The global seismic survey equipment market is expected to generate US$1.6 billion in sales by 2022. The market is anticipated to reach a valuation of US$ 2.2 Billion by the end of the forecast period, with 3.8% predicted growth between 2022 and 2032. The Seismic Survey Equipment Market’s top revenue-generating segment, hardware, is anticipated to expand at a CAGR of more than 3.9% between 2022 and 2032.
The seismic survey equipment market involves tools and technologies used in geophysical exploration for locating oil, gas, and mineral resources beneath the Earth's surface. This market encompasses various devices such as seismic sensors, data acquisition systems, and software solutions aimed at improving the accuracy and efficiency of subsurface mapping. It is driven by the demand for energy resources and ongoing technological advancements in exploration techniques.
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From 2018 to 2021, the seismic survey equipment market will be worth $. Comparatively speaking to the Demand Forecast for 2022 to 2032
A provider of market research and competitive data, Future Market Insights estimates that the Seismic Survey Equipment Market’s historical growth rate between 2018 and 2021 was around 4.3%. By 2032, the market is projected to be valued at US$ 2.3 billion, with an absolute dollar potential of US$ 702 million.
The primary revenue drivers that affect the market for seismic survey equipment are rising risk management investments and the need for modern land survey equipment.
Due to the advantages of using computerized devices when conducting land surveys, the market is anticipated to expand.
Which nation commands the largest share of the seismic survey equipment market in terms of revenue?
By the end of 2032, the United States is anticipated to have the largest market, worth US$ 393.8 Million. It is anticipated to grow in value by an absolute amount of US$141.4 million. The presence of multinational corporations like Geostuff, Baker Hughes, Throop Rock Bit, Geospace Technologies, Ion Geophysical, and Wireless Seismic, Inc. in the nation also contributes to the market size of the nation.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in the Seismic Survey Equipment market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Seismic Survey Equipment market share.
Some of the recent developments in the Seismic Survey Equipment market are:
In July 2022, Geospace Technologies Corporation announced a long-term rental deal with SAExploration, a key supplier of maritime geophysical services. The OBX-750E seabed ocean bottom wireless seismic data collection nodes will be rented by SAExploration. Based on the terms of the existing contract, the value of the agreement is estimated to be US$ 12 Million.
In February 2022, in the Asia-Pacific region, an Ocean Bed Nodes (OBN) resource contract with an anticipated length of around 5 months had approved, according to a statement from SeaBird Exploration. The company intends to use the Voyager Explorer on the contract, which would prolong the charter of the unmanned vessel, and the contract is scheduled to begin in April 2020.
In September 2020, Trimble unveiled the new and improved R12i GNSS receiver, which will enable users to complete tasks more quickly and precisely.