How Seismic Survey Market Will Dominate In Coming Years? Key Players: Breckenridge Geophysical, LLC, BTW Company Ltd., Dolphin Group ASA, Polaris Seismic International Ltd., Among Others

Seismic survey is a method used to investigate geological properties of earth and is majorly used to explore natural gas, petroleum, and mineral deposits. Data acquisition, processing, and interpretation are the three phases of seismic survey. This technique determines the time interval between the initiation of waves at a shot point and the arrival of reflected or refracted waves by the seismic detectors. Various techniques including air guns, dynamite blast, and seismic vibrator among others are used for initiation of seismic waves. 

Market Dynamics:

Increasing demand for oil and gas is a major driving factor for growth of the global seismic survey.  According to the U.S. Energy Information Administration, fossil fuels is estimated to account for 77% of the global energy use by 2040.

Advantages of seismic survey such as reduction of probability of drilling dry wells thereby, preventing further drilling and minimizing environmental effects of oil and gas exploration is propelling growth of global seismic survey market.

Advancements in technology in seismic survey is expected to fuel growth of the global seismic survey market over the forecast period (2018–2025).

Government regulations on seismic survey such as 2013 European Union regulations 2013 SI 134 that assess the environmental impact of petroleum exploration is a major factor restraining growth of the global seismic survey market.

Market Taxonomy:

Global seismic survey market is segmented as:
By Technology Type
2D Seismic Survey
3D Seismic Survey
4D Seismic Survey
Others
By Application
Oil and Gas
Construction
Mining
Others

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Market Trends:

3D seismic survey was the dominant technology segment in 2017, owing to its advantages such as continuous and clear images of subsurface stratigraphic features and good lateral resolution. 3D seismic survey technology finds applications in reservoir characterization and monitoring reservoir fluid movements.  According to Petroleum Geo-Services, the 3D seismic survey demand in 2006 increased up to 120% by the fourth-quarter of 2012 calculated by square km.

Market Outlook:

North America was the dominant region in the global seismic survey market in 2017. Shale explorations along with offshore shallow water and deep water exploration has increased in this region in the recent past, leading to high demand for seismic survey. 

Seismic survey market in Europe is witnessing a significant growth, owing to increasing exploration activities to cater to the high energy demand. According to European Commission, 72.5% of all energy was produced from fossil fuel, including crude oil and natural gas in the EU-28 in 2015.

Asia Pacific seismic survey market is expected to exhibit high growth over the forecast period. According to the Australian Bureau of Statistics, Mineral and Petroleum Exploration, total mineral exploration expenditure increased by 6.1% to US$ 201.28 million in December 2016 from previous year in Australia. This growth in expenditure is in turn driving growth of seismic survey market in Asia Pacific. 

Key Players:

Key players operating in the seismic survey market are Breckenridge Geophysical, LLC, BTW Company Ltd., Dolphin Group ASA, Polaris Seismic International Ltd., Spectrum ASA, Terraseis Ltd., MMA Offshore Limited, Kuwait Oil Company, Seismic Surveys, Inc., and LoneStar Geophysical Surveys LLC.

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