Global Seismic Services Market

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 News

  • 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.
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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). 

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: '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'

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.

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.

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.

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Global Seismic Services Market

Report ID: SQMIG10B2100

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