Offshore Oil and Gas Seismic Equipment and Acquisitions Market by Technology and Geography - Forecast and Analysis 2022-2026

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.

What will the Offshore Oil and Gas Seismic Equipment and Acquisitions Market Size be During the Forecast Period?

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Offshore Oil and Gas Seismic Equipment and Acquisitions Market: Key Drivers, Trends, and Challenges

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

• One of the key factors driving the global offshore oil and gas seismic equipment and acquisitions industry growth is the increasing investments in offshore upstream sector.
• According to the IEA, the global spending on the upstream oil and gas sector grew by 6% in 2019 over that in 2018 and will further surge during the forecast period.
  • According to IEA's New Policies Scenario, the association expects Brazil's annual offshore oil and natural gas investment to reach USD 60 billion by 2040.
  • IEA also predicted that annual offshore investments in the Gulf of Mexico (both the US and Mexican sides) to reach USD 20 billion by 2025 and over USD 30 billion by 2040.
• Therefore, an increase in investments in the offshore upstream sector will be driving market growth in the coming years.

Key Offshore Oil and Gas Seismic Equipment and Acquisitions Market Trend

• Increasing adoption of 4D seismic survey technology is one of the key offshore oil and gas seismic equipment and acquisitions market trends that is expected to impact the industry positively in the forecast period.
• The 2D seismic method uses reflected acoustic waves to produce seismic images of geological structures, whereas the 3D seismic method images a three-dimensional representation of the geology.
• The development of 4D seismic methods has significantly improved the quality of geological structure data.
• The 4D technique simultaneously monitors a combination of 3D seismic techniques to improve the image quality of the potential hydrocarbon reservoir.
• The demand for 4D seismic survey technology is rising owing to the higher accuracy and quality of the data.
• The improvements in seismic technologies for analyzing the properties of rocks and for the identification of hydrocarbon reserves will improve the efficiency of offshore oil and gas extraction.
• Such factors will further support the growth of the market in the coming years.

Key Offshore Oil and Gas Seismic Equipment and Acquisitions Market Challenge

• One of the key challenges to the global offshore oil and gas seismic equipment and acquisitions industry growth is the overcapacity constraints with seismic vessel fleets.
• The sector was facing several other challenges, such as the implementation of new and advanced techniques and technologies of increased value.
• The low production costs from onshore oilfields caused the marine seismic services sector to share resources and spending with onshore seismic activities. These factors affect the profitability of the vendors and also reduce the number of new investments in the sector.
• The high operational costs in the sector and low profitability have forced several companies to exit the market.
• The high overcapacity constraints and relatively low offshore oil and gas seismic acquisition projects affect will hamper the market growth in the forecast years.

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.

Parent Market Analysis

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.

Who are the Major Offshore Oil and Gas Seismic Equipment and Acquisitions Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 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

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.

Product Insights and News

• ARGAS - Under the unified segment, the company offers Sella and leases m26 and nomad 65 vibrators and electronics, field equipment and instruments, field equipment, gun, and LMF compressors.
• ARGAS - The company offers offshore oil and gas seismic equipment and acquisitions that include Sella and leases m26 and nomad 65 vibrators and electronics, field equipment and instruments, field equipment, gun and LMF compressors.

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.

Offshore Oil and Gas Seismic Equipment and Acquisitions Market Value Chain Analysis

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.

Which are the Key Regions for Offshore Oil and Gas Seismic Equipment and Acquisitions Market?

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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.

What are the Revenue-generating Technology Segments in the Offshore Oil and Gas Seismic Equipment and Acquisitions Market?

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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.

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What are the Key Data Covered in this Offshore Oil and Gas Seismic Equipment and Acquisitions Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive offshore oil and gas seismic equipment and acquisitions market growth during the next five years
• Precise estimation of the offshore oil and gas seismic equipment and acquisitions market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the offshore oil and gas seismic equipment and acquisitions industry across Europe, APAC, MEA, South America, and North America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of offshore oil and gas seismic equipment and acquisitions market vendors

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