The Global Seismic Vessels Market size is expected to grow at a CAGR of 5.3% during the forecast period. The market size in terms of value, which was pegged at USD 3,872 million in 2018 is expected to reach USD 4,636 million by 2028 end. The shallow water type segment accounted for about 39% share of the total seismic vessels market and the deep water type segment accounted for about 60% share in 2018.
Seismic vessels are special types of ships that can be used for a variety of tasks. The most common ones include:
On the basis of Type, the market is segmented into Shallow Water and Deep Waters.
Shallow water vessels are designed to operate in waters with a depth of fewer than 100 meters. These seismic vessels provide high-quality imaging and detailed mapping of the seabed, which assists offshore drilling operations by analyzing potential oil and gas reserves.
Shallow water seismic vessels are used to detect the presence and location of geological formations that may contain hydrocarbons, which can be extracted for energy purposes. These types of vessels typically operate in waters less than 600 feet deep.
Deepwater seismic vessel typically refers to a large offshore drilling rig that is used in the exploration of oil and gas reserves beneath deep waters. These vessels are designed for use in areas where the ocean depth exceeds 1500 meters, which accounted for over 40% of global crude oil production at present.
On the basis of Application, the market is segmented into Oil & Gas and Other. Oil & gas accounted for over 50% of the global deep-water seismic vessels in 2017. However, due to the recent drop in oil prices and economic slowdown in major industrial countries such as China (sitting at $629 billion), there has been a significant decline in demand for marine exploration activities which are expected to continue through 2028. As a result, other application segments like offshore wind energy generation constitute an important market opportunity with increasing investments from governments across the Asia Pacific region and Europe.
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The North American market is expected to take the largest share of this market during the forecast period. The US is one of the major countries in North America and accounted for a significant amount of seismic vessel construction activity, with an estimated investment worth USD 400 million from 2014-2020. The surge in exploration activities across Canada has led to increased demand for shallow water vessels, thereby providing more opportunities for manufacturers and suppliers.
Europe holds the second position on account of its dominance as regional headquarters for many companies engaged in the shipbuilding business. The Asia Pacific is projected to witness a high growth rate owing to factors such as increasing investments by oil & gas explorers along coastal areas coupled with growing offshore renewable energy projects being developed near coasts. Latin America also exhibits immense potential due to favorable conditions like geographical location, ample shoreline, and shallow water.
The growth drivers include increased demand for oil and gas, technological advancements in marine operations with deepwater exploration, offshore wind farms, and hydropower projects. However, the risk factors that might affect this market are environmental regulations such as International Maritime Organization (IMO) guidelines on ballast water management systems; lack of skilled labor; and shortage of supply chain partners’ capacity.
Up Market Research published a new report titled “Seismic Vessels Market research report which is segmented by Types (Shallow Water, Deep Water), By Applications (Oil & Gas, Other), By Players/Companies Mitsubishi Heavy Industries, Ltd., Ulstein Group, Singapore Technologies Engineering Ltd, Drydocks World, Hijos de J. Barreras SA, Factorias Vulcano, Niestern Sander, ASL Marine Holdings Ltd, Kleven Maritime AS, Cemre Shipyard, Besiktas Shipyard, Fosen Yard AS”.
|Report Attributes||Report Details|
|Report Title||Seismic Vessels Market Research Report|
|By Type||Shallow Water, Deep Water|
|By Application||Oil & Gas, Other|
|By Companies||Mitsubishi Heavy Industries, Ltd., Ulstein Group, Singapore Technologies Engineering Ltd, Drydocks World, Hijos de J. Barreras SA, Factorias Vulcano, Niestern Sander, ASL Marine Holdings Ltd, Kleven Maritime AS, Cemre Shipyard, Besiktas Shipyard, Fosen Yard AS|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||234|
|Number of Tables & Figures||164|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Shallow Water, Deep Water and By Application Oil & Gas, Other.
Some of the companies that are profiled in this report are:
Seismic Vessels Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Seismic Vessels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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