Seismic Support Vessels Market Size Worth $11.34 Billion By 2032 | CAGR: 5.1%

The global seismic support vessels market size is expected to reach USD 11.34 billion by 2032, according to a new study by Polaris Market Research. The report “Seismic Support Vessels Market Share, Size, Trends, Industry Analysis Report, By Dimension (medium, large, very large); By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Seismic vessels are created to conduct seismic surveys in the ocean. These distinctive ships assist in identifying the ideal oil drilling location and reducing marine life disturbance. In determining the suitable location for drilling, they fire seismic waves and measure the return. These vessels can examine the ocean's geology, including trenches, rocks, and other submerged features, by employing delicate equipment. Companies are working on increasing their expenditure on seismic support vessels to cater to global energy requirements, as they enable them to identify acceptable places for oil exploration.

According to the major oilfield services firm, SLB, global expenditure on offshore oil and gas exploration is expected to witness more than 20% growth in 2023 and is likely to retain its position over the coming years. This demonstrates the ongoing concerns among the industrials to capture a larger consumer base by increasing their oil productivity, necessitating the adoption of the latest technology with a view to establishing offshore projects without disturbance to the marine ecosystem. Seismic support vessels are gaining traction from oil and gas companies, driven by their ability to improve the amount of oil and gas extraction with a view to stimulating their profitability.

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The global market is witnessing a huge demand for oil and gas exploration activities, driven by an increasing need for sufficient oil and energy as nations are experiencing price instability attributable to supply shortages. According to industrial experts, the demand for seismic services is anticipated to expand by another 14%, or $1.1 billion, and reach roughly $9.3 billion in 2023 because of increased exploration activities. Companies in this field are witnessing profits attributable to the growing demand for seismic support vessel services.

For instance, according to research Q2 2023 figures from CGG, the sensing and monitoring segment revenue witnessed $146 million, which is 222% up from the year-on-year highly influenced by ocean bottom node seismic equipment deliveries. This is driving the other market players to innovate new product innovations in the marketplace with a view to improving their share in the global market.

Seismic Support Vessels Market Report Highlights

• Very large segment is anticipated to witness the highest growth in the coming years due to its capability to accommodate deep-water environments.
• Oil and gas segment accounted for the largest market share owing to rising energy demand and exploration activities.
• APAC is projected to register the largest growth rate in the study period owing to government initiatives promoting energy production.
• North America is expected to have the fastest growth owing to the increasing drilling activities in the region to meet regional electricity needs.
• The global players include Cemre Shipyard, Damen Shipyards Group, Naval Dynamics, Rederij Groen, Sanco Shipping, Salt Ship Design, Swire Pacific Offshore Operations, Tananger Offshore & Ulstein Group.

Polaris Market Research has segmented the seismic support vessels market report based on dimension, application and region:

Seismic Support Vessels, Dimension Outlook (Revenue - USD Billion, 2019 - 2032)

• Medium (Less than 40 m)
• Large (Between 40m - 70m)
• Very large (Greater than 70m)

Seismic Support Vessels, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Oil & Gas Industry
• Geological Survey
• Defence

Seismic Support Vessels, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Seismic Support Vessels Market Report Scope