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The seismic services market size is estimated to increase by USD 1,350.43 million between 2022 and 2027. The market size is forecast to grow at a CAGR of 2.93%. The growth of the market depends on several factors such as the rising multi-client survey approach in seismic services, increasing investments in the upstream oil and gas sector, and the rise in deepwater and ultra-deepwater E&P projects.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The ring multi-client survey approach in the services is driving growth in the market. The multi-client seismic survey data, which has been collected in very large areas of land, are acquired by the Seismic Service Provider. It then licenses the data to as many clients as possible, making the survey less expensive on a per-unit-area basis. The increasing cost of ownership of the data has resulted in a shift in the multi-client approach in the market.
However, a seismic service provider owns the seismic survey data, bears all the risks, and pays the cost of the seismic survey. It grants the data to a number of clients and E&P companies are required to make payments based on the acres that have been covered. Most companies are focusing on multi-client-based services, which provide high revenue-generating opportunities for vendors in the market.
The increasing adoption of 4D seismic survey technology is a key trend in the market. Traditionally, the use of 2D and 3D seismic techniques to collect Marine Seismic Information has been in determining oil reserves. The 2D seismic method uses reflected acoustic waves to produce seismic images of geological structures using air guns.
Moreover, the emergence of the 4D seismic method for the identification of hydrocarbon reserves benefits E&P activities. The 4D technique is also referred to as the time-lapse technique. In order to achieve better image quality in the potential hydrocarbon reservoir, simultaneous monitoring uses a combination of 3D Seismic techniques. This trend is currently observing high adoption and is expected to drive the growth of the market during the forecast period.
The fluctuations in crude oil prices are a major challenge in the market. Oil is made by the need for continuous surveys and exploration in the upstream oil and gas industry highly valuable for the overall market. Upstream companies are adversely affected by fluctuations in global crude oil prices, as the selling price of crude oil is determined by the market, while production costs are largely fixed.
Thus, the capital intensity of the oil and gas sector is having a negative impact on investment decisions and profits, which resulted in slow growth or even a decline in oil and gas E&P activities, including delays and cancelations of oil and gas projects. Therefore, fluctuations in global crude oil prices pose a significant challenge to the growth of the oil and gas industry, including the global market.
The market research report includes the adoption lifecycle of the market, 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 growth strategies.
Global Market 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 services such as advanced 3D seismic processing and imaging for high-density and wide azimuth land surveys, narrow azimuth marine surveys, and ocean bottom cables.
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 onshore segment is estimated to witness significant growth during the forecast period. A seismic survey is mainly used for onshore surveys. Onshore seismic surveys are performed using three distinct types of surveys, namely 2D, 3D, and 4D. For surface-level measurements, 2D seismic surveys are being used whereas 3D survey is the subsurface survey technology.
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The onshore segment was the largest segment and was valued at USD 5,599.67 million in 2017. 4D is a combination of multiple 3D seismic technologies coupled together for better efficiency in data acquisition. The cost of 2D seismic surveys is not as high as 3D and 4D seismic surveys, but the results obtained from these surveys are less than satisfactory.
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APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, the leading contributors to the market in North America were the US and Canada. These countries are among the largest oil and gas producers in the world. A strong increase in oil and gas production was attributed to the unconventional E&P activities of a majority of these countries, such as drilling in shale in the US and oil sands in Canada. As of 2021, Canada was one of the top five crude oil producers in the world and one of the major suppliers of reliable crude oil to international markets. Oil and gas producers in Canada are focusing on increasing production through E&P activities. The Montney and Duvernay oil sands in Alberta, Canada, have significant potential. Hence, oil and gas E&P companies are investing in E&P activities to extract oil and gas from these areas. Vendors in the market are focusing on exploring offshore oil fields in the country. Such developments were a major factor driving the growth of the segment in 2022.
The Australian geoscience company Searcher is actively involved in exploration activities, particularly in the offshore segment. They utilize DELFI Seismic Processing technology for offshore seismic services in regions like the North Luconia Province and the Petrel Sub-Basin. Major players such as Halliburton Company and Schlumberger NV are prominent in the market, conducting seismic survey programs for oil and gas exploration companies worldwide.
The market trends indicate a growing interest in shallow-water oil fields and ultra-deepwater reserves, alongside increasing exploration for renewable energy sources. Notable regions of focus include the United Kingdom Continental Shelf (UKCS), Middle-East, Africa, and the Norwegian Petroleum Directorate. TGS ASA also holds a significant position in the offshore seismic services market.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Seismic Services Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.93% |
Market growth 2023-2027 |
USD 1,350.43 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.69 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, Canada, China, Russia, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agile Seismic LLC, Amerapex Corp., Asian Energy Services Ltd, Briscoe Group Ltd, CGG SA, China National Offshore Oil Corp., China National Petroleum Corp., Echo Seismic Ltd., Fugro NV, Halliburton Co., PGS ASA, Polarcus Ltd., Pulse Seismic Inc., RASMUSSENGRUPPEN AS, SAExploration Holdings Inc., Schlumberger Ltd., SeaBird Exploration Plc, Sinopec Shanghai Petrochemical Co. Ltd., TGS NOPEC Geophysical Co ASA, and Alphageo India Ltd. |
Market dynamics |
Parent market 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, and Market condition analysis for the forecast period. |
Customization purview |
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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 Deployment
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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