The demonstrates a highly consolidated competitive landscape, finds a new research study by Transparency Market Research (TMR). In 2015, nearly 90% of the whole market was acquired by the top six players, namely, CGG, PGS, TGS, Polarcus DMCC, Fugro N.V., and SeaBird Exploration PLC.
The slowdown in the demand from the main end user of marine seismic equipment and acquisition, that is, the oil and gas industry is expected to intensify the competition within this market substantially in the near future, states the report.
“The tremendous rise in the oil and gas industry across the world is the key factor behind the immense growth of the global marine seismic equipment and acquisition market,” says an analyst at TMR. Marine seismic acquisitions and various analytical data are a critical part of oil and gas exploration procedures. With the increase in oil and gas exploration activities in emerging regions, such as Latin America and Africa, the demand for these acquisitions is likely to escalate significantly in the near future, propelling the market for marine seismic equipment and acquisitions across the world.
On the other hand, the decrease in seismic survey contracts and the slow demand for marine seismic acquisitions from the oil industry in the Middle East and Europe may hamper the growth of this market to some extent over the forecast period, notes the study.
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