Global Marine Seismic Equipment and Acquisition Market: Rise in Oil and Gas Industry to Boost Growth
The global marine seismic equipment and acquisition market 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. As per TMR’s estimations, the global marine seismic equipment market presented an opportunity worth US$0.36 bn in 2015. Expanding at a CAGR of 4.50% during the period from 2016 to 2024, the market is expected to cross US$0.53 bn mark by the end of the forecast period. Over the same period of time, the global market for marine seismic acquisition is estimated to rise from US$3.5 bn in 2015 to US...