Seismic Vessels Market Forecasts to 2028 – Global Analysis By Type (2D Imaging, 3D Imaging and 4C/4D Imaging), Depth (Deep Water and Shallow Water), Application (Oil & Gas and Other Applications) and Geography

Seismic Vessels Market Forecasts to 2028 – Global Analysis By Type (2D Imaging, 3D Imaging and 4C/4D Imaging), Depth (Deep Water and Shallow Water), Application (Oil & Gas and Other Applications) and Geography

According to Stratistics MRC, the Global Seismic Vessels Market is growing at a CAGR of 12.5% during the forecast period. Seismic vessels are ships solely utilized for seismic exploration in the open ocean and high seas. The most effective location for oil drilling in the middle of the oceans is found by using a seismic vessel as a survey vessel. Utilizing these vessels helps oil drilling businesses locate the best subsea locations for drilling. Oil and gas companies are looking to expand their operations into deeper waters and more remote areas, which has increased the need for accurate data on the geology of the ocean floor and underlying structures.

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 over the forecast period.

Market Dynamics:

Driver:

Growing energy demand to drive the market

Increased energy demand is expected to directly impact the growth of the seismic vessels market. Global energy demand is anticipated to increase due to population growth and urbanisation, which will in turn fuel the search for new oil and gas reserves. Additionally, the increase in oil prices is forcing E&P firms to invest more in exploration activities, which is anticipated to help the seismic vessels market grow.

Restraint:

Crude oil price volatility and high capital costs

Since the oil and gas industry heavily influences the seismic vessel market, price changes may result in less demand for seismic surveys, which would lower vessel utilisation and rates. Additionally, seismic vessels require a sizeable capital outlay and are highly specialised. The high cost of creating and maintaining these vessels may reduce the number of market participants and the supply of vessels, which hampers the market growth.

Opportunity:

Rising Offshore Exploration

The market for seismic vessels is heavily influenced by oil prices. Increased oil prices have a positive effect on the world's oil and gas industry, motivating E&P operators to spend more on oil and gas exploration. The oil and gas industry has seen a sharp decline in exploration funding since the oil price collapse, particularly offshore, which has had an impact on the global seismic vessel market. Oil prices have stabilised in recent years, which has increased investments in offshore exploration activities. As a result, more tenders for new offshore seismic acquisitions and orders for new seismic vessels have been submitted, which further drives the market.

Threat:

Environment-Related Norms

Due to the potential harm that seismic exploration can do to the environment, seismic vessel use is subject to stringent laws. Operations may become considerably more expensive and complex as a result of compliance with these regulations. Additionally, there are restrictions on where seismic exploration can occur, which may reduce the market's growth prospects.

Covid-19 Impact:

The seismic vessels market, like many other industries, has been significantly impacted by the COVID-19 pandemic. Global supply chains have been disrupted, travel and crew changes have been limited, and the pandemic has decreased demand for oil and gas because of the slowing economy. Delays in vessel maintenance and repair schedules brought on by the pandemic may result in more downtime and lower productivity. Seismic survey projects have been cancelled or delayed as a result of the decreased demand for oil and gas, which has resulted in lower revenues for vessel operators.

The 3D Imaging segment is expected to be the largest during the forecast period

Due to the technology's ability to produce clearer images of geological structures, the 3D imaging segment accounted for a significant portion of the seismic vessel market in 2020 and is expected to register largest share during the forecast period. Additionally, 3D imaging aids oil and gas companies in lowering uncertainties in operations related to exploration, development, and production. Moreover, the 3D imaging segment of the seismic vessel market is growing as a result of this 3D imaging feature.

The Deep water segment is expected to have the highest CAGR during the forecast period

Due to the rising demand for oil and gas resources on a global scale, deep water seismic vessel demand has significantly increased in recent years. Energy companies are increasingly looking to deep water regions to explore and develop new resources as the oil and gas reserves in shallow water regions deplete. As a result, throughout the projection years, the deep water market is anticipated to continue to be a major growth driver for seismic vessels.

Region with largest share:

During the forecast period, Europe is anticipated to register largest share in the market. The market for seismic vessels in the region is expected to grow as a result of increased investments in energy and power in Russia and Norway. Additional factors that are anticipated to drive the seismic vessel market in Europe include the expansion of mature oil and gas fields onshore and the decline in the cost of producing oil and gas offshore.

Region with highest CAGR:

Due to the rising demand for energy and the need to find new oil and gas reserves, the Asia Pacific region is expected to grow at the highest CAGR during the projection period. Technological developments also have an impact on the market because they lead to the development of seismic equipment that is more accurate and reliable. Furthermore, given the increased activity in the offshore waters of Vietnam, India, Indonesia, and Malaysia, countries in this region are also anticipated to experience significant growth in the seismic vessel market.

Key players in the market

Some of the key players in Seismic Vessels market include Ulstein Group, Drydocks World, Hijos de J. Barreras SA, Singapore Technologies Engineering Ltd, Mitsubishi Heavy Industries, Ltd., Factorias Vulcano, ASL Marine Holdings Ltd, Niestern Sander, Kleven Maritime AS and Cemre Shipyard.

Key Developments:

In November 2018, France’ CGG delivered Geowave Voyager to SeaBird Exploration, a key seismic support vessels market player, which is equipped with 40 Km streamer and is renamed as Eagle Explorer. The companies have entered into a 160-day agreement for the operation of this vessel as source vessel.

Types Covered:
• 2D Imaging
• 3D Imaging
• 4C/4D Imaging

Depths Covered:
• Deep Water
• Shallow Water

Applications Covered:
• Oil & Gas
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements