The offshore oil and gas seismic equipment and acquisitions market share will post an incremental growth of USD 1.62 billion, progressing at a CAGR of 7.13% during the forecast period. The increasing investments in the offshore upstream sector will offer immense growth opportunities to market vendors. The offshore oil and gas seismic equipment and acquisitions market is concentrated, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Offshore Oil and Gas Seismic Equipment and Acquisitions Market by Technology and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The offshore oil and gas seismic equipment and acquisitions market is segmented by technology (3D seismic survey, 2D seismic survey, and 4D seismic survey) and geography (Europe, APAC, MEA, South America, and North America).
The growth of the offshore oil and gas seismic equipment and acquisitions market size in the 3D seismic survey segment will be significant during the forecast period. Factors such as the significant increase in investment in offshore oil and gas projects and growing exploration efforts to find new potential reserves in the North Sea and the Black Sea will drive the offshore oil and gas seismic equipment and acquisitions market growth in Europe. 27% of the market's growth will originate from Europe during the forecast period. Norway is the key market for offshore oil and gas seismic equipment and acquisitions in Europe.
The increasing investments in the offshore upstream sector will directly influence the sales of offshore oil and gas seismic equipment and acquisitions market. In addition, the increasing adoption of 4D seismic survey technology is one of the major offshore oil and gas seismic equipment and acquisitions market trends that will positively impact the market growth. However, overcapacity constraints with seismic vessel fleets will hamper the offshore oil and gas seismic equipment and acquisitions market growth.
The market is concentrated due to the presence of several players. Some of the major offshore oil and gas seismic equipment and acquisitions market vendors are ARGAS, Fugro NV, ION Geophysical Corp., Mitcham Industries Inc., PGS ASA, Polarcus Ltd., SAExploration Holdings Inc., SeaBird Exploration Plc, Shearwater GeoServices Holdings AS, and TGS-NOPEC Geophysical Co. ASA.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the offshore oil and gas seismic equipment and acquisitions market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the offshore oil and gas seismic equipment and acquisitions market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the offshore oil and gas seismic equipment and acquisitions market.
Offshore oil and gas seismic equipment and acquisitions industry growth across Europe, APAC, MEA, South America, and North America.
