February 21, 2024

The Adoption Of Seismic Surveys To Optimize Oil And Gas Exploration Activities Is Anticipated To Openup The New Avenue For Seismic Survey Market

The Seismic Survey Market is estimated to be valued at US$ 21.86 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Seismic surveys involve emitting seismic waves into the earth and studying the reflected energy to create images of geological formations below the surface. This helps oil and gas companies effectively map potential reserves and locate the most promising drilling locations. Services encompass land, marine, and transition zone seismic data acquisition and processing using techniques like 2D, 3D, 4C and 4D surveys.

Market Dynamics:
The seismic survey market is expected to grow owing to two key drivers-
Firstly, depleting conventional reserves has fuelled exploration activities targeting unconventional reservoirs. Seismic surveys play a vital role in analyzing suitability of shale basins for hydraulic fracturing and horizontal drilling techniques. This is supporting market expansion.
Secondly, governments across regions like Latin America, Asia Pacific and Africa are promoting E&P by providing bids, concessions and fiscal incentives. This is encouraging upstream players to undertake comprehensive surveys to minimize exploration risks. Such policy initiatives will drive the adoption of seismic technologies over the forecast period.

Segment Analysis
The seismic survey market can be segmented based on the type as 2D seismic survey and 3D seismic survey. Among these, 3D seismic survey dominates the market as it provides high resolution imaging and interpretable seismic data for oil and gas field development projects. 3D seismic survey allows seeing below/beside the survey location, offering more insight into the subsurface.

PEST Analysis
Political:
Favorable government policies boost exploration & production (E&P) activities. However, uncertainties in tax & licensing policies pose risks.
Economic: Rising energy demand drives seismic survey adoption. Yet, volatility in oil prices impacts E&P budgets and survey demands.
Social: Growing awareness on energy sustainability increases investments in alternative & renewable energy sources.
Technological: Advancements in seismic data acquisition & analysis techniques such as broadband seismic, FWI, and digital transformation initiatives support market growth.

Key Takeaways
The global Seismic Survey Market Share was valued at US$ 21.86 Bn in 2023 and is expected to reach US$ 31.44 Bn by 2030, exhibiting a CAGR of 4.7% during the forecast period. Growth is driven by increasing exploration activities to cater to the rising global energy demand.

North America dominated the seismic survey market in 2023 with over 30% revenue share owing to robust E&P spending from shale plays in the US. Moreover, the US government’s support for domestic oil & gas production boosts regional market growth. Asia Pacific exhibits the fastest growth rate during the forecast period due to a large emerging economies driving energy requirements in the region.

Key players operating in the seismic survey market are Halliburton Company, CGG SA, PGS ASA, TGS ASA, Schlumberger NV, New Resolution Geophysics (NRG), Geokinetics, Fugro N.V., Pulse Seismic, Inc., Dawson Geophysical Company, Geospace Technologies Corporation, Seabird Exploration, PLC, Agile Seismic, LLC, Ion Geophysical Corporation, Saexploration Holding, Inc., Alpine Ocean Seismic Survey, Inc., Global Geophysical Services, Inc. These players are focusing on contracts to strengthen their positions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it