Land Seismic Equipment & Acquisition Market _Snapshot
Land seismic equipment that is widely used to collect seismic data from onshore production plants such as oil and gas. The seismic is a process of data acquisition that is used for the sampling signals that helps in measuring real world physical conditions. However, to covert this signal into digital number we need a sampling device called land seismic equipment and accusations device.
The device consists of several vibrator source that is particularly used to create shock waves that traverse to space. The device greatly helps in the possibility of presence of oil or gas reserves.
and seismic operations are explorations for hydrocarbon resources onshore. Seismic surveys are carried out using waves of energy to help build up an image of an area and the resources beneath.
Apart from this, land seismic equipment is witnessing increasing demand from mining industries, land seismic surveys. Some of the company used land seismic equipment are geophones, streamers, seismic sensors hydrophones, air or water gun, streamers, and sub-bottom profilers.
Increasing mining and oil exploration activates across the globe od anticipated to offer a significant boost to the land seismic equipment and acquisition market. However, factors such as volatility in crude oil and natural gas, deceasing budget for land seismic activity are two factors expected to impede the land seismic equipment and acquisition market. However, factors such as technological advancements in addition to the increased energy requirement in developing nations are some prominent factors which are expected to rise the demand for the equipment in the near future.
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Land Seismic Equipment & Acquisition Market: Overview
Land seismic equipment are used to acquire seismic data from onshore production of oil and gas. The equipment consist of vibrator source which is used to create shock waves that traverse through the rocks below the surface of the earth. The shock waves that reflect off the subsurface rock formations and back to the surface are recorded using geophones. Transmitters or cables are used to transmit information from the geophones to the recorder truck. Seismic waves indicate the geological nature of the area surveyed and the possibility of presence of oil or gas reserves. The reduction in oil prices in 2014 was due to a sharp decline in land seismic acquisition contract awards and capital expenditure (CAPEX) on equipment.
Land Seismic Equipment & Acquisition Market: Market Demand
Rise in global demand for oil & gas in various industries such as the power industry is one of the major drivers of the global land seismic equipment & acquisition market. Organization of the Petroleum Exporting Countries (OPEC) countries need to increase their oil production by drilling new wells to meet the rising demand for fuel. Most of the oil-producing countries require oil companies to explore and drill oil fields to produce fuel from greenfield wells to cater to the high demand for fuel across globe. New drilling projects are anticipated to increase the demand for oilfield services, which is expected to fuel the global land seismic equipment & acquisition market during the forecast period. Digitization of oil fields is projected to boost the global land seismic equipment & acquisition market in the near future. Introduction of advanced technologies such as predictive maintenance and remote monitoring are expected to improve the cost-effectiveness and improve visibility and operations.
Improved receiver sampling along with high productivity and wide broadband signal in the source domain are the geophysical domains. With the increase in volumes of data being recorded in the field to see some novel solutions emerging which deal with automation, remote analysis, and data management. The geophysical domain focuses on technologies such as the internet of things migrating into industry to resist challenges associated with deploying a complex operation of personnel, vehicles and equipment in remote locations.
Land Seismic Equipment & Acquisition Market: Key Segments
The global land seismic equipment & acquisition market can be segmented based on equipment, services, and region. In terms of equipment, the global land seismic equipment & acquisition market can be divide into geophones, vibration sources, and cables. Based on services, the market can be segregated into land seismic acquisition, seismic reservoir characterization, geophysical processing & imaging, survey design and modeling, seismic for unconventional resources, borehole seismic, geographic software, and others. Seismic reservoir characterization is for modeling the sub-surface. It is a fully integrated set of services to define the reservoir structure and properties and build an accurate models of the subsurface. However, the survey design and modeling segment is used to achieve the best return on the investment in seismic acquisition.
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Land Seismic Equipment & Acquisition Market: Regional Outlook
Based on region, the global land seismic equipment & acquisition market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific held a major share of the global land seismic equipment & acquisition market due to high no of wells drilled in the region in 2016. China is a key country in Asia Pacific region for global land seismic equipment & acquisition market augmented to drill about 15,800 wells in 2016. Europe is another key region driving the global land seismic equipment & acquisition market due to the large number of wells drill (9,448) in 2016. Europe is followed by North America, Middle East & Africa, and Latin America.
The Middle East & Africa is a hub for most of the technological developments in this industry. In an era of lower price oil and growth in gas demand, onshore exploration should continue to have a reasonable future. Onshore operations are generally at the lower end of the cost equation as compared to deep-water operations. This, in turn, is expected to boost the global land seismic equipment & acquisition market during the forecast period. However, rise in in demand for technology development and lower costs creates pressure on equipment manufacturers struggling after several lean years. These combat requires collaboration among competing manufacturers and external technology providers with deep understanding of oil companies and seismic contractor requirements.
Land Seismic Equipment & Acquisition Market: Key Players
Key players operating in the global land seismic equipment & acquisition market include Schlumberger Limited, Acoustic Geophysical Services (AGS), Asian Oilfield Services Limited, Saudi Aramco, Royal Dutch Shell, Sinopec, Total, Advent Oilfield Services, and Tesla Exploration Ltd.
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