Seismic Vessels Market: Global Industry Trend Analysis and Competition Tracking
The report covers comprehensive information about seismic vessels market trends, volume (units) and value (US$ Mn) projections, market dynamics, competition and recent developments in the global seismic vessels market for the study period 2018 to 2026.
The global seismic vessels market is expected to reach a value of over US$ 2,548.84 Mn by the end of forecast period, registering a CAGR of 10.5% for the period between 2018 and 2026. Increasing energy demand, growing urbanization, peak oil production and recovering oil & gas prices are some of the factors expected to drive significant growth in the demand for seismic vessels.
Find Out More about the Report Coverage
- Mitsubishi Heavy Industries, Ltd.
- Ulstein Group
- Singapore Technologies Engineering Ltd
- Drydocks World
- Hijos de J. Barreras SA
- Factorias Vulcano
- Niestern Sander
- ASL Marine Holdings Ltd
- Kleven Maritime AS
- Cemre Shipyard
- Besiktas Shipyard
- Fosen Yard AS
A Brief Overview of the Research Methodology Incorporated in the Seismic Vessels Market Report
Persistence Market Research (PMR) uses a modelling-based approach and triangulation methodology, which includes market profiling, hypothesis generation, data collection, forecast development, pricing analysis and competition mapping.
In order to estimate the global volume sales of seismic vessels, the total number of vessels installed worldwide has been tracked. From the company seismic vessel fleet, the number of seismic vessels from overall vessels has been identified. This is further verified from the supply side wherein the market shares of the companies considered has been tracked and new seismic vessel sales have been arrived at.
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About the Report
The report on seismic vessels is a syndicated research report, formulated on the basis of a predefined scope. The primary intent of the report is to highlight the volume sales of seismic vessels across key geographies considered by various segments. The report includes various market analysis frameworks such as BPS analysis, seismic vessels market attractiveness, analysis and incremental $ opportunity index. These frameworks provide clients with a thorough understanding of the seismic vessels market, identifying the relatively greater opportunistic market and also an idea about the latest trends in the seismic vessels market.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Seismic Vessels Market Dynamics
Recovering crude oil prices will be among the main drivers of the global seismic vessel market. The exploration and production (E&P) segment has been taking the brunt of the investment cuts since the oil price slump in 2014, thereby directly affecting offshore seismic activity and the seismic vessels market. Between 2014 and 2016, global oil & gas funding dropped by nearly 44% with majority of the price cuts affecting the exploration sector of the industry. With crude oil prices stabilizing, E&P companies are starting to allocate a larger percentage of funds to the E&P segment, and the global oil & gas spending is expected to see a steady rise of 5 – 6%, which is expected to boost the seismic vessel market.
The volatile oil & gas prices and rise of renewable sources of energy are among the major challenges faced in the global seismic vessels market.
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Rise in Offshore Exploration Investments to Drive the Seismic Vessels Market
Oil prices play an important role in the seismic vessel market. Rise in oil prices has a positive impact on global oil & gas activity, encouraging E&P operators to increase spending in oil & gas exploration. Since the oil price slump, the oil & gas industry has seen a drastic decrease in the investments for exploration, especially offshore, which has been affecting the global seismic vessel market. The last couple of years have seen oil prices stabilizing, which is driving investments in offshore exploration activities. This has increased the number of tenders for new offshore seismic acquisitions and new seismic vessel orders.
Deep Water Exploration to be a Major Segment in the Global Seismic Vessels Market
Deep water holds a major share of offshore oil & gas reserves. Even though shallow water holds a significant portion of reserves, deep water leads the offshore oil & gas exploration segment. This is expected to drive the seismic vessel market and the deep water segment is project hold over 60% of the market share in the global seismic vessels market by the end of forecast period.
EMEA to Remain a High Value – High Growth Region in the Seismic Vessels Market
The presence of a large number of untapped and unexplored oil & gas reserves in the region is expected to drive the demand for seismic vessels in the region. EMEA is projected to register a CAGR of 14.6% in terms of value, which is 0.9X the collective CAGR of the other two regions. The region holds one of the most oil-rich offshore zones in the world. North Sea, Gulf of Guinea, Mediterranean Sea and Norwegian Sea are some of the busiest offshore E&P regions in the world, with still a large amount of reserves yet to be explored. This provides huge market potential for seismic vessels in the region. Along with this, the region also has some of the major seismic vessel manufacturing companies, which is further contributing towards the growth of the seismic vessel market in the region.
Increasing industrialization and urbanization has created greater demand for energy in the APAC region. The region is exploring new potential oil & gas reserves to cater to the growing energy demand. This will propel the growth of the seismic vessels market in the region, and the region is projected to grow at a CAGR of 8.0%.
The Americas region is projected to register almost the same growth rate as APAC in the seismic vessels market, given the rise in offshore exploration in Gulf of Mexico and offshore Latin America. The U.S. is expected to lead the Americas region in the seismic vessel market, given the country’s desire to be the number one oil producing nation in the world. Latin America will closely follow, with increased investments in the offshore waters of Brazil, Colombia, Peru and other Latin American countries.
Collaboration with Geophysical Companies in the Seismic Vessels Market
Seismic vessel manufacturers are entering into partnerships with geophysical companies to provide custom-made solutions as per the client’s custom requirements and perform better acquisition capabilities in complex reservoirs. The presence of a large number of complex reservoirs across the globe is projected to drive the collaborative efforts between companies in the seismic vessels market.
An Overview of the Seismic Vessels Market Structure
The global seismic vessels market is a highly consolidated one with major players such as Drydocks World, Ulstein Group, Hijos de J.Barreras, Mitsubishi Heavy Industries, Ltd and Kleven Maritime AS accounting for approximately 50 – 60% of the global seismic vessels market. Other key players such as Singapore Technologies Engineering Ltd, Factorias Vulcano and Niestern Sander are also projected to represent a significant share in the global seismic vessels market.
Key Questions Answered in the Global Seismic Vessels Market Report
- How has the seismic vessels market evolved over the past four years?
- What shape is the seismic vessels market expected to take in terms of volume and value during the study period?
- What are some of the prevailing market dynamics in the seismic vessels market?
- What are the competition developments and trends in the seismic vessels market?
- What are some of the underlying macro-economic and industry factors impacting the growth of the seismic vessels market?
- What are the key challenges, opportunities and improvement factors for market players?
- What are the important market positioning and key strategies of key manufacturers as per the market taxonomy?
- How is the competition structured at present and how has it evolved in the seismic vessels market over the past few years?
Seismic Vessels Market: Segmentation