USD 4.21 billion
Seismic Services Market Size, Share, Growth Analysis, By Type (Data Acquisition, Services Offered), By Location of Deployment (Onshore, Offshore), By Application (Oil & Gas, Construction), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2100 |
Region:
Global |
Published Date: May, 2024
Pages:
178
|Tables:
61
|Figures:
75
Seismic Services Market Insights
Global Seismic Services Market size was valued at USD 4.21 billion in 2022 and is poised to grow from USD 4.36 billion in 2023 to USD 5.75 billion by 2031, growing at a CAGR of 3.52% during the forecast period (2024-2031).
Seismic services are considered as the methods and the techniques which help in gathering as well as analyzing the data which has been attained through exploration. The growth of the seismic services market across the globe is majorly driven by the growing energy demand. This led the oil & gas sector to foster exploration in search of new reservoirs to meet the demand. Further, this surges the demand for the 3D and 4D seismic surveys, as it helps in the in-depth discoveries, analysis, and interpretation. Moreover, the offshore explorations have been increased by the industries to find the new reservoirs and the untapped resources. For this, there is a requirement of advanced seismic technologies for the easy recognition of the reserves. So, all these factors together, surges the demand for the seismic services globally.
Moreover, the major trends in the market are the advancement in technologies and growing awareness about sustainability. The latest technologies like AR, VR, etc, can be adopted in the seismic services and further the interpretation process can be streamlined. Further, considering the sustainability trend, the seismic service providers should adopt the equipment’s and methods that have lower impact on environment.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Oil & gas
Fastest Growth
Mining
Growth Rate
3.52% CAGR
Global Seismic Services Market ($ Bn)
Country Share for North America Region (%)
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Seismic Services Market Segmental Analysis
Global Seismic Services Market is segmented by Type, Location of Deployment, Application, and region. Based on Type, the market is segmented into Data Acquisition, Services Offered, and Technology. Based on Location of Deployment, the market is segmented into Onshore, Offshore. Based on Application, the market is segmented into Oil & Gas, Construction, Mining, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Deployment Location
By deployment location, the market is segmented into offshore and onshore. The onshore segment is considered as the largest and the dominant segment of the market. As, the onshore segments valued 1.9 billion in 2022. This is attributed by the faster deployment and the easy accessibility of onshore segment Along with this, the seismic survey majorly used for the onshore surveys. And the onshore segment is also considered as less expensive than the offshore segment. Due to this, it is highly preferable.
The offshore sub-segment is considered as the fastest growing, this is driven by the factors such as the rise in the exploration and production (E&P) activities in the extremely deep water. Alongside, the rise in efforts by the oil and gas industry, to explore the untapped sources, also driving the growth of the offshore seismic services.
Analysis by End-user
By end-user, the market is segmented to oil & gas, mining, and others. Oil & gas industry sector dominates the market of the seismic services market and also considered as the fastest growing segment, as during the forecasted period the, the oil & gas industry show growth of 2.98% CAGR. In the oil & gas industry, the seismic services helps in the facilitation of the activities that leads to production. Further, seismic services also helps in providing assistance regarding exploration of the hydrocarbon reserves and also helps in proceeding the further planning’s of it. Globally, the alleviation in the demand of the energy has been viewed, therefore the oil & gas sector foster exploration of the novel reserves and also seeks the optimizing of the existing operations, all these factors together urges the demand of the advanced seismic services.
Rapid digitization of the mining industry is slated to make the mining segment the fastest-growing one in the world. Increasing emphasis on safety and growing need for seismic monitoring are also slated to help market growth over the coming years.
Global Seismic Services Market By End-User
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Seismic Services Market Regional Insights
North America dominates the market of global seismic services. This region will witness the growth of 2.98% during the forecast period. This is driven by the presence of the strong oil and gas industry in the North America region and the continuous exploration efforts and development in the extraction of shale gas, made by the oil and gas industries in this region. Additionally, the market is accelerating in this region due to the growing emphasis on sustainability in the geophysical surveys. Apart from this, it has been analyzed that the North American region has the robust infrastructure sector, so this also act as a strong contributor in the expansion of the market. As, the land-based surveys prove as an important tool in the construction activities, urban planning, and the projects related to transportation.
On the other hand, the Middle East and Africa, is considered as the fastest growing segment. As, the offshore exploration mainly in the West Africa is getting enhanced due to the presence of the untapped resources, this is thus developing the great opportunities for the oil & gas and the mining sector. In January 2022, Shell PLC made a discovery in Graff-1 in offshore Namibia, through drilling it has been found that there is a layer of 60 meters hydrocarbons which holds the 250-300 million oil & gas barrels.
Global Seismic Services Market By Region
- Largest
- Fastest
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Seismic Services Market Dynamics
Drivers
Growing exploration of offshore areas
- The growing exploration of offshore areas is the driver for the global seismic services market. Since April 2022, the demand for offshore exploration has been increased to 11% globally. This demand is facilitated by the presence of the improvised seismic technologies such as 3D and 4D surveys, which provides the quality imaging’s for the recognition of the reservoirs. Thus, the advancement in the seismic technologies urges the demand for the exploration of the untapped offshore reserves.
Acceleration in the energy demand
- The enhancement in the energy demand is the key driver of the seismic services market. As, the growing energy demands leads to the exploration and the discoveries of the novel oil and gas resources as well as the reservoirs. Considering this, there is a requirement of the advanced seismic services like 3D and 4D method for the easy recognition of the reservoirs, for identifying risks, and many other things.
Restraints
High cost of seismic services
- The seismic services results in the high cost, as it includes the expenses of personnel, equipment’s, etc. It has been found that the cost of marine seismic survey can be over $ 200,000 per day. This fixed high cost hampers the access by small and medium-sized organisation to these seismic services. This thus, limits the growth of the seismic services market.
Environmental Issue
- The seismic services market get affected because of its negative influence on the environment, majorly in the marines. For acquiring information, generally the usage of explosives are fostered, which further disrupts the marine ecosystem. This can result in the oppose of the seismic services. The recent news reveals that the green connection opposes the seismic services, due to its negative influence on marine ecosystem. In 2022, the surfers and fishers of Australia also opposed the seismic services in Bass strait mainly for oil & gas sector.
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Seismic Services Market Competitive Landscape
The global seismic services market is highly competitive and there are many major players present in the market globally. These major players provide various seismic services like acquisition of data, processing, interpretation, and consulting. The key organisations made their strong presence in the market by fostering mergers and acquisitions, collaborations, and by emphasizing on the technological advancements. Apart from this, there are certain major players which holds the significant share in the market by making their research and development activities robust and by offering integrated solutions to various industries and the sectors around the world. Some of the key players in the market are:
Top Player’s Company Profiles
- Halliburton Company
- CGG SA
- PGS ASA
- TGS ASA
- Schlumberger NV
- Amerapex Corp.
- Briscoe Group Ltd.
- China National Offshore Oil Corp.
- China National Petroleum Corp.
- Echo Seismic Ltd.
- Fugro NV
- Polarcus Ltd.
- Pulse Seismic Inc.
- RASMUSSENGRUPPEN AS
- SAExploration Holdings Inc.
- Paradigm Group B.V.
- EGS (International) Ltd.
- Weatherford
- Ramboll Group A/S
Recent Developments
- May 2023: The pre-funding of 6,885 square kilometres 3D-seismic survey offshore in the North Luconia Province of the Sarawak Basin has been attained by the TGS in the partnership with PGS and Schlumberger.
- August 2022: A multi-year pact has been signed by the Schlumberger and Microsoft, in this way their combined expertise helps in developing the open and extensible cloud-native data products, mainly for the energy industry. The main aim of this collaboration is to foster innovation and to adequately address the current seismic requirements.
- February 2022: Abu Dhabi’s state-owned oil and gas corporation, named ADNOC made an announcement of finding 1.5 to 2 trillion standard cubic feet of gas offshore in the Emirate’s northwest.
Seismic Services Key Market Trends
- Advancement in the technologies: Globally, the digitalisation and the automation has been viewed, due to the increase in the adoption of the advanced technologies like AR, VR, cloud technologies, etc. So, these advanced technologies can also be adopted by the organisations dealing in seismic services, because these technologies help in streamlining the interpretation and the analysis process. Further, enables the organisation to attain in-depth insights from the seismic data, thus improves the success rate of the exploration and minimizes the cost. Currently, firms are investing in these technologies and shapes the evolution of the seismic services market.
- Growing awareness about sustainability: The growing sustainability among the people is another trend in the market. So, due to this demand the industries can incline more towards the sustainability by the adoption of the seismic techniques and the methods which have low impact on the marine ecosystem.
Seismic Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global seismic services market analysis, the market is witnessing significant growth driven by factors such as acceleration in the energy demand and the enhancement in the offshore exploration. As, for meeting the demand, the exploration will be conducted and this further requires the 3D and 4D seismic surveys techniques for an efficient analysis. Further, the restraints in the market are the high cost of the seismic services and the environmental issues associated with the seismic survey. As, the high cost will restrain the SMEs to attain the seismic services. On the other hand, seismic surveys usually have negative influence on the marine ecosystem, so the people and government regulations can hampers the seismic surveys by various industries.
Moreover, based on the end-user, it has been found that oil & gas sector dominates the market, this is attributed by the growing energy demand, which leads to the exploration of the new reservoirs by the oil & gas sector. The regional insights says that North America is the dominant region for the seismic services market, due to the early adoption of the advanced technologies and continuous investments in the seismic services. On the other hand, middle east and Africa is the fastest growing region, because mainly in Africa there are various untapped reserves or resources which needs to be explored. Moreover, some of the trends in the global seismic services market are the advancement in the technologies and the growing awareness about sustainability. Due to these factors market seems to experience robust growth in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.21 billion |
| Market size value in 2031 | USD 5.75 billion |
| Growth Rate | 3.52% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Seismic Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Seismic Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Seismic Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Seismic Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Seismic Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Seismic Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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