Marine Seismic Equipment and Acquisition Market
REPORT DESCRIPTION
Marine Seismic Equipment and Acquisition Market - Industry Size and Share 2016 - 2024
The global marine seismic equipment and acquisition market demonstrates a highly consolidated competitive landscape , finds a new research study by Transparency Market Research ( TMR ). In 2015 , nearly 90 % of the whole market was acquired by the top six players , namely , CGG , PGS , TGS , Polarcus DMCC , Fugro N . V ., and SeaBird Exploration PLC .
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The slowdown in the demand from the main end user of marine seismic equipment and acquisition , that is , the oil and gas industry is expected to intensify the competition within this market substantially in the near future , states the report .
As per TMR ’ s estimations , the global marine seismic equipment market presented an opportunity worth US $ 0.36 bn in 2015 . Expanding at a CAGR of 4.50 % during the period from 2016 to 2024 , the market is expected to cross US $ 0.53 bn mark by the end of the forecast period . Over the same period of time , the global market for marine seismic acquisition is estimated to rise from US $ 3.5 bn in 2015 to US $ 5.6 bn by 2024 , increasing at a CAGR of 5.30 %. The 3D survey is the key technology used for marine seismic acquisitions and is projected to continue to lead over the next few years .
High Demand for Conventional Oil Reserves to Ensure Europe ’ s Dominance
Europe , Latin America , North America , Asia Pacific , and the Middle East and Africa have been considered as the key regional markets for marine seismic equipment and acquisitions in this research report . With US $ 944.1 mn in marine seismic acquisition and US $ 83.1 mn in marine seismic equipment , Europe led this market in 2015 . Thanks to the high demand for conventional oil reserves , this regional market is likely to remain seated in the leading position throughout the forecast period .
North America stood second in the global marine seismic equipment and acquisition market in 2015 . Analysts predict it to retain its position over the next few years , on account of the substantial growth in the end-use industries , such as mining , construction , and oil and gas . However , the most promising opportunities for growth of the marine seismic equipment and acquisition market is expected to be found in Latin America and the Middle East and Africa .
Latin America , specifically , is anticipated to turn as a highly lucrative market for marine seismic acquisition on account of the augmenting demand from exploration and production firms . The Middle East and Africa , on the other hand , is projected to benefit marine seismic equipment vendors significantly in the near future due to the substantial rise in its oil and gas industry , states the report .
Transparency Market Research
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