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.
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.
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.
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.
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
Seismic Vessels Market: Report Description
This Persistence Market Research (PMR) study offers an eight-year analysis and forecast for the global seismic vessels market between 2018 and 2028. The seismic vessels study considers 2017 as the base year with seismic vessels market values estimated for 2018 and a forecast developed for the duration of 2019 to 2028. The Compound Average Growth Rate (CAGR) has been represented from 2018 to 2028. The seismic vessels market study covers various perspectives of the market, including market dynamics, value chain, pricing analysis, competition analysis, regional and segmental growth comparison and macro-economic and industry growth analysis, along with segment-level projections in a comprehensive manner. As per the findings of the study and perspectives of industry participants, the global seismic vessels market is projected to grow at a CAGR of 10.5% between 2018 and 2028 in terms of value. Recovering oil & gas prices, increasing demand for energy and peak oil production are some of the factors positively impacting the growth of seismic vessels in the global market.
The PMR report on seismic vessels carefully analyses the market at a global and regional level through market segmentation on the basis of key parameters such as depth and acquisition type. The primary objective of the seismic vessels report is to offer key insights on market updates, competition positioning, current trends, market potential, growth rates and other relevant information and statistics in a suitable manner to the readers or various stakeholders of the seismic vessels market.
Seismic vessels are offshore vessels used to map the seabed for potential oil & gas reserves. Seismic vessels acquire data in 2D, 3D and 4C/4D forms to provide the location of pay zones for drilling to be carried out.
The seismic vessels market report is structured to facilitate the reader to develop a thorough understanding about the market. The seismic vessels market report begins with market definitions, followed by the market background, market dynamics and market analysis by key segments, regional analysis and seismic vessels manufacturers’ competitive landscape. Each section covers a qualitative and quantitative assessment of the seismic vessels market on the basis of facts, historical developments and key opinions collected from industry participants through dedicated interviews and trends in the seismic vessels market.
Seismic Vessels Market: Segmentation
The seismic vessels market report begins with a market introduction – defining the seismic vessels market taxonomy and product definitions regarding the global seismic vessels market assessment. In the next section, the report describes the market development background, covering macro-economic factors, industry factors, forecast factors, regional weighted average pricing analysis, value chain overview covering approximate margins, an indicative list of stakeholders involved in each stage and an assessment of the installed base and replacement rate of seismic vessels for the base year considered for the study.
The next section of the seismic vessels market report discusses market dynamics such as drivers (supply and demand side), restraints and trends impacting the market growth at a global level. Market opportunities for manufacturers have been presented in the subsequent section of the same chapter. This section also includes the impact assessment of the market dynamics on the global seismic vessels market at a qualitative level based on the analysis facts and insights.
Subsequent sections of the report provide value (US$ Mn) and volume (New Sales in Units) projections for the seismic vessels market on the basis of the aforementioned segments at a global level. The global market values represented in these sections have been agglomerated by collecting data and information at a global level by following a top-down approach.
The next section of the report presents a summarised view of the global seismic vessels market based on the three prominent regions considered in the study. The section includes the regional seismic vessels market position, growth potential, trends and market attractiveness analysis for each of these regions.
The market analysis sections cover regional trends, weighted average pricing analysis and market projections for each segment, including market share analysis, market attractiveness and incremental $ opportunity assessment.
All the above sections evaluate the present market scenario and growth prospects in the global seismic vessels market, while the forecast presented in the sections assesses the seismic vessels market size in terms of volume and value.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the global seismic vessels market is expected to develop in the future, on the basis of primary research, secondary research and our own analysis. However, forecasting the market in terms of various seismic vessels segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them after the completion of the forecast exercise.
As previously highlighted, the seismic vessels market has been split into a number of segments. All the seismic vessels market segments in terms of depth and acquisition type have been analysed on the basis of Basis Point Share (BPS) to understand each individual segment’s relative contribution to the market growth. This detailed level of information is important for the identification of various key trends witnessed in the seismic vessels market.
Another key feature of this report is the analysis of all the key segments in the seismic vessels market, sub-segments and the regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales and delivery perspective in the seismic vessels market.
In order to understand the key market segments in terms of the growth and installation of seismic vessels across concerned regions, PMR has developed an attractiveness index, which will help providers identify real market opportunities.
In the final section of the seismic vessels market report, a competitive landscape of the seismic vessels market has been included to provide report audiences with a dashboard view categorised on the basis of providers present in the value chain, their presence in the seismic vessels market and key differentiating factors and strategies. The primary category of providers covered in the report includes the manufacturers of seismic vessels. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers, specific to a market segment in the value chain of the seismic vessels market. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors on the basis of the in-depth assessment of their capabilities and success in the seismic vessels marketplace. Detailed profiles of the providers are also included in the scope of the report to evaluate their long- and short-term strategies, key offerings and recent developments in the seismic vessels market. Examples of some of the key seismic vessels competitors covered in the report include Drydocks World, Ulstein Group, Hijos de J.Barreras, ASL Maine Holdings Ltd and Singapore Technologies Engineering Ltd, among others.