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.
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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.
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.
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.