Seismic Solutions Market to Reach $890mln by 2024
The global offshore oil and gas seismic equipment and acquisitions solutions market stood at around $660 million in 2018 and is forecast to grow at a CAGR of 5% to cross $890 million by 2024.
According to a report by ResearchAndMarkets, the growth of global offshore oil and gas seismic equipment and acquisition solutions market is majorly attributable to rising investments in oil & gas exploration activities, stability in crude oil prices and an increasing number of strategic partnerships.
Moreover, the increasing demand for oil and gas is resulting in rising exploration activities to find more oil and gas reserves, which in turn, is further fueling the growth of global offshore oil and gas seismic equipment and acquisitions solutions market.
In terms of type, the global offshore oil and gas seismic equipment and acquisitions solutions are categorized into seismometer, data acquisition devices and others. Among the types, seismometer accounted for a significant portion of the global market in 2018 and is also anticipated to remain as the largest category throughout the forecast period.
On the basis of regions, the market for offshore oil and gas seismic equipment and acquisitions solutions is categorized into North America, Europe, South America, Asia-Pacific and Middle East & Africa. The Middle East and Africa are likely to witness a healthy growth rate during the forecast period on account of increasing oil and gas exploration activities in the region.
The global offshore oil and gas seismic equipment and acquisitions solutions market is fairly concentrated. Some of the major players operating the global offshore oil and gas seismic equipment and acquisitions solutions are SeaBird Exploration, PGS, PLCS, ION, Wireless Seismic, Guralp Systems, Cray, ESG Solutions, Panasonic, among others.