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The offshore oil and gas seismic equipment and acquisitions market share is expected to increase by USD 1.62 billion by 2026 at a CAGR of 7.13%.
The offshore oil and gas seismic equipment and acquisitions market report extensively covers market segmentation by technology (3D seismic survey, 2D seismic survey, and 4D seismic survey) and geography (Europe, APAC, MEA, South America, and North America).
The market vendors studied and compiled in this report include ARGAS, Fugro NV, ION Geophysical Corp., Mitcham Industries Inc., PGS ASA, Polarcus Ltd., SAExploration Holdings Inc., SeaBird Exploration Plc, Shearwater GeoServices Holdings AS, and TGS-NOPEC Geophysical Co. ASA among others. Furthermore, the offshore oil and gas seismic equipment and acquisitions market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing investments in offshore upstream sector is notably driving the offshore oil and gas seismic equipment and acquisitions market growth, although factors such as overcapacity constraints with seismic vessel fleets may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the offshore oil and gas seismic equipment and acquisitions market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Offshore Oil and Gas Seismic Equipment and Acquisitions Market Driver
Key Offshore Oil and Gas Seismic Equipment and Acquisitions Market Trend
Key Offshore Oil and Gas Seismic Equipment and Acquisitions Market Challenge
This offshore oil and gas seismic equipment and acquisitions market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global offshore oil and gas seismic equipment and acquisitions market as a part of the global oilfield equipment and services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the offshore oil and gas seismic equipment and acquisitions market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the offshore oil and gas seismic equipment and acquisitions market encompasses successful business strategies deployed by the key vendors. The offshore oil and gas seismic equipment and acquisitions market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The offshore oil and gas seismic equipment and acquisitions market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the offshore oil and gas seismic equipment and acquisitions market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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27% of the market's growth will originate from Europe during the forecast period. Norway is the key market for offshore oil and gas seismic equipment and acquisitions in Europe. However, market growth in this region will be slower than the growth of the market in other regions.
The significant increase in investment in offshore oil and gas projects and growing exploration efforts to find new potential reserves in the North Sea and the Black Sea will facilitate the offshore oil and gas seismic equipment and acquisitions market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 outbreak disrupted the offshore oil and gas seismic equipment and acquisitions market in Europe. The outbreak also resulted in low oil prices during the lockdown period and led seismic acquisition companies, such as PGS, to cut costs and decrease their investments. However, after the lifting of lockdowns, the major seismic acquisition companies started their operations while implementing strict social distancing norms. With the recovery of crude oil prices, offshore seismic acquisitions in the region are expected to rise in 2021, which will drive the growth of the offshore oil and gas seismic equipment and acquisitions market in the region during the forecast period.
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The market share growth by the 3D seismic survey segment will be significant during the forecast period. The 3D seismic survey technology is employed to obtain accurate and superior subsurface data. 3D seismic survey technology has become synchronous with modern well exploration and development activities. Most oil and gas producing companies employ the technology to accurately decide the well locations to be drilled, which will propel the demand for 3D seismic surveys in the forecast years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the offshore oil and gas seismic equipment and acquisitions market size and actionable market insights on post COVID-19 impact on each segment.
Offshore Oil and Gas Seismic Equipment and Acquisitions Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.13% |
Market growth 2022-2026 |
$ 1.62 billion |
Market structure |
Concentrated |
YoY growth (%) |
6.07 |
Regional analysis |
Europe, APAC, MEA, South America, and North America |
Performing market contribution |
Europe at 27% |
Key consumer countries |
Norway, Brazil, China, US, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ARGAS, Fugro NV, ION Geophysical Corp., Mitcham Industries Inc., PGS ASA, Polarcus Ltd., SAExploration Holdings Inc., SeaBird Exploration Plc, Shearwater GeoServices Holdings AS, and TGS-NOPEC Geophysical Co. ASA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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