PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555514
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1555514
Seismic Services Market size was valued at USD 8,264.2 Million in 2023, expanding at a CAGR of 6.80% from 2024 to 2032.
Seismic services mostly determine the geophysical characteristics of the ocean floor and the earth's crust. In order to address the difficulties associated with data collection, processing, and interpretation, they involve creating and pre-planning surveys in two- and three-dimensional (2D) models. In order to limit the need for additional exploration and lessen the damage to the environment, they can provide maps of structures that show areas with gas deposits and reservoirs. For crucial exploration and reservoir decision-making, seismic services are therefore frequently used in the oil and gas sector.
Seismic Services Market- Market Dynamics
Growing Need from the Gas and Oil Sector
Globally, there's been a surge in oil and gas exploration due to the growing need for energy due to fast urbanization and more usage of electronic equipment. This is one of the key factors affecting the expansion of the seismic service market. In order to conduct offshore exploration and production (E&P) in deeper waters, explorers might make use of seismic services. This is anticipated to spur further market expansion, along with the development of ultra-deepwater deposits. Furthermore, the need for liquefied natural gas (LNG) is growing as a result of growing environmental concerns and strict government regulations imposed on the use of fossil fuels. It is anticipated that market growth will rise as a result. Aside from that, geohazards like flooding and landslides commonly affect infrastructure. Therefore, there is a positive correlation between the construction of roads, buildings, dams, bridges, and utilities and the demand for seismic services.
Seismic Services Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.80% over the forecast period (2024-2032)
Based on type segmentation, the data acquisition category was predicted to show maximum market share in the year 2023
Based on technology segmentation, the 3D imaging category was the leading segment in 2023
Based on location of deployment segmentation, the offshore category was predicted to show maximum market share in the year 2023
Based on application segmentation, the oil and gas category was predicted to show maximum market share in the year 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Seismic Services Market is segmented on the basis of Type, Technology, Location of Deployment, Application, and Region.
The market is divided into the following categories based on technology: 2D Imaging, 3D Imaging, and 4D Imaging The 3D imaging category dominates the market. The factors can be attributed to its rising demand stemming from its application in production, development, and exploration activities to reduce uncertainty and solve difficulties. Additionally, it facilitates quicker data collection, processing, and analysis. To collect 3D data, the seismic sources and detectors are arranged in a grid. 3D seismic data collection is becoming more and more prevalent because it is much simpler to interpret and analyze. The need for 3D imaging technology has increased as a result of oil and gas companies using 3D imaging seismic technology to address issues and reduce uncertainty in development, exploration, and production operations. With this technology, geological features can also be photographed more clearly.
The market is divided into the following categories based on location of deployment: Onshore and Offshore. The offshore category dominates the market and is likely to maintain its dominance during the forecast period due to the fact that offshore seismic services are conducted in maritime environments. Offshore seismic data often has a substantially greater quality than onshore seismic data due to a number of positive features, including uniform water as the medium, optimal coupling conditions at sources and receivers, and consistent and trustworthy sources. Therefore, factors such as increased exploration and production (E&P) in deep-water and ultra-deepwater resources and enhanced efforts by oil and gas majors to tap hitherto untapped sources, are projected to drive the offshore seismic services market.
Seismic Services Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Over the course of the forecast period, North America is anticipated to hold the greatest share of the global market for seismic services. Its robust oil and gas sector and significant exploration efforts are the main drivers of the region's dominance. The area is improving the effectiveness and precision of exploration by large investments in cutting-edge seismic technologies, including 3D and 4D imaging. Additional factors supporting the expansion of the area market are the existence of significant oil and gas businesses and pro-energy government policies. Seismic service demand is also being driven up by the growing attention being paid to shale gas and tight oil fields. Innovation in technology, a robust industrial base, and a dedication to energy security all contribute to North America's dominant position.
In addition, the seismic services market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. The growth in energy demand and the continuous exploration efforts in developing economies like China, India, and other Southeast Asian nations are the main reasons for this noteworthy rise. There is a growing demand for more energy resources in the region due to its fast industrialization and urbanization, which is driving significant oil and gas exploration. To entice international investments in the energy industry, governments are implementing advantageous policies and providing incentives. Furthermore, the development of regional markets is supported by the improvement in exploration efficiency brought about by seismic technology developments and the increasing use of 3D and 4D imaging.
In order to diversify their product offerings and boost their market shares across various geographies, major players such as Agile Seismic LLC, Amerapex Corporation, Asian Energy Services Ltd, China National Petroleum Corporation, China Oilfield Services Limited, and Echo Seismic Ltd. are concentrating on a number of critical business strategies, including alliances, mergers and acquisitions, joint ventures, and product innovations. Additionally, in an effort to improve their position in the market, manufacturers are implementing a number of strategic initiatives, such as supply chain optimization, new manufacturing facility construction, and expenditures in research and development.
February 2024: With Equinor and the Subsea Integration Alliance, which consists of OneSubsea and Subsea7, Schlumberger (SLB) signed a long-term collaboration deal. The objective of this agreement is to improve project economics through information sharing and technological innovation. It made early planning on the Wisting (Norway) and Bay du Nord (Canada) projects possible.
August 2023: Planning and managing marine seismic surveys can now be done with data-driven MetaBlue, a Sercel product. It improved stakeholder engagement and shortened project turnaround times by connecting every stage of a marine seismic project. High-quality seismic data for better subsurface imaging was delivered by MetaBlue, which also enhanced operational performance through optimized maritime seismic surveys.
May 2023: Pre-funding has been obtained by TGS, PGS, and Schlumberger for a multi-client 3D seismic survey covering 6,885 square kilometers (2,658 square miles) offshore Malaysia in the North Luconia Province of the Sarawak Basin.
January 2022: Santos, an oil and gas corporation, awarded contracts to Shearwater GeoServices for two multicomponent surveys in Western Australia's offshore regions. The two-month program encompasses the Petrel Sub-Basin 3D survey, which spans around 1,100 sq. km, and the Keraudren North Extension, which covers an area of about 680 sq. km in the Bedout Basin.