Global seismic services market size expanded with the strong demand from hydraulic fracturing, underground gas storage and mining, waste injections and exploration and production to monitor reservoir life. In accordance with these demands, advanced seismic technologies are evolving, seismic image production with high clarity and deliverance with acute efficiency, utmost speed and HSE sensitivity. The trending technology in which seismic services is gaining traction includes multi-client seismic projects and 4D survey technology across the globe.
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The key players of global seismic services market include BGP Inc., CGG SA, Fugro NV, Halliburton Co., Polarcus Limited, Schlumberger Ltd, Sigma Cubed Inc., WGP Group Ltd, Agile Seismic LLC, Petroleum Geo-Services ASA, Geokinetics Inc., ION Geophysical Corporation, SAExploration Holdings Inc., Seabird Exploration PLC, TGS Nopec Geophysical Co ASA and Spectrum ASA.
Globally, North America had the topmost seismic service market share in 2018. Shale explorations coupled with deep water exploration and offshore shallow water has propelled the demand for seismic survey. In January, TGS declared commencement of three 3D seismic projects in Sanderson, Dawson and West Hackberry in North America.
Europe has also shown optimistic growth backed with higher exploration activities to support the high energy demand. According to European Commission, “72.5% of all energy was produced from fossil fuel, including crude oil and natural gas in the EU-28 in 2015.”
The seismic service market of Asia-Pacific is expected to show higher growth in the future. According to the Australian Bureau of Statistics, “Mineral and Petroleum Exploration, total mineral exploration expenditure increased by 6.1% to US$ 201.28 million in December 2016 from previous year in Australia.” These widened expenditure are expected to drive the seismic services market of Asia Pacific. Along with that, demand for oil and gas is encouraging higher utilization of seismic services, which in turn fuelled market growth.
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According to International Energy Agency, “gas demand is expected to increase by 1.6% globally, from 2017 to 2022, with China contributing 40% to this growth. Also, consumption in China is expected to increase to 340 billion cubic meters by 2022.”
Furthermore, Middle East and Africa are considered lucrative markets due to growing production activities and oil and gas exploration. According to the World Energy Council, “the natural gas reserves in Middle East was 80,040.9 billion cubic meters in 2015. Also, the oil demand in this region is estimated to grow by 1.4% between 2014 and 2020.”
Based on type of data acquisition, the global seismic services market is divided into Transition Zone Seismic Acquisition, Marine Seismic Acquisition and Land Seismic Acquisition. On the basis of services offered, the segmentation is extended into Data Acquisition, Data Interpretation and Data Processing. By technology, the global seismic services market categories is inclusive of 2D Imaging, 3D Imaging and 4D Imaging.
The 3D segment generated the highest revenue as 3D seismic data is easier to comprehend and interpret and hence, used extensively for gathering seismic data. The fastest growing segment is 4D. Further segmentation based on component includes software, hardware and services. The major revenue generating segment is hardware and for seismic survey, required hardware includes geophones, hydrophones and seismic sources such as air gun, vibroseis and dynamite to generate the seismic waves. In forecast period, hardware segment is expected to grow fastest.
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Key segments of ‘Global Seismic Services Market’
Based on technology type, the market has been segmented into,
- 2D Seismic Survey
- 3D Seismic Survey
- 4D Seismic Survey
The market breakdown on basis of application,
- Oil and Gas
By type of data acquisition, the global seismic services market can be segmented as:
- Land Seismic Acquisition
- Marine Seismic Acquisition
- Transition Zone Seismic Acquisition
By services offered, the global seismic services market can be segmented as:
- Data Acquisition
- Data Interpretation
- Data Processing
Based on region, the market has been segmented into,
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
What to expect from the upcoming report on ‘Global Seismic Services Market’:
- Future prospects and current trends of the global seismic services market by the end of forecast period (2019-2025)
- Information regarding technological progressions as well as innovations taking place in developing economies
- Supportive initiatives by government likely to influence the market dynamics
- Trends, drivers, opportunities, restraints, challenges and key developments in the market
- In-depth analysis of different market segmentations including regional segmentations, and product types
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market
Who should buy this report?
Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
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