Offshore Oil and Gas Seismic Equipment and Acquisitions Market size is expected to reach USD 2 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry offshore oil and gas seismic equipment and acquisitions was around USD 1 Billion. The basic reason behind the growth of the market is the use of seismic survey technology, which is being utilized to discern oil reserves. In 2020, the world utilized roughly 88.6 million barrels per day of oil, which added up to 30.1% of the world's primary energy. The oil and gas industry heavily depends on seismic surveys to get offshore oil and gas reserves.
Another reason that will increase the growth of the offshore oil and gas seismic equipment and acquisitions market will be the rising number and demand of offshore oil and gas fields across the world. Moreover, offshore production recently contributed to a calculated 20% of the global oil reserves and 30% of the world’s gas reserves. During the past few years, the search for petroleum on the underwater continental margins of the world has increased at a rate exceeding prior assumptions. The floors of the global oceans and seas at the side of the continents are the major research concentrate of a large segment of the petroleum industry, and offshore search processing has been referred to as the starting of one of the most huge oil-search eras in history. Marine seismic surveys are a section of the first steps in oil and gas findings and a very essential one since the images of the subsurface produced are utilized to recognize feasible oil and gas stockpiles.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
∼7% |
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Base Year Market Size (2023) |
~USD 1 Billion |
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Forecast Year Market Size (2036) |
~USD 2 Billion |
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Regional Scope |
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Product Type (Seismometer, Data Acquisition Devices)
Offshore oil and gas seismic equipment and acquisitions market from the seismometer segment will increase and have the highest share with around 58% during the forecast period because of the increasing number of programs in the world to use seismometers. For instance, the US IOTWS Program is supporting advances in spotting devices that deliver critical information to the identification of warnings for tsunami events. One significant agent of a tsunami warning system is the requirement for precise information on the magnitude and location of earthquakes that might activate a tsunami. In this observation, the U.S. Geologic Survey (USGS), through the US IOTWS Program, is helping with seismometer boosts in the Indian Ocean region. Passive seismic processes have become more and more engaging in the last decades largely because they do not need active sources and great amounts of data can be removed by the so-called seismic noise.
Dimension (2D, 3D, 4D)
The 4D segment is expected to account for 45% share of the offshore oil and gas seismic equipment and acquisitions market by 2036. This growth will be noticed due to the increasing oil production in the world and the use of 4D images to search for the right reservoir. Oil production capability now stays at 225,000 b/d, though output has at times surpassed this level. In 2001, oil generation averaged 204,000 b/d. Almost thirty years on from its first starting, 4D – or time-lapse – seismic monitoring has now come of age as an evident technology. The process has, at last, made itself an authentic and worthy reservoir management gadget. Its benefits have been most apparently noticed in applications to monitor fluid shifting and distinguish between the drained and undrained portions of a reservoir, primarily inside clastic rocks offshore.
Our in-depth analysis of the global offshore oil and gas seismic equipment and acquisitions market includes the following segments:
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Product Type |
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Application |
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Dimension |
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Water |
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North American Market Analysis
North America region is expected to hold the first position in the offshore oil and gas seismic equipment and acquisitions market and will hold almost 39% of the revenue share. This position will be held by the North American region because of this region’s government’s initiative to find offshore. In April, TGS declared the beginning of the second stage of a Peninsular Malaysia multiclient 3D handling project encircling 20,347 sq km from 32 3D seismic studies in partnership with DownUnder GeoSolutions (DUG). Aligned with the 16,957-square-kilometer first stage of the project, it will be one of the biggest ones of its kind in Asia to date, Bragga added. According to Malaysia's carbon-neutral objective of 2050, the pursued growth of this dataset will enable modified regional mapping and constructive comprehension and the classification of new investigation and Carbon Capture and Storage (CCS) scopes.
European Market Statistics
The Europe market is set to hold the second largest position in the offshore oil and gas seismic equipment and acquisitions market due to the increasing initiatives taken by the European government to increase the source of sustainable energy. To make sure that offshore sustainable energy can assist in reaching the EU's aspiring energy and climate focuses for 2030 and 2050, the Commission released a devoted EU planning on offshore renewable energy on 19 November 2020 which suggests material ways forward to help the persistent renewable growth of this sector. The planning sets focus for an installed amount of at least 60 GW of offshore wind and 1 GW of ocean energy by 2030, and 300 GW and 40 GW, individually, by 2050.
Author Credits: Dhruv Bhatia
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