Seismic Support Vessel Market
Seismic Support Vessel Market Study by Medium, Large, and Very Large Dimension for Oil & Gas Industry, Geological Survey, and Defense From 2024 to 2034
Analysis of Seismic Support Vessel Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Seismic Support Vessel Market Outlook (2024 to 2034)
The global seismic support vessel market is valued at US$ 7.64 billion in the year 2024. Furthermore, the market is forecasted to expand at a CAGR of 5.2% to reach US$ 12.69 billion by 2034.
To do seismic surveys in the ocean, seismic boats are designed. These unique vessels help locate the best spot for oil drilling and minimize disruption to marine life. They shoot seismic waves and assess the response to find the best place to drill.
Using sensitive technology, these vessels investigate the ocean's geology, including rocks, trenches, and other underwater phenomena. To meet the world's energy needs, businesses are trying to spend more money on seismic support vessels since they allow them to find suitable locations for oil development.
Global spending on offshore oil and gas exploration will increase by more than 20% going forward and is probably evaluated to stay that way in the years to come, according to SLB, a significant oilfield services company.
This illustrates the industrials' continuous concerns about expanding their oil production to attract a wider customer base, which calls for the use of cutting-edge technologies to build offshore projects without endangering the marine habitat.
Oil and gas firms are increasingly using seismic support vessels because they increase the amount of oil and gas extracted, which will boost their profitability, as per the seismic support vessel industry analysis.
The seismic support vessel market is significantly influenced by oil prices. An increase in oil prices stimulates E&P operators to spend more on oil and gas exploration, which benefits global oil and gas activity. The global market has been impacted by the sharp decline in exploration spending, particularly offshore, in oil and gas since the oil price collapse.
Oil prices have stabilized in recent years, which is encouraging investments in offshore exploration. Therefore, there are now more tenders for new seismic vessel orders and offshore seismic acquisitions.
| Report Attribute | Detail |
|---|---|
| Seismic Support Vessel Market Size (2024E) | US$ 7.64 Billion |
| Forecasted Market Value (2034F) | US$ 12.69 Billion |
| Global Market Growth Rate (2024 to 2034) | 5.2% CAGR |
| North America Market Value (2024E) | US$ 2.55 Billion |
| East Asia Market Growth Rate (2024 to 2034) | 6.7% CAGR |
| Geological Survey Segment Value (2024F) | US$ 3.18 Billion |
| Large Segment Value (2034F) | US$ 7.08 Billion |
| Key Companies Profiled | Tananger Offshore; Damen Shipyards Group; Naval Dynamics; Rederejj Groen; Cemre Shipyard; Salt Ship Design; Sanco Shipping AS; Swire Pacific Offshore Operations |
Seismic vessels are meant to perform seismic surveys in the high oceans. These possess an excellent competency to pinpoint the best-suited area for oil drilling and underpin the process of oil and gas evacuation in oceans and high seas. The core purpose of seismic support is to limit the horizontal shaking of the earth due to earthquakes.
Furthermore, several other industries are anticipated to emerge as an application of these support vessels in the forecast period 2024 to 2034, as mentioned in the seismic support vessel industry outlook. Several players operating in the oil and gas business have been employing these vessels to draw a large quantity of oil and meet the rising demand for fuel, which is delivering optimistic growth opportunities to the market. The high risk of making gaffes by drilling off-target areas hamper the natural ecosystem of marine life, which in turn bodes well for the growth of the seismic support vessel market.
In order to conduct a thorough investigation into the creation of undersea rocks, ditches, and other critical information that foresees any underwater calamity, seismic support vessels are also used. This is projected to increase interest in them as research vessels, and the market is anticipated to have positive growth over the following years, as stated in the seismic support vessel industry outlook.
Don't Need a Global Report?
save 40%! on Country & Region specific reports
What are the Drivers of Demand in this Market?
The offshore industry has grown recently, creating a significant demand for these vessels for the identification of potential subareas for oil drilling operations. Further, end users are increasingly turning to natural gas for their fuel needs due to growing concerns about the damaging impacts of petroleum fuel on the environment.
This has pushed the development of several regasification and liquefaction terminals by encouraging the offshore sectors to step up their efforts to extract natural gas and gain a significant market share. The seismic support vessel market is anticipated to expand at a remarkable rate given the rising need for natural gas.
Due to worries about national security, several nations have raised their defense spending, which is expected to spur the development of seismic support vessels. Manufacturers in the market are carefully integrating technology with these research vessels to offer superior features, such as a large work desk, reduced noise, high functionality, low fuel consumption, and increased accommodation capacity for guaranteeing precise geological surveys even in bad weather conditions.
This is done because they are aware of the scope and financial potential that the defense industry offers. The market is expected to benefit from chances for sustained growth as a result in the coming years.
Recent Development
The industry is dominated by certain players owing to their more capital investment. Significant players operating in the market include Ulstein Group ASA, Sanco Shipping AS, Salt Ship Design, Swire Pacific Offshore Operations (Pte) Ltd, Cemre Shipyard, Rederji Groen, Naval Dynamics, Damen Shipyards Group, and Tananger Offshore AS. Mergers and acquisitions, new product launches, and feature enhancements have been the primary strategies of the players to secure their position in the market.
Recently, Bourbon Offshore in collaboration with Bureau Veritas and Kongsberg Maritime conducted remote testing of an application capable of remote surveying, Dynamic Systems (DP systems), which fetches valuable intelligence actively from the control systems of the ships and transmits it to the auditors through a secured cloud infrastructure. The newly developed application is expected to bring automation to the survey process and offer continuous monitoring, as opined in the seismic support vessel industry analysis.
GC Rieber Shipping has negotiated the agreements for early delivery of Ernest Shackleton, an icebreaking research vessel, from the British Antarctic Survey. On the closure of this agreement, Rieber anticipates a positive cash in-flow by employing the vessel before the expected period.
In 2018, France’ CGG delivered Geowave Voyager to SeaBird Exploration, a key player, which is equipped with a 40 Km streamer and is renamed Eagle Explorer. The companies have entered into a 160-day agreement for the operation of this vessel as a source vessel.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
Regional Outlook
In terms of the geographical reach of the market, it is said that economies with longer coastlines are expected to have a larger market share. South East Asia & the Pacific and China are expected to remain the most attractive regions in the global market.
These regions register high demand, which is driven by the demand from the offshore oil & gas industry. However, in terms of production, Europe and North America are expected to hold prominent shares in the market due to the high demand for these vessels in the geological survey and defense sectors.
Moreover, Latin America is also estimated to grow at a significant growth rate over the forecast period, owing to improvements in the logistics and marine industry in the region.
Key Market Players
Examples of some of the market participants identified across the value chain of the seismic support vessel market include,
- Tananger Offshore AS
- Damen Shipyards Group
- Naval Dynamics
- Rederij Groen
- Cemre Shipyard
- Swire Pacific Offshore Operations (Pte) Ltd
- Salt Ship Design
- Sanco Shipping AS
- Ulstein Group ASA
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Segmentation of the Seismic Support Vessel Market Research
-
By Dimension :
- Medium
- Large
- Very Large
-
By Application :
- Oil & Gas Industries
- Geological Surveys
- Defense
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Industry Introduction, including Taxonomy and Market Definition
- 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
- 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections
- 5. Pricing Analysis
- 6. Global Market Analysis and Forecast
- 6.1. Dimension
- 6.2. Applications
- 7. Global Market Analysis and Forecast, By Dimension
- 7.1. Medium (less than 40 m)
- 7.2. Large (Between 40m – 70m)
- 7.3. Very large (Greater than 70m)
- 8. Global Market Analysis and Forecast, By Applications
- 8.1. Oil & Gas Industry
- 8.2. Geological Survey
- 8.3. Defence
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Western Europe
- 9.4. Eastern Europe
- 9.5. East Asia
- 9.6. South Asia & Pacific
- 9.7. MEA
- 10. North America Sales Analysis and Forecast, by Key Segments and Countries
- 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries
- 12. Western Europe Sales Analysis and Forecast, by Key Segments and Countries
- 13. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries
- 14. East Asia Sales Analysis and Forecast, by Key Segments and Countries
- 15. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries
- 16. MEA Sales Analysis and Forecast, by Key Segments and Countries
- 17. Sales Forecast by Dimension and Applications for 30 Countries
- 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
- 19. Company Profile
- 19.1. Tananger Offshore AS
- 19.2. Damen Shipyards Group
- 19.3. Naval Dynamics
- 19.4. Rederij Groen
- 19.5. Cemre Shipyard
- 19.6. Swire Pacific Offshore Operations (Pte) Ltd
- 19.7. Salt Ship Design
- 19.8. Sanco Shipping AS
- 19.9. Ulstein Group ASA
Don't Need a Global Report?
save 40%! on Country & Region specific reports
List Of Table
Table 01: Global Market US$ Mn Forecast by Region
Table 02: Global Market US$ Mn Forecast by Dimension
Table 03: Global Market US$ Mn Forecast by Applications
Table 04: North America Market US$ Mn Forecast by Country
Table 05: North America Market US$ Mn Forecast by Dimension
Table 06: North America Market US$ Mn Forecast by Applications
Table 07: Latin America Market US$ Mn Forecast by Country
Table 08: Latin America Market US$ Mn Forecast by Dimension
Table 09: Latin America Market US$ Mn Forecast by Applications
Table 10: Western Europe Market US$ Mn Forecast by Country
Table 11: Western Europe Market US$ Mn Forecast by Dimension
Table 12: Western Europe Market US$ Mn Forecast by Applications
Table 13: Eastern Europe Market US$ Mn Forecast by Country
Table 14: Eastern Europe Market US$ Mn Forecast by Dimension
Table 15: Eastern Europe Market US$ Mn Forecast by Applications
Table 16: East Asia Market US$ Mn Forecast by Country
Table 17: East Asia Market US$ Mn Forecast by Dimension
Table 18: East Asia Market US$ Mn Forecast by Applications
Table 19: South Asia & Pacific Market US$ Mn Forecast by Country
Table 20: South Asia & Pacific Market US$ Mn Forecast by Dimension
Table 21: South Asia & Pacific Market US$ Mn Forecast by Applications
Table 22: MEA Market US$ Mn Forecast by Country
Table 23: MEA Market US$ Mn Forecast by Dimension
Table 24: MEA Market US$ Mn Forecast by Applications
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
List Of Figures
Figure 01: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Dimension
Figure 02: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Applications
Figure 03: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Region
Figure 04: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Dimension
Figure 05: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Applications
Figure 06: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 07: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Dimension
Figure 08: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Applications
Figure 09: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 10: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Dimension
Figure 11: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Applications
Figure 12: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 13: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Dimension
Figure 14: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Applications
Figure 15: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 16: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Dimension
Figure 17: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Applications
Figure 18: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 19: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Dimension
Figure 20: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Applications
Figure 21: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 22: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Dimension
Figure 23: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Applications
Figure 24: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is driving the demand outlook for the seismic support vessel market?
More players operating in the oil and gas business are employing these vessels to draw a large quantity of oil adding to market growth.
Where will the growth spearhead in the market?
South East Asia & Pacific is analyzed to witness 7.7% CAGR over the forecast period.
Which are the top players in the seismic support vessel market?
Some key market players are Tananger Offshore AS, Damen Shipyards Group, Naval Dynamics, Rederij Groen, and Cemre Shipyard.
Seismic Support Vessel Market