN)
39 Asia Pacific Seismic Vessels Market Outlook, By Depth (2020-2028) ($MN)
40 Asia Pacific Seismic Vessels Market Outlook, By Deep Water (2020-2028) ($MN)
41 Asia Pacific Seismic Vessels Market Outlook, By Shallow Water (2020-2028) ($MN)
42 Asia Pacific Seismic Vessels Market Outlook, By Application (2020-2028) ($MN)
43 Asia Pacific Seismic Vessels Market Outlook, By Oil & Gas (2020-2028) ($MN)
44 Asia Pacific Seismic Vessels Market Outlook, By Other Applications (2020-2028) ($MN)
45 South America Seismic Vessels Market Outlook, By Country (2020-2028) ($MN)
46 South America Seismic Vessels Market Outlook, By Type (2020-2028) ($MN)
47 South America Seismic Vessels Market Outlook, By 2D Imaging (2020-2028) ($MN)
48 South America Seismic Vessels Market Outlook, By 3D Imaging (2020-2028) ($MN)
49 South America Seismic Vessels Market Outlook, By 4C/4D Imaging (2020-2028) ($MN)
50 South America Seismic Vessels Market Outlook, By Depth (2020-2028) ($MN)
51 South America Seismic Vessels Market Outlook, By Deep Water (2020-2028) ($MN)
52 South America Seismic Vessels Market Outlook, By Shallow Water (2020-2028) ($MN)
53 South America Seismic Vessels Market Outlook, By Application (2020-2028) ($MN)
54 South America Seismic Vessels Market Outlook, By Oil & Gas (2020-2028) ($MN)
55 South America Seismic Vessels Market Outlook, By Other Applications (2020-2028) ($MN)
56 Middle East & Africa Seismic Vessels Market Outlook, By Country (2020-2028) ($MN)
57 Middle East & Africa Seismic Vessels Market Outlook, By Type (2020-2028) ($MN)
58 Middle East & Africa Seismic Vessels Market Outlook, By 2D Imaging (2020-2028) ($MN)
59 Middle East & Africa Seismic Vessels Market Outlook, By 3D Imaging (2020-2028) ($MN)
60 Middle East & Africa Seismic Vessels Market Outlook, By 4C/4D Imaging (2020-2028) ($MN)
61 Middle East & Africa Seismic Vessels Market Outlook, By Depth (2020-2028) ($MN)
62 Middle East & Africa Seismic Vessels Market Outlook, By Deep Water (2020-2028) ($MN)
63 Middle East & Africa Seismic Vessels Market Outlook, By Shallow Water (2020-2028) ($MN)
64 Middle East & Africa Seismic Vessels Market Outlook, By Application (2020-2028) ($MN)
65 Middle East & Africa Seismic Vessels Market Outlook, By Oil & Gas (2020-2028) ($MN)
66 Middle East & Africa Seismic Vessels Market Outlook, By Other Applications (2020-2028) ($MN)

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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