Offshore Oil and Gas Seismic Equipment and Acquisitions Market Size & Share, by Product Type (Seismometer, Data Acquisition Devices); Application (Oil Industry, Gas Industry); Dimension (2D, 3D, 4D); Water (Shallow Water, Deep Water, Ultra-Deepwater) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5546
  • Published Date: Jan 17, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Offshore Oil and Gas Seismic Equipment and Acquisitions Market size is expected to reach USD 2 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry offshore oil and gas seismic equipment and acquisitions was around USD 1 Billion. The basic reason behind the growth of the market is the use of seismic survey technology, which is being utilized to discern oil reserves. In 2020, the world utilized roughly 88.6 million barrels per day of oil, which added up to 30.1% of the world's primary energy. The oil and gas industry heavily depends on seismic surveys to get offshore oil and gas reserves.

Another reason that will increase the growth of the offshore oil and gas seismic equipment and acquisitions market will be the rising number and demand of offshore oil and gas fields across the world. Moreover, offshore production recently contributed to a calculated 20% of the global oil reserves and 30% of the world’s gas reserves. During the past few years, the search for petroleum on the underwater continental margins of the world has increased at a rate exceeding prior assumptions. The floors of the global oceans and seas at the side of the continents are the major research concentrate of a large segment of the petroleum industry, and offshore search processing has been referred to as the starting of one of the most huge oil-search eras in history. Marine seismic surveys are a section of the first steps in oil and gas findings and a very essential one since the images of the subsurface produced are utilized to recognize feasible oil and gas stockpiles.


Offshore Oil and Gas Seismic Equipment and Acquisitions Market overview
Get more information on this report: Request Free Sample PDF


Offshore Oil and Gas Seismic Equipment and Acquisitions Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

∼7%

Base Year Market Size (2023)

~USD 1 Billion

Forecast Year Market Size (2036)

~USD 2 Billion

Regional Scope

  • North America (North America, Canada, Mexico)
  • Europe (Germany, Spain, UK, France, Italy, Russia, Others)
  • Asia Pacific (Japan, China, India, Australia, Others)
  • Middle East and Africa (South Africa, UAE, Others)
  • Latin America (Brazil, Argentina, Others)
Get more information on this report: Request Free Sample PDF

Offshore Oil and Gas Seismic Equipment and Acquisitions Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • The Efficiency of The Seismic Surveys - The oil and gas industry depends on seismic surveys to get offshore oil and gas reserves. Internationally, seismic survey usage has been a reliable practice for approximately 100 years, a testament to its efficiency. The International Association of Geophysical Contractors bears witness to the cost-effectiveness and proficiency of seismic surveys, making them a crucial material for exploration plans. The seismic waves with a vibrator are produced at governed prevalence ranges. A mathematical technique of cross-correlation of the documented signal with the source-produced signal at the vibrator is implemented to form the seismic wavelet. The seismic waves that travel from the source into the earth are accepted on geophone sensors settlement on the surface at various balances or step-by-step distances away from the source point.
  • Technological Advancement in Equipment in The Seismic Surveys - The continuous modifications in computer hardware technology were promptly tracked by the usage of better seismic processing algorithms. The modifications are proof of vintage information that is reclaimed with newer processing algorithms. Pre-stack depth migration became basic for GOM. At the end of the decade, 3D mental image gadgets became accessible for stereographic volume execution. Applications like interpretation and well placement while drilling in a deeply engaging visualization atmosphere have proven to help raise drilling success. In fact, modern modeling technology can showcase the decimal relationships between acquirement geometry, the geological model, and the influences upon image quality. The technique is dependent on 3D ray tracing and comprises an elastic reduction and the practical prevalence bandwidth of the seismic signal. Conversely, earlier clarification assessment equipment failed to comprise the Fresnel zone and did not comprise scattering impacts when calculating image quality.
  • Geophysical Change and Infrastructural Improvement - During this decade the geophysical parties experienced a great change. The infrastructural facilities comprising interaction were modified. To match the production needs of the parties, low-tech fields like shot hole drilling and cable laying were contracted out. With the rising requirement for quality and quantity, the ecological issues also increased in quantum measures. The requirement for processing, reprocessing, and special processing carried on the rise because of quick expansion in investigation activities and the requirement for imaging geologically intricate sub-surfaces precisely. To match this requirement VAX -11/780 system has 2MB memory and two Marco Arithmetic Processor MAP-300 with VMS systems program and Phoenix application software.

Challenges

  • The Excess Capacity Restrictions with Seismic Vessel Fleets - While much of the offshore industry is gradually rebounding from the downturn, the seismic vessel survey market remains challenging for those contractors that stay active. During the past few years, a great deal of the existing seismic survey fleet has transformed hands. One such contract was concluded in November 2023, when Shearwater GeoServices fulfilled its acquirement of the marine seismic acquisition assets and operations of WesternGeco, the geophysical services material line of Schlumberger. With the accomplishment of the contract, Shearwater officials encountered that the deal makes Shearwater a global provider of marine geophysical services, which possesses and acts a fleet of 14 completely fitted out seismic vessels presenting a complete range of acquisition services comprising 3D, 4D, and ocean bottom seismic.
  • High Cost of Advanced Technologies and Techniques
  • Shortage of Labor in The Offshore Fields


Offshore Oil and Gas Seismic Equipment and Acquisitions Segmentation

Product Type (Seismometer, Data Acquisition Devices)

Offshore oil and gas seismic equipment and acquisitions market from the seismometer segment will increase and have the highest share with around 58% during the forecast period because of the increasing number of programs in the world to use seismometers. For instance, the US IOTWS Program is supporting advances in spotting devices that deliver critical information to the identification of warnings for tsunami events. One significant agent of a tsunami warning system is the requirement for precise information on the magnitude and location of earthquakes that might activate a tsunami.  In this observation, the U.S. Geologic Survey (USGS), through the US IOTWS Program, is helping with seismometer boosts in the Indian Ocean region. Passive seismic processes have become more and more engaging in the last decades largely because they do not need active sources and great amounts of data can be removed by the so-called seismic noise.

Dimension (2D, 3D, 4D)

The 4D segment is expected to account for 45% share of the offshore oil and gas seismic equipment and acquisitions market by 2036. This growth will be noticed due to the increasing oil production in the world and the use of 4D images to search for the right reservoir. Oil production capability now stays at 225,000 b/d, though output has at times surpassed this level. In 2001, oil generation averaged 204,000 b/d. Almost thirty years on from its first starting, 4D – or time-lapse – seismic monitoring has now come of age as an evident technology. The process has, at last, made itself an authentic and worthy reservoir management gadget. Its benefits have been most apparently noticed in applications to monitor fluid shifting and distinguish between the drained and undrained portions of a reservoir, primarily inside clastic rocks offshore.

Our in-depth analysis of the global offshore oil and gas seismic equipment and acquisitions market includes the following segments:

          Product Type

  • Seismometer
  • Data Acquisition Devices

          Application

  • Oil Industry
  • Gas Industry

          Dimension

  • 2D
  • 3D
  • 4D

          Water

  • Shallow Water
  • Deep Water
  • Ultra-Deep Water

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Offshore Oil and Gas Seismic Equipment and Acquisitions Industry - Regional Synopsis

North American Market Analysis

North America region is expected to hold the first position in the offshore oil and gas seismic equipment and acquisitions market and will hold almost 39% of the revenue share. This position will be held by the North American region because of this region’s government’s initiative to find offshore. In April, TGS declared the beginning of the second stage of a Peninsular Malaysia multiclient 3D handling project encircling 20,347 sq km from 32 3D seismic studies in partnership with DownUnder GeoSolutions (DUG). Aligned with the 16,957-square-kilometer first stage of the project, it will be one of the biggest ones of its kind in Asia to date, Bragga added. According to Malaysia's carbon-neutral objective of 2050, the pursued growth of this dataset will enable modified regional mapping and constructive comprehension and the classification of new investigation and Carbon Capture and Storage (CCS) scopes.

European Market Statistics

The Europe market is set to hold the second largest position in the offshore oil and gas seismic equipment and acquisitions market due to the increasing initiatives taken by the European government to increase the source of sustainable energy. To make sure that offshore sustainable energy can assist in reaching the EU's aspiring energy and climate focuses for 2030 and 2050, the Commission released a devoted EU planning on offshore renewable energy on 19 November 2020 which suggests material ways forward to help the persistent renewable growth of this sector. The planning sets focus for an installed amount of at least 60 GW of offshore wind and 1 GW of ocean energy by 2030, and 300 GW and 40 GW, individually, by 2050.

Research Nester
Offshore Oil and Gas Seismic Equipment and Acquisitions Market size
Get more information on this report: Request Free Sample PDF

Companies Dominating the Offshore Oil and Gas Seismic Equipment and Acquisitions Landscape

top-features-companies
    • ARGAS
      • Company Overview
      • Business Planning
      • Main Product Offerings
      • Financial Execution
      • Main Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis 
    • Fugro NV
    • ION Geophysical Corp.
    • Mitcham Industries Inc.
    • PGS ASA
    • Polarcus Ltd.
    • SAExploration Holdings Inc.
    • SeaBird Exploration Plc
    • Shearwater GeoServices Holdings AS
    • TGS-NOPEC Geophysical Co. ASA

In-the-news

In The News

  • February 11, 2021: ION Geophysical Corporation declared a modification to the Restructuring Support Agreement that, along with an individual support deal with Mr. James Lapeyre, shows rising bondholder support to 92%, from 84% at the time of the beginning proclamation, and comprises finalized pricing terms. Depending on the 20 trading day VWAP since the starting statement, the price to buy new shares of stock through the rights presenting was set at $2.57 and the transformation price of the new 8% Senior Secured Second Priority Notes due 2025 (the “New Notes”) was set at the upper end of the collar at $3.00.
  • September 12, 2023: Seabird Exploration Plc. declared that it has contracted a Letter of Award for a 2D contract in the Eastern Hemisphere with a replicate client. The tenure of the contract is projected to be almost 3 months. Pending customary allowing and pre-funding sanctions, the contract is projected to begin medio Q4 2023.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5546
  • Published Date: Jan 17, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing requirement for sustainable energy across the world will majorly drive the market growth of the offshore oil and gas seismic equipment and acquisitions market.

The market size of the offshore oil and gas seismic equipment and acquisitions market is expected to get a CAGR of approximately 7% over the forecast period, i.e., 2024-2036.

The major players in the market are ARGAS, Fugro NV, ION Geophysical Corp., Mitcham Industries Inc., PGS ASA, Polarcus Ltd., SAExploration Holdings Inc., SeaBird Exploration Plc, Shearwater GeoServices Holdings AS, TGS-NOPEC Geophysical Co. ASA, Japan Petroleum Exploration Co. Ltd., JAPEX Offshore Ltd., Mitsubishi Gas Chemical Company, JGC Holdings Corporation.

The seismometer segment is anticipated to reap the largest market size with almost 58% by the end of 2036 and demonstrate substantial growth scopes.

The market in the North American region is expected to have the largest market share by the end of 2036 and provide more business opportunities in the future.
Offshore Oil and Gas Seismic Equipment and Acquisitions Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying