According to the research report, the global Seismic Survey market in 2019 was approximately USD 1.5 billion. The market is expected to grow at a CAGR of 4% and is anticipated to reach around USD 2 billion by 2026.
Increasing demand for oil and gas is likely to encourage the market players to explore new fields. Oil and gas explorers use seismic surveys to yield comprehensive pictures of the numerous rock categories and their position under the Earth’s surface and they use this information to determine the location and size of oil and gas reservoirs.
The reduction in the production of oil and gas due to an economic slowdown and a price war is estimated to affect the budgets for exploration. Also, the crashing of oil prices is estimated to shrink the profit margins of the companies. The reductions in the budgets for exploration are likely to affect the seismic survey market.
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The global economy is facing slow down which has reduced the consumption of oil and gas. Also, per barrel prizes of oil are down, extracting companies may lack in the business expansion. This may shift oil extracting companies to become operationally efficient by using existing resources. The oil companies use this strategy to sustain in the recession and as the recession ends companies are better prepared to take new challenges of a growing economy. A seismic survey of Brownfield can protect companies from investment in expansion and focus on maximizing the efficiency of their existing assets. Therefore, Brownfield projects are estimated to fetch a significant demand for the seismic survey industry in the slowdown period.
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The seismic survey market is segmented based on service, technology, and application. Based on Service segmentation, the market is categorized into data processing, data acquisition, and data interpretation. Data processing is estimated to have a significant market share owing to the demand from the oil gas industries. Based on the technology segmentation market is categorized into 2D Imaging, 3D Imaging, and 4D Imaging. 3D imaging is projected to be a significant revenue-generating category owing to its affordability and detailed results. In terms of Application segmentation, the market is bifurcated into geological, geophysical, geotechnical, and others.
Based on the regional market is segmented in the regions such as North America, Europe, Asia Pacific Latin America, and the Middle East and Africa. The Middle East and African market are estimated to dominate the global market share. The oil and gas reserves in the region are fueling the market development of the seismic survey market. The rapid progress of the Middle East and Africa is projected to be followed by Europe and North American market.
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Top Market Players
Leading key market players operating in the Seismic Survey market, but not restricted to include Compagnie Generale de Geophysique (CGG), Polarcus Limited, Fugro N.V., Schlumberger Limited-Western Geco, Fugro N.V., Petroleum GeoServices, (TGS)-Norwegian Petroleum Exploration Consultants, Seabird Exploration PLC, Tomlinson Geophysical Services, Inc., and Ion Geophysical Corporation. The market of the seismic survey market is concentrated. Owing to the presence of limited players in the market players are having higher supplier power.
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