The Seismic Survey Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Seismic Survey Global Market Report 2024, The seismic survey market size has grown strongly in recent years. It will grow from $9.35 billion in 2023 to $9.93 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased demand for efficient exploration techniques, increased adoption in the oil and gas sector, increased use in the mining industry, growth in the geological exploration industries, infrastructure investments.
The seismic survey market size is expected to see strong growth in the next few years. It will grow to $12.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to the increasing focus on energy efficiency, growing environmental concerns, depleting reserves and exploration needs, increasing demand for renewable energy, increased adoption of automated and unmanned survey vehicles. Major trends in the forecast period include technological breakthroughs in oil and gas extraction, advancement in seismic technologies, development of eco-friendly seismic survey technologies and equipment, strategic partnerships, advanced solution launches.
The growing need for oil and gas is expected to propel the growth of the seismic survey market going forward. Oil and gas refer to natural resources extracted from the earth and used as energy and fuel sources. Seismic surveys play a significant role in oil and gas exploration. It is a technique used to image the earth’s subsurface by recording the vibrations caused by seismic waves, monitoring oil and gas fields, and optimizing production. For instance, in July 2023, according to the U.S. Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, there will be an increase in U.S. crude oil production to 12.6 million barrels per day (b/d) in 2023 from the record high of 11.89 million barrels per day in 2022. It is estimated to reach 12.85 million b/d in the year 2024. Furthermore, in September 2022, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, the U.S. consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, the growing need for oil and gas is driving the growth of the seismic survey market.
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The seismic survey market covered in this report is segmented –
1) By Type: Reflection, Refraction, Surface-Wave
2) By Service Type: Data Interpretation, Data Processing, Data Acquisition
3) By Deployment: Offshore, Onshore
4) By Technology: 2D Imaging, 3D Imaging, 4D Imaging
5) By Application: Oil And Gas, Geological Exploration, Mining, Other Applications
Advancement in seismic technologies is a key trend gaining popularity in the seismic survey market. Major players operating in the seismic survey market are developing innovative seismic survey technologies to sustain their position in the market. For instance, in October 2021, Shearwater GeoServices, a Norway-based company that creates and develops new technologies for seismic surveys, launched Harmony, a new seismic source technology for marine surveys. This innovative technology is designed to provide enhanced subsurface characterization for marine surveys. The new Harmony technology delivers seismic surveys with increased low frequencies, allowing for better judgments in development, exploration, carbon capture, and monitoring applications. It enables deeper seismic image processing, more accurate representations of the earth’s subsurface, and more exact calculations of reservoir parameters for 3D and 4D applications. Shearwater intends to make Harmony widely accessible by utilizing its massive fleet of vessels to enable clients in various locations to get acquainted with and use this technology.
The seismic survey market report table of contents includes:
1. Executive Summary
2. Seismic Survey Market Characteristics
3. Seismic Survey Market Trends And Strategies
4. Seismic Survey Market – Macro Economic Scenario
5. Global Seismic Survey Market Size and Growth
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32. Global Seismic Survey Market Competitive Benchmarking
33. Global Seismic Survey Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Seismic Survey Market
35. Seismic Survey Market Future Outlook and Potential Analysis
36. Appendix
Top Major Players :
- China National Petroleum Corporation
- Schlumberger Limited (SLB) Limited
- Fugro N.V.
- CGG SA
- Petroleum Geo-Services ASA
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