According to the latest market research study released by Technavio, the global offshore oil and gas seismic equipment and acquisitions market are expected to grow at a CAGR of close to 8% during the forecast period 2016-2020.
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Technavio research analysts categorize the global offshore oil and gas seismic equipment and acquisitions market based on type and services:
Global offshore oil and gas seismic equipment and acquisitions market share by type and services 2015
|
2D Survey |
50% |
|
3D Survey |
40% |
|
4D Survey |
10% |
Source: Technavio
Global offshore oil and gas seismic equipment and acquisitions market by 2D seismic survey segment
The global offshore oil and gas seismic equipment and acquisitions market by 2D seismic survey was valued at almost USD2 billion in 2015 and is estimated to grow at a CAGR of close to 6% by 2020. The 2D seismic is a primary study performed on the formation of the rock to find the seabed of oil. The extensive use of these services to effectively find oil and gas reservoirs underwater will lead to the growth of this market segment. This service is used for site survey where high-resolution data is collected from the proposed site to identify both shallow subsurface hazard and seabed.
“The ultra-high survey helps the service providers to provide detailed information about the seafloor and the conditions of the rock formation for few hundred meters deep. These surveys are the most cost effective option available in the market. Various oil companies are investing in the developments and contracts of 2D seismic survey. Furthermore, these services do not require high-end vessel for operations, thereby fueling the demand for these services in the overall market,” says Thanikachalam MC, a lead analyst at Technavio for research on oil and gas.
Global offshore oil and gas seismic equipment and acquisitions market by 3D survey segment
The global offshore oil and gas seismic equipment and acquisitions market by 3D survey segment was valued at more than USD1 billion in 2015 and is expected to grow at a CAGR of almost 10% by 2020. This survey involves sophisticated equipment and greater investments when compared with the 2D seismic survey. This method covers the area that has been identified by the previous 2D seismic surveys or exploration. The introduction of improved positioning technologies and streamer towing led to the development of this market segment. This service is a form of geophysical exploration which provides a continuous and clearer image of the subsurface, and in turn, pinpoints stratigraphic and structural features. 3D survey offers better results in terms of quality and pictures and dimensions, and it provides the mere exact location of the reservoir in rock formations with the coordinates.
Global offshore oil and gas seismic equipment and acquisitions market by 4D seismic survey segment
The global offshore oil and gas seismic equipment and acquisitions market by the 4D seismic survey was valued at around USD310 million in 2015 and is expected to grow at a CAGR of over 10% by 2020. The wide use of 4D survey for production and exploration in the oil and gas sector will promote the development of this market segment. The 4D seismic survey is an update version of the service that factors in the time during exploration. The benefit of this survey includes successful well setting, shortening the time to production, and covering the producing life of the field. Moreover, this service helps place a new reservoir in the optimum spot by indicating how the reservoir will probably perform while drilling.
The top leading vendors operating in the global offshore oil and gas seismic equipment and acquisitions market are:
- SeaBird Exploration
- PGS
- PLCS
- CGG
- Schlumberger WesternGeco
Other prominent vendors in the market include Agile Seismic, Breckenridge Geophysical, BTW, Bulroc (UK), Canadian Seabed Research, Canesis Data, Daqing-Denver, Dawson Geophysical, dGB Earth Sciences, DSPGeo, Energold Drilling, FairfieldNodal, GEODATA, GeoEnergy, Geophysical Insights, GeoTomo, Grant Geophysical, GRISYS Seismic Data Processing, Lynx Information Systems, Mitcham Industries, MMA Offshore, Nelvik Norsk Hydro, OpendTect, Parallel Geoscience, Polaris Seismic, Pulse Seismic, Searcher Seismic, Seismic Equipment Solutions, Spectrum, Terraseis, TerraSond, and Voxel Terra Vision (VTV).
A more detailed analysis is available in the Technavio report titled, ‘Global Offshore Oil and Gas Seismic Equipment and Acquisitions Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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- Global SONAR System Market 2016-2020
- Digital Oilfield Market – Global Trends and Industry Insights Until 2019
- Global Offshore Oil and Gas Market 2015-2019
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