LONDON--(BUSINESS WIRE)-- The latest market research report by Technavio on the global land seismic equipment and acquisition market predicts a CAGR of around 3% during the period 2017-2021.
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Technavio has published a new market research report on the global land seismic equipment and acquisition market from 2017-2021. (Graphic: Business Wire)
The report segments the global land seismic equipment and acquisition market by type (acquisition and equipment) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global land seismic equipment and acquisition market, according to Technavio energy researchers:
- Rising global demand for oil and gas: a major market driver
- The acquisition segment of the global land seismic equipment and acquisition market dominated the market with a share of around 81% in 2016
- EMEA dominated the global land seismic equipment and acquisition market with 47% share in 2016
- CGG, Dawson Geophysical, Geometrics, IG Seismic Services, and SAExploration are the leading players in the market
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Rising global demand for oil and gas: a major market driver
Rising global demand for oil and gas is one of the major factors driving the global land seismic equipment and acquisition market. Oil producers, especially OPEC countries, need to increase their production or venture into drilling new wells to meet the rising fuel demand. Most of the oil-producing countries do not have large additional capacities; hence, to meet the high fuel demand, they will require oil companies to explore and drill greenfield wells in new and existing oil fields. New drilling ventures will increase the demand for oilfield services. This is expected to provide a great boost to the global land seismic equipment and acquisition market during the forecast period.
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EMEA: largest land seismic equipment and acquisition market
Technavio researchers anticipate high growth for the global land seismic equipment and acquisition market in EMEA as it is home to a majority of OPEC countries that are involved in oil and gas production. The Middle East countries possess large petroleum reserves. The rising global demand for oil and gas will require increased drilling activities in the region, in turn resulting in the need to carry out seismic surveys for new exploration activities. Most of the new exploration blocks are in Koppet Dagh, Zagros, and the Middle Eastern Gulf region. Iran is also planning to develop existing reserves along with exploring new blocks.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on oil and gas, “New discoveries in the region will also increase the demand for carrying out seismic surveys to increase the prospects from discoveries. This coupled with new land seismic project contracts will drive the demand for land seismic equipment and acquisition in EMEA during the forecast period. The land seismic equipment and acquisition market in EMEA is dominated by Saudi Arabia, followed by Algeria and Oman.”
Competitive vendor landscape
The global land seismic equipment and acquisition market is fairly concentrated with many big and small vendors that offer seismic equipment and data acquisition services. The major vendors in the land seismic equipment and acquisition market are CGG, Dawson Geophysical, Geometrics, IG Seismic Services, and SAExploration. With new exploration areas coming up across the world, vendors are looking to extend their seismic survey capabilities with innovations such as wireless data acquisition as well as using 4D seismic surveys and drones.
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Source: Technavio Research