Increasing use of seismic technology in shale has exploration and surge in energy requirements are driving the growth of global seismic services market in the forecast period, 2023-2027.
According to TechSci Research report, “Seismic Services Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, the global seismic services market is anticipated to witness moderate growth in the forecast period, 2023-2027. Seismic services are crucial to finding the geographical properties of the earth, such as elastic, thermal, gravitational, magnetic, and electrical properties that are used to explore natural gas, petroleum, and mineral deposits. By utilizing the seismic tools, lateral and depth variations and hydrocarbon can be detected, which simplifies the process of oil and gas exploration and production. Rapid urbanization and the proliferation of smart devices are increasing oil and gas exploration activities as they require energy for functioning properly. Development of deepwater and ultra-deepwater water reserves to boost production as the land-based and shallow oil fields have reached maturity stages are expected to boost the growth of the global seismic services market.
However, the seismic services take the help of seismic surveys. Offshore seismic surveys create a lot of noise which is considered harmful for marine mammals. Strict government regulations controlling seismic survey noise in several countries may restrain the global seismic services market growth in the forecast period.
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The global seismic services market is segmented on the basis of service, technology, location of deployment, application, regional distribution, and company.
On the basis of type, the global seismic services market is divided into data acquisition, data processing, and interpretation. The data acquisition segment holds the largest market share and is expected to dominate the next five years. Data obtained helps explore new reserves with longer production lifecycles. The use of data in finding new oil and gas reserves is expected to accelerate the growth of data acquisition.
On the basis of technology, the global seismic services market is divided into 2D imaging, 3D imaging, and 4D imaging. The 3D imaging segment is expected to account for a substantial market share in the forecast period. 3D imaging is in high demand from oil and gas companies as it helps solve problems and lower the risk in production, development, and exploration operations.
On the basis of the location of deployment, the global seismic services market is bifurcated into onshore and offshore. The offshore segment is expected to witness growth opportunities to grow at a robust rate in the next five years. Recovery in the oil prices and the data obtained from the offshore locations is much higher in quality are driving the growth of the offshore segment. The presence of a large number of offshore locations compared to onshore locations and the availability of favorable conditions to obtain information by using seismic services are expected to fuel the growth of the global seismic services market.
On the basis of application, the global seismic services market is divided into construction, oil & gas, mining, and others. The oil & gas segment is projected to grow at the fastest incremental rate in the forecast period. An increase in the number of industries and manufacturing units using oil and gas as a power source and the flourishing automotive industry is boosting the energy requirements around the globe. The rise in government officials’ efforts for infrastructure developments and the huge number of ongoing construction activities significantly contributed to the surge energy requirements worldwide. The demand for more energy generation and the substantial investments made by market players are expected to magnify the global seismic services market demand.
Major operating companies operating in global seismic services market are:
· Agile Seismic LLC
· Amerapex Corporation
· Asian Energy Services Ltd
· China National Petroleum Corporation
· China Oilfield Services Limited
· Echo Seismic Ltd.
· Halliburton Company
· Pulse Seismic Inc.
· Schlumberger Limited
· SeaBird Exploration
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“North America is witnessing a surge in offshore exploration activities. The region has tremendous growth potential due to the presence of untapped resources, which is expected to create growth opportunities for the global seismic services market. Recent discoveries in the Mexico and United States offshore are attracting huge foreign investments along with the growing use of advanced technology for oil exploration activities are expected to propel the growth of the global seismic services market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Seismic Services Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the future growth potential of global seismic services and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global seismic services market.
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