The oil & gas industry is one of the main economic drivers for both developed and developing economies. The rise in population and urbanization has led to a significant increase in the demand for energy and has been compelling Exploration & Production (E&P) companies to discover new oil & gas reserves. This quest for new reserves has propelled offshore exploration, which holds a major share of untapped oil & gas reserves in the world today.
Seismic vessels play an important role in offshore exploration, due to their capability to pin-point the exact location for oil & gas drilling. Seismic vessels acquire subsea data in the form of 2D, 3D and 4D and provide detailed information on the location and behavior of oil & gas reserves.
The seismic vessels market has been tracked by evaluating the installed base of seismic vessels of major geophysical companies. The seismic vessels market report covers a detailed analysis of major manufacturers. The market dynamics have also been covered in detail wherein the factors expected to drive growth in demand are studied and the major challenges faced by manufacturers and geophysical companies have also been covered.
The ongoing developments and the major trends in the seismic vessels market have also been studied thoroughly and validated with industry experts in order to make a relevant forecast.
Factors Driving the Seismic Vessels Market
Increased energy demand is expected to directly impact the growth of the seismic vessels market. Growth in population and urbanization is expected to drive the global energy demand and in turn fuel the need to find new oil & gas reserves. Rise in oil prices is compelling E&P companies to invest more in exploration activities, which is expected to contribute towards the growth of the seismic vessels market.
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Peak oil production in a large number of oil & gas fields worldwide has resulted in a decline of total oil production, driving the need to find new oil & gas reserves, which is driving the growth of the seismic vessels market.
Global Seismic Vessels Market Analysis by Depth
On the basis of depth, the seismic vessels market has been segmented into shallow water and deep water. The deep water segment is expected to hold majority of the market share in the global seismic vessels market while the shallow water segment is project to hold a significant market share.
Global Seismic Vessels Market Analysis by Acquisition Type
Among the segments by acquisition type, the global seismic vessels market is anticipated to be dominated by 4C/4D segment. 4D seismic survey provides reservoir data in time dimension, enabling surveyors to learn historical reservoir data as well as predicting the future behavior of the reservoir. However, the 3D segment is also projected to hold a major share as it is one of the most widely used seismic survey types in the world.
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Global Seismic Vessels Market Analysis by Region
The global seismic vessels market is driven by the continuous growth in the demand for energy. The EMEA region is projected to be the market leader in the global seismic vessels market, with Norway being one of the major contributors towards the growth of the EMEA seismic vessels market. The Americas region is expected register significant growth in the seismic vessels market, owing to the increasing offshore activities in the Gulf of Mexico and offshore Latin America.
The U.S. is expected to lead the market share in the Americas seismic vessel market, owing to the increasing offshore E&P expenditure in the country. In the APAC region, China is projected to be the leader in the seismic vessels market, due to the large untapped potential in the South China Sea. Other APAC countries are also expected to witness significant growth in the seismic vessels market, given the increased activity in the offshore waters of Vietnam, India, Indonesia and Malaysia.
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Key Players Dominating the Global Seismic Vessels Market
- Mitsubishi Heavy Industries, Ltd.
- Ulstein Group
- Singapore Technologies Engineering Ltd
- Drydocks World
- Hijos de J. Barreras SA
- Factorias Vulcano
- Niestern Sander
- ASL Marine Holdings Ltd
- Kleven Maritime AS
- Cemre Shipyard
- Besiktas Shipyard
- Fosen Yard AS