Adoption of seismic support vessels is also witnessed for carrying out a meticulous study on the formation of underwater rocks, trenches, and similar significant details which could prevent the occurrence of any underwater catastrophe. This is expected to popularize them as research vessels and the Seismic Support Vessels Market is anticipated to mark an upward growth trajectory in the forthcoming years.
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Seismic support vessels 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. Numerous 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 predicted to deliver optimistic growth opportunities to seismic support vessels market. High risk of making gaffes by drilling off-target areas could hamper the natural eco-system of marine life, which in turn is predicted to bode well for the growth of the seismic support vessels market.
Significant players operating in the seismic support vessels 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 launch, and feature enhancements have been the primary strategy of the players to secure their position in the seismic support vessels market.
Recently, Bourbon Offshore in collaboration with Bureau Veritas and Kongsberg Maritime conducted remote testing of an application capable of remote surveying of 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 in automation to the survey process and offer continuous monitoring.
GC Rieber Shipping has negotiated the agreements for early delivery of Ernest Shackleton, an icebreaking research vessel, from British Antartic Survey. On 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 seismic support vessels market player, which is equipped with 40 Km streamer and is renamed as Eagle Explorer. The companies have entered into a 160-day agreement for the operation of this vessel as source vessel.
In recent times, the offshore industry has expanded, which has generated a notable demand for the seismic support vessels for the detection of the suitable subareas for oil drilling activities. In addition, with the rising concerns pertaining to the adverse effects of petroleum fuel on the environment, end-users have been gravitating towards natural gas for their fuel needs. This has encouraged the offshore industries to intensify their efforts for excavating natural gas and secure a signification position in the market, which has only propelled the construction of numerous regasification and liquefaction terminals. Considering the burgeoning demand for natural gas, seismic support vessels market can be expected to grow at an impressive pace.
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With the concerns apropos of the national security, several countries across the world have increased their defense budget, which is anticipated to act as a catalyst to the growth of the seismic support vessels. Recognizing the purview and lucrativeness that the defense industry provides, manufacturers operating in the seismic support vessels market are rigorously converging technology with these research vessels to offer superior features such as large work deck, reduced noise, high functionality, fuel consumption, and increased accommodation capacity for ensuring precise geological survey even in adverse weather conditions. This is predicted to deliver sustained growth opportunities to the seismic support vessels market in the upcoming years.
In terms of the geographical reach of the seismic support vessels market, it can be said that economies with longer coastlines are expected to have a larger market share. South East Asia & Pacific and China are expected to remain the most attractive regions in the global seismic support vessels market. These regions register high demand for seismic support vessels, 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 seismic support vessels market due to the high demand of these vessels in geological survey and defense sectors. Moreover, Latin America is also estimated to grow with a significant growth rate over the forecast period, owing to improvements in the logistic and marine industry in the region.
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Seismic Support Vessels Market Trend Evaluation & Future Forecast during the Period 2018-2028
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