GLOBAL MARINE SEISMIC EQUIPMENT
AND ACQUISITION MARKET TO REACH
VALUATION OF ~US$ 7.0 BN BY 2027
Global Marine Seismic Equipment and Acquisition Market: Key Highlights
One of the major influences on global marine seismic equipment and acquisition
market is the demand generated by oil and gas industry. The industry is known to
use seismic services and analytics for various activities such as exploration.
It is pertinent to note here the various lease rounds carried out for third year in a row
– close to 50 in number and record breaking in every sense. Some of the regions
which are acting as hotbeds of exploration activity are Latin America, Africa, and the
chart is topped by the Mediterranean region.
It is also worth noting here that conventional discoveries are on a high curve, and
broke a four-year record in 2019 in terms of BOE – Barrels of Oil Equivalent. The
number in 2019 was 12.2 billion barrels BOE. From the new regional hotspots, 26
discoveries (100 BOE) were made.
As per a Transparency Market Research study, the global marine seismic equipment
and acquisition market will grow at a steady 4.80% CAGR (Compound Annual
Growth Rate) in the equipment segment in the period starting 2019, and
ending 2027. The market set to arise in the period would be worth around USD
626.1 Million by the end of this period. And, over the same period, the market for
seismic acquisition will grow at growth rate of 5.60%, compounded annually. Again,
this will pull the market worth up from USD 4.2 Billion to USD 6.4 Billion.
Europe to Lead the Global Marine Seismic Equipment and Acquisition Market
over the Forecast Period
The global marine seismic equipment and acquisition market was led by Europe
in 2018, dominating both the marine seismic acquisition market and seismic
equipment market. The trend is set to continue. And, as per analysts of the global
marine seismic equipment and acquisition market, this growth is attributable to rising
demand for oil reserves.
It is also pertinent to note that over th