The global 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 are conducted to study the properties of subsurface rock formations in order to determine the potential presence of oil, natural gas and minerals. Seismic surveys involve generating seismic waves and recording how they travel and reflect through different layers of subsurface rock and formations. Seismic data acquisition is typically undertaken through marine, land, transition zone and ocean bottom cable methods and is then processed and analyzed to identify potential hydrocarbon reservoirs or mineral deposits for further exploration and extraction efforts. The seismic survey market stands to benefit from increasing investments in oil, gas and mineral exploration projects around the world as geophysical data helps optimize resource allocation.
Market key trends:
One of the key trends gaining traction in the seismic survey market is the adoption of advanced software and technologies that enable higher resolution 4D and time-lapse surveys. These technologies allow operators to monitor reservoir changes over time and optimize production levels. Another significant trend is the increased focus on transition zone and ocean bottom node surveys that provide higher quality data compared to conventional marine methods. Integration of seismic data with other data sources like wells and drilling information is also augmenting insights for exploration projects. These technological advancements are supporting more accurate mapping of underground geology and driving repeat business in the seismic survey market.
Porter’s Analysis
Threat of new entrants: The seismic survey market requires high capital investment for equipment and technology which poses a barrier for new entrants.
Bargaining power of buyers: Oil and gas companies hold strong bargaining power over seismic survey firms by demanding competitive prices and contract terms.
Bargaining power of suppliers: Major equipment providers like Sercel and Geospace hold significant power over seismic surveyors by controlling technology and equipment pricing. Threat of new substitutes: Emerging technologies like seismic while drilling provides opportunity for substitutes, however complete replacement is difficult due to infrastructure dependence on seismic surveys.
Competitive rivalry: The seismic survey market is highly competitive with international players competing on technology, quality, health and partnerships.
Key Takeaways
The global Seismic Survey Market Share is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period 2023-2030, due to increasing oil and gas E&P activities globally driven by rising energy demand.
North America dominated the seismic survey market in 2022 owing to the increasing deepwater and unconventional hydrocarbon exploration activities in the prolific active shale plays in the U.S. Asia Pacific is expected to grow at the fastest pace during the forecast period, supported by Chinese and Indian government initiatives to ramp up domestic oil and gas production along with exploration of new reserves.
Key players operating in the seismic survey market are Halliburton Company, CGG SA, PGS ASA, TGS ASA, Schlumberberg 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. The companies are focusing on technological advancements like merging seismic and drilling data to provide improved resolution for reserve assessment and field development planning.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
