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

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.