Global Land Seismic Equipment and Acquisition Market 2017-2021
About Land Seismic Equipment and Acquisition
Land seismic equipment is used to carry out seismic data acquisition in onshore regions. A vibrator source is used to create shock waves that traverse through various rocks below the surface. These shock waves that reflect off the subsurface rock formations and back to the surface are recorded using geophones. Cables or transmitters are used to transfer information from geophones to a recorder truck. Seismic waves indicate the geological nature of the area surveyed and indicate the possibility of oil or gas reserve.
Technavio’s analysts forecast the global land seismic equipment and acquisition market to grow at a CAGR of 2.60% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global land seismic equipment and acquisition market for 2017-2021. To calculate the market size, the report considers the revenues generated from the sales of products in the market as well as from the sales of high-end acquisition data.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Land Seismic Equipment and Acquisition market 2017-2021
Technavio recognizes the following companies as the key players in the global land seismic equipment and acquisition market: CGG, Dawson Geophysical, Geometrics, IG Seismic Services, and SAExploration
Other Prominent Vendors in the market are: BGP, DMT, Geokinetics, Geospace Technologies, INOVA, International Seismic ION Geophysical, Mitcham Industries, PARAGON GEOPHYSICAL SERVICES, Polaris Seismic International, Schlumberger, Terraseis, Terrex Seismic, and Wireless Seismic.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Digitization of oil fields
Smart oilfield is not at all a new concept and has been known by different names such as "Digital oilfield," "Fields of the Future," and "iFields" for the last 25 years. Since then, the concept has been evolving from a narrow context concerning to a specific E&P activity to a broader and more comprehensive concept.”
According to the report, one of the major drivers for this market is Rising global oil and gas demand. According to the U.S. Energy Information Administration, the global liquid fuel consumption stood at 96.47 mbpd in 2016 compared with 86.43 mbpd in 2007. The global liquid fuel consumption grew at an annual rate of 1.23% from 2007 to 2016 and is expected to grow at a speedy rate during the forecast period.
Further, the report states that one of the major factors hindering the growth of this market is Decline in investments in oil and gas industry. As per the International Energy Agency (IEA), the oil and gas upstream industry witnessed a 44% decline in investments from 2014 to 2016. This was owing to the cost reductions that were done by various upstream companies worldwide, caused by the drop in crude oil prices. This has greatly affected the profitability of upstream oil and gas companies as well as the related businesses including the seismic equipment and acquisition market.
CGG, Dawson Geophysical, Geometrics, IG Seismic Services, SAExploration, BGP, DMT, Geokinetics, Geospace Technologies, INOVA, International Seismic ION Geophysical, Mitcham Industries, PARAGON GEOPHYSICAL SERVICES, Polaris Seismic International, Schlumberger, Terraseis, Terrex Seismic, and Wireless Seismic.
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