The world is currently facing a massive oil crunch these days. Due to which, oil and gas companies are focusing their resources in the exploring new potential oil wells that can help them cater the growing demand for the propulsion fuel. Looking at the growing investments by these businesses, a Transparency Market Research report states that the global marine seismic equipment and acquisition market will be the most beneficial of all. Due to these developments, the market is expected to witness a consistent 4.50% CAGR in with respect to marine seismic equipment market and 5.30% in terms of marine seismic acquisition market. Also, the research and development in the field of marine ecosystem further fuels the growth of global marine seismic equipment and acquisition market in the forecast period between 2016 and 2024.
The global marine seismic equipment and acquisition market progresses with the help of growth of equipment and acquisition market collectively. In terms of revenue, the marine seismic equipment market is projected to reach to the value of US$ 533.9 mn by the end of 2024, whereas, the acquisition market is anticipated to touch the value of US$ 5.6 bn during the same time frame. It is evident that the acquisition domain of global marine seismic equipment and acquisition market is witnessing a higher growth because of the rapid growth in the race to acquire more wells by oil and gas market. It is noticeable that in 2015 the marine seismic acquisition market stood strong at US$ 3.5 bn. This projection implies that the businesses in global marine seismic equipment and acquisition market have ample potential and growth prospect in the acquisition domain.
Tough Growth Path but Rewarding Outcomes
Though the global marine seismic equipment and acquisition market is highly competitive and fragmented. This is because of the presence of prominent players that dominated the dynamics of the market. Though the marine seismic equipment and acquisition market is competitive, but this competition is exceptionally good for the growth of the market. It is because of this competition, players are developing new products that is luring more customers and helping them grow substantially in the marine seismic equipment and acquisition market.
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However, the dominance of the prominent players in the marine seismic equipment and acquisition market makes the entry of new players difficult. To overcome this roadblock, the new players are either collaborating or partnering with some of the big fishes of marine seismic equipment and acquisition market. These strategies are allowing the players to accommodate essential resources that can help them achieve sustainability in the marine seismic equipment and acquisition market.
On the flip side, the veterans are acquiring other businesses to maintain their prominence in the market. With this step, the businesses can gain control to the distribution network, technologies, and production plants that can further help in improving the sales and profit quotient.
Rising Survey in 4-Dimentions to Boost the Growth
Marine ecosystem cannot be precisely analyzed without 4-D analysis. As a result marine biologists and other explorers are using marine equipment to get an accurate 4-D scan of the sea bed. For this they require innovative equipment. This growing demand for marine seismic equipment to analyze the submerged ecosystem is one of the key factors driving the growth of global marine seismic equipment and acquisition market. Additionally, as mentioned earlier, the demand for untouched oil reserves buried deep below the sea bed require hi-tech equipment. This is also major growth driver for the global marine seismic equipment and acquisition market in the forecast period of 2016 to 2024.
Middle East and Africa Maintain its Stronghold
Middle East and Africa is one of the largest supplier for oil and gas. However, the region is currently facing an economic crunch due to depletion of oil reserves. As a result the region is focusing to acquire oil well based in sea or oceans. Due to this Middle East and Africa is anticipated to be the most lucrative region of global marine seismic equipment and acquisition market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Marine Seismic Equipment Acquisition Market Segmentation By Equipment Type – Sub-bottom Profilers, Seismic Sensors (Scalar Sensor and Vector Sensor), Geophones and Hydrophones, Streamers (Single Streamer and Multiple Streamers), Air/Water Gun; Technology – 2 Dimensional (2D) Survey, 3 Dimensional (3D) Survey, 4 Dimensional (4D) Survey, and Ocean Bottom Nodes (2-component Nodes, 4-component Nodes, Permanent Seismic Installations) ) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”