The ‘Global Seismic Services Market Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global seismic services market, assessing the market on the basis of its segments like service, location of deployment, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5.20%
Expansion of the offshore oil and gas industry is increasing the demand for the seismic services market as seismic services data makes it easier to locate oil reserves and also improves the accuracy of well placement. Applications of seismic services in offshore data is considered to have high accuracy owing to the uniform property of water as a medium, and consistent and repeatable sources, among other favourable conditions. The surveys are used in the oil and gas industries to map geological structures available underneath the earth or the seabed to improve planning and deployment of operations. Accordingly, growing demand for various end products of the oil and gas sector, fuelled by rapid industrialisation, are bolstering the growth of the seismic services market.
Seismic services are considered to be sustainable as they offer reduced operational as well as embodied carbon emissions which is attracting various end users towards these services, leading to a rapid growth of the overall seismic services market. The sustainability is achieved through focussing on factors such as design efficiency, manufacturing effectiveness, and selection of materials. Moreover, each and every component utilised in the service is tracked, tagged, and linked to a 3D model so that traceability process can run smoothly and also, they can be recycled and used for other projects later on.
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Industry Definition and Major Segments
Seismic services refer to the activities involving collection of seismic data in order to create a 2D or 3D image of the subterranean parts of the earth, either onshore or offshore. These services are commonly utilised by geotechnical investigation groups, oil and gas companies, civil engineering industries, and mining companies, among others.
Based on service, the market is segmented into:
- Data Acquisition
- Data Processing and Interpretation
On the basis of location of deployment, the market is bifurcated into:
Based on region, the market is categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Seismic Services Market Trends
The key trends in the global seismic services market include rapid developments in deepwater and under deepwater projects and increased spending on exploration activities by different companies and governments of various countries. Governments and companies are investing towards locating untapped hydrocarbon reserves which are increasing the importance and popularity of the seismic services.
Advancements in the seismic survey technology such as introduction of dual sensor cables with geophone and hydrophone, vertical hydrophones, and component geophones cables and ocean bottom cables, among others, are offering lucrative opportunities to the market for seismic services. Moreover, improvements in hydraulic systems and vibrator electronics are facilitating easy accessibility to more information and are also making it possible to recreate waves more accurately, resulting in an increased seismic services market demand.
At a regional level, the Asia Pacific is anticipated to account for a significant share of the market for seismic services owing to the rising demand for oil and natural gas in countries such as India. Governments of countries in the region are taking initiatives to promote seismic surveys and services in the related fields. In addition, growing technological innovations and improvements in seismic imaging technology are expected to further enhance the growth of the market in the Asia Pacific.
Key Market Players
The major players in the global seismic services market report are Schlumberger Limited, CGG S.A., PGS ASA, TGS-NOPEC Geophysical Company ASA, Halliburton Company, Furgo N.V., and Polarcus Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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