Global Seismic Equipment and Acquisitions Market 2018-2022 | Increase in E&P Activities to Boost Demand | Technavio
LONDON--(BUSINESS WIRE)--Nov 20, 2018-- analysts forecast the global seismic equipment and acquisitions market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global seismic equipment and acquisitions market for the period 2018-2022. (Graphic: Business Wire)
Technological advances in 4D seismic monitoring is one of the major trends being witnessed in the . 2D and 3D seismic techniques were used for the identification of oil reserves in acquiring seismic information. The process consists of the transmission of seismic waves through the earth’s surface to identify hydrocarbon deposits, and the waves are received using a geophone, which is connected to a truck designed specifically for this purpose. The emergence of 4D for identification of hydrocarbon reserves helped in the E&P activities. The 4D technique is also referred to as the time-lapse technique, simultaneously monitors a combination of 3D seismic techniques to improve the image quality of the potential reservoir.
According to Technavio’s analysts, one of the key factors contributing to the growth of the global seismic equipment and acquisitions market is the increase in E&P activities:
Global seismic equipment and acquisitions market: Increase in E&P activities
E&P is an upstream oil and gas industry activity. It was traditionally performed based on random drilling activities with a hope to find oil and gas reserves. Development of more calculated and sensitive equipment that could identify the reserves took place owing to the improvements in technology. This equipment uses seismic waves, which travel to the earth’s surface. The composition of the reserves is analyzed based on the respondent waves received back. This process helps in identifying the reserves under the earth’s crust without the need for drilling process for identification.
According to a senior analyst at Technavio for research on oil and gas, “The seismic process is used for both onshore and offshore E&P activities, where a seismic pulse is generated and sent into the earth’s surface, and the same is received using geophones. The received waves are converted into images for analysis of the geological composition. At present, 3D and 4D technologies in the seismic analysis are being used for better reliability and effectiveness.”
Global seismic equipment and acquisitions market: Segmentation analysis
The global seismic equipment and acquisitions market research report provides market segmentation by service type (acquisition and equipment) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The acquisition segment held the largest market share in 2017, accounting for nearly 75% of the market. This service type is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with a market share of nearly 52%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by over 2%.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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PUB: 11/20/2018 09:39 AM/DISC: 11/20/2018 09:39 AM