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The North America Seismic Survey Market size is forecast to increase by USD 2.34 billion, at a CAGR of 4.46% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is witnessing a growing demand for a growing shift toward AI-powered analytics and machine learning for interpreting seismic data, the emergence of cloud-based seismic survey solutions and the transition to green seismic technologies.
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The growing shift toward AI-powered analytics and machine learning for interpreting seismic data is notably driving the market growth. Traditional seismic data interpretation relies heavily on human expertise, which can be subjective and time-consuming. Artificial intelligence (AI) and machine learning (ML) algorithms can analyze vast datasets objectively and efficiently, extracting subtle patterns and anomalies that might be missed by manual interpretation. This leads to more accurate reservoir characterization, improved well placement, and, ultimately, higher exploration success rates. Traditionally, interpreting seismic data can take weeks or even months.
Further, leading AI and ML solutions are designed to integrate seamlessly with existing such interpretation software. This allows geoscientists to leverage the power of AI without completely overhauling their workflows, facilitating adoption and maximizing return on investment. For instance, CGG S. As GeoViz and HampsonVue use AI for automated fault detection and horizon interpretation. Similarly, Schlumberger Ltd.s DELPHI cognitive exploration platform offers AI-powered reservoir characterization. In conclusion, the growing adoption of AI-powered analytics and machine learning in seismic data interpretation will drive the growth of the market during the forecast period.
The data acquisition segment is estimated to witness significant growth during the forecast period. The data acquisition segment involves the collection of subsurface data to analyze and interpret geological structures. Ongoing advancements such as 3D and 4D seismic imaging in such technology have led to the development of more sophisticated and high-resolution systems.
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The data acquisition segment was the largest and was valued at USD 4.02 billion in 2018. Beyond energy exploration, data acquisition is essential for various environmental and infrastructure projects such as geotechnical investigations, underground mapping, and assessing potential geological hazards, contributing to the demand for information acquisition services. Stringent environmental regulations and safety standards require thorough segment processes to assess potential risks and mitigate environmental impact. Compliance with these regulations reinforces the need for precise and comprehensive data, driving the growth of the segment. Thus, technological advancements, increased exploration activities, reservoir characterization needs, the demand for unconventional resources, involvement in diverse projects, and adherence to regulatory requirements will collectively contribute to the growth of the data acquisition segment in the market during the forecast period.
The rise in deepwater and ultra-deepwater E and P projects is notably driving market growth. Companies in oil and gas upstream sectors have been extracting oil and natural gas from onshore wells for many years. Offshore wells are also popular sources of oil and gas E and P. In offshore E and P, oil and gas companies are shifting their focus from shallow waters to deepwater and ultra-deepwater resources due to the presence of large, untapped reserves. The production of oil, particularly in the subsea environment, is more expensive than in the conventional offshore environment.
Furthermore, data acquisition and drilling in offshore locations is also more challenging than in onshore locations owing to the harsh environment. Moreover, due to the increase in the number of deepwater and ultra-deepwater projects, an increase in investment is expected to be directed toward offshore E and P activities, which will drive the seismic survey market in North America demand. Such factors will drive the growth of the market during the forecast period.
Environmental scrutiny and regulatory hurdles associated with seismic surveys a significant challenges hindering market growth. Such surveys, especially offshore, face scrutiny for their potential impact on marine life. The use of air guns, which emit intense sound waves, can disturb and harm marine species such as whales and dolphins. Environmental groups and researchers raise concerns about the disruption of migratory patterns, feeding behaviors, and potential harm to marine ecosystems due to such practices. Stringent environmental assessments and public opposition can lead to lengthy permitting processes, significantly delaying project timelines and inflating costs. For instance, a 2022 report by the Center for Biological Diversity highlighted permitting delays of up to six years for such surveys in sensitive ecosystems.
Further, changing regulatory landscapes, including updates to environmental protection laws, add uncertainty to the seismic survey market in North America. Adaptation to evolving regulations requires continuous assessment and adjustment of operational practices, increasing compliance costs and potential delays. Instances of these challenges are evident in cases where such exploration projects faced legal battles and delays due to environmental concerns and regulatory complexities. Thus, such environmental scrutiny and regulatory hurdles will hamper the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Agile Seismic LLC - The company offers seismic survey software called Agile Advanced 3D-seismic processing and imaging software with seismic viewer, 2D and 3D interpretation, seismic attribute evaluation, inversion, and reservoir characterization. They also offer design, project management, and field oversight of 2D and 3D seismic projects.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The Seismic Survey Market in North America is witnessing significant developments amidst the evolving energy landscape. With crude oil exploration remaining a focal point, particularly in regions like the Gulf of Mexico, companies such as Pemex are actively engaged in offshore activities, notably in areas like Tamaulipas, Veracruz, Tabasco, and Campeche. Concurrently, European players like Eni Mexico and Qatar Petroleum are expanding their presence through ventures like the Area 1 offshore project, encompassing fields such as Amoca, Miztón, and Tecoalli. Amid growing emphasis on renewable energy sources, the offshore segment in the United States remains pivotal, with the deployment of advanced survey technologies to optimize resource exploration. As market demand intensifies, investments in cutting-edge survey solutions are expected to soar, bolstered by the stability of the USD (United States Dollar).
North America Seismic Survey Market Scope |
|
Report Coverage |
Details |
Page number |
137 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.46% |
Market Growth 2024-2028 |
USD 2.34 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.32 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agile Seismic LLC, Amerapex Corp., CGG SA, China National Petroleum Corp., Earth Signal Processing Ltd., Echo Seismic Ltd., Fairfield Geotechnologies, Fugro NV, Halliburton Co., PGS ASA, PT Pertamina Persero, Pulse Seismic Inc., SAExploration Holdings Inc., Schlumberger Ltd., Seitel Inc., Terrex Seismic, TGS NOPEC Geophysical Co ASA, and Shearwater GeoServices |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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