Global Marine Seismic Equipment and Acquisition Market: Snapshot
The global marine seismic equipment and acquisition market is highly influenced by the exponential rise in the oil and gas industry as seismic services and various analytical data make a critical part of oil and gas exploration. The increase in oil and gas exploration activities in emerging regions, such as Africa and Latin America, is likely to add to the growth of this market substantially in the near future. The significant rise in multi-client projects is also projected to propel this market in the years to come.
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The opportunity in the global marine seismic equipment market reached US$359.8 mn in 2015. Rising at a CAGR of 4.50% between 2016 and 2024, the market is likely to touch US$533.9 mn mark by 2024. During the same period of time, the worldwide marine seismic acquisition market is estimated to expand at a CAGR of 5.30%, to increase from US$3.5 bn in 2015 to US$5.6 bn by the end of 2024.
Continued Dominance of Europe in Global Marine Seismic Equipment and Acquisition Market
Europe has been leading the worldwide marine seismic equipment and acquisition market and is expected to remain so over the next few years. In 2015, the Europe marine seismic acquisition market generated US$944.1 mn, whereas, the market for marine seismic equipment in Europe garnered US$83.1 mn in the same year. The high demand for conventional oil reserves is the key factor behind the growth of this regional market.
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North America, which stood second in 2015, is expected to retain its position in the years to come. The significant growth in the end-use industries, such as mining, construction, and oil and gas, is likely to boost the North America market for marine seismic equipment and acquisition over the forthcoming years.