This new 216-page Marine Seismic Equipment & Acquisition Market indicates that the marine seismic equipment and acquisition market will be worth $5.39bn in 2019.
Due to the quantity of vessels delivered in the years leading up to the oil price crash in 2015 both contributed to the declining investment into the marine seismic market. Oil companies during this period reacted to the price crash by cutting back investments in the majority of sectors and marine seismic was a part of this. When the oil price began to recover in 2017, many companies started to increase their investments once again and there was a renewed interest in marine seismic and exploration activities. The market will be slow to see large spending increases as previous assets will come online and companies will wait to see how it goes before large scale investment in new assets. In the coming years we will likely see the biggest rise in 3D equipment as this provides the base for seismic exploration.
Technological advances and the demands of new offshore environments mean seismic acquisition equipment needs to improve and evolve. New vessels and vessel upgrades are thus a large part of the baseline growth in the market going forward, especially within the 3D market, and contribute to growth forecasts from 2019 onwards.
The Marine Seismic Equipment & Acquisition Market Forecast 2019-2029 report will be of value to anyone who wants to better understand the industry and its dynamics. It will be useful for businesses already involved in a segment of the Marine Seismic market, or for those wishing to enter this growing market in the future.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Aug 7, 2019