Tow Streamer Vessels to Hold Largest Market Share in Seismic Vessels Market Forecasted to Reach USD 5.6 Billion by 2026

the global seismic vessels market size was valued at USD 4.2 billion and is expected to reach USD 5.6 billion by 2026, growing at a CAGR of 10.5% during the forecast period.

The global seismic vessels market is expected to experience significant growth during the forecast period. The growth can be attributed to the increasing demand for oil and gas exploration and production activities, particularly in deep and ultra-deep waters. Seismic vessels are essential for conducting seismic surveys to locate potential oil and gas reservoirs in the sea bed.

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The global seismic vessels market is divided into towed streamer vessels, ocean bottom nodes vessels, and others. Towed streamer vessels hold the largest market share as they are widely used for seismic data acquisition.

Seismic vessels are specialized ships that are used to conduct seismic surveys to determine the location and size of potential oil and gas reservoirs in the sea bed. These vessels are equipped with a range of advanced technologies and equipment such as seismic sensors, air guns, and hydrophones to collect data on the geological structures and formations beneath the seabed.

Market Drivers:

The primary driver for the global seismic vessels market is the increasing demand for oil and gas exploration and production activities, particularly in deep and ultra-deep waters. The growing global population and the increasing demand for energy are leading to a surge in oil and gas consumption. This is driving the need for exploration and production activities, which require the use of seismic vessels.

Another driver for the market is the growing investments in offshore exploration and production activities by oil and gas companies. This is due to the fact that many of the easily accessible oil and gas reserves have already been depleted, and companies are now looking to explore and produce in more challenging environments, such as deep and ultra-deep waters.

Market Players

• 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
• Others.

These players are focusing on expanding their market presence through mergers and acquisitions, partnerships, and collaborations.

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Competitive Landscape:

For instance, in 2019, Polarcus Limited entered into a contract with Shearwater GeoServices to collaborate on seismic projects in Africa. Similarly, in 2018, Petroleum Geo-Services (PGS) entered into a partnership with TGS to jointly conduct a seismic survey in the Atlantic Margin.

Market Segmentation:

The global seismic vessels market is divided into towed streamer vessels, ocean bottom nodes vessels, and others. Towed streamer vessels hold the largest market share as they are widely used for seismic data acquisition. Towed streamer vessels are equipped with long cables, which are used to stream the sensors and other equipment necessary for data collection. These vessels are highly maneuverable and can be easily deployed in various locations.

The market is also segmented based on the geography, into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America holds the largest market share followed by Europe and Asia Pacific. The growth in North America can be attributed to the high demand for oil and gas exploration and production activities in the region.

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Global Seismic Vessels Market FAQ's -

• How do seismic vessels work?
• What is driving the global market for seismic vessels?
• What market segments exists in the global market for seismic vessels?
• Who are the leading companies in the market for seismic vessels worldwide?
• What is the market for seismic vessels anticipated to grow at?

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