by The global Seismic Survey Market is estimated to be valued at US$ 21.86 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Seismic survey is a method used to understand subsurface formations by collecting and analyzing acoustic waves reflected or propagated from subsurface interfaces or lithology boundaries. Seismic surveys are conducted to map subsurface geology and detect oil and gas deposits.
Market key trends:
One of the key trends in the seismic survey market is the increasing adoption of more advanced seismic acquisition techniques. Historically, 3D seismic techniques were the standard used for oil and gas exploration. However, technologies such as 4D seismic monitoring and full-waveform inversion are gaining increasing popularity due to their ability to provide enhanced imaging capabilities. 4D seismic allows operators to monitor reservoir performance and movement of fluids over time. Full-waveform inversion helps map reservoir properties in greater detail. The transition to these advanced techniques isexpected to support the growth of the seismic survey market over the forecast period.
SWOT Analysis
Strength: The seismic survey market has a wide scope for growth with advancements in seismic technology leading to better quality data acquisition and interpretation. Cost-effective 4D seismic surveys to analyze changes in reservoirs is a key strength.
Weakness: High initial investment costs associated with seismic data acquisition is a major weakness. Dependency on oil & gas prices affects spending on exploration activities.
Opportunity: Growing demand for hydrocarbon reserves and focus on ultra-deepwater and unconventional resources present opportunities. Developing markets in Asia Pacific and Middle East support growth.
Threats: Stringent government regulations around exploration activities pose challenges. Focus towards renewable energy reduces dependency on oil & gas.
Key Takeaways
The global Seismic Survey Market Share is expected to reach US$ 21.86 Billion by 2030, exhibiting a CAGR of 4.7% during the forecast period. Growing energy demand along with increasing investments in upstream exploration and production activities are driving the market.
Regional analysis: North America dominates the global seismic survey market currently due to increasing shale gas exploration in the US. However, the Asia Pacific region is expected to witness the fastest growth attributed to growing oil & gas demand in China and India. Countries like Indonesia and Australia are also expected to support regional growth.
Key players operating in the seismic survey market are Halliburton Company, CGG SA, PGS ASA, TGS ASA, Schlumberger NV, New Resolution Geophysics (NRG), Geokinetics, Fugro N.V., Pulse Seismic, Inc., Dawson Geophysical Company, Geospace Technologies Corporation, Seabird Exploration, PLC, Agile Seismic, LLC, Ion Geophysical Corporation, Saexploration Holding, Inc., Alpine Ocean Seismic Survey, Inc., Global Geophysical Services, Inc. Major players are focusing on technological advancements and developing integrated solutions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
