Press release
Global Seismic Services Market Size to Grow at a CAGR of 5.20% in the Forecast Period of 2023-2028
Seismic Services Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.20%
Seismic services are crucial in oil and gas extraction and exploration activities to bolster the safety and reduce the chances of accidents. In addition, these services are required in the boring process for the purpose of acquiring data and carrying out accurate processing and interpretation for better outcomes. The thriving oil and gas industry across the emerging economies is propelling the seismic services market growth. Moreover, the increasing demand for crude oil and petroleum is further bolstering the demand for seismic services.
Additionally, seismic services are helpful in carrying out seismic surveys to detect ground water, investigate the landfill areas, and analyse the impact of an earthquake in order to take appropriate measures. Over the forecast period, the escalating environmental concerns among the local authorities and governments of developed and developing economies is expected to increase the demand for seismic services to improve preparedness against natural calamities.
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Furthermore, the increasing deployment of seismic surveys in the construction sector is fuelling the seismic services market growth. Rapid urbanisation and increasing demand for residential and commercial structures with favourable environmental conditions are encouraging the market growth.
Seismic Services Industry Definition and Major Segments
Seismic services are the type of services which are aimed at collecting data pertaining to the earth's vibrations or earthquakes and printing a 3D or 2D model of the subterranean layout. Seismic services also facilitate the extraction of oil, natural gas, and various other natural resources from inside the earth's crust.
Based on service, the market can be segmented into:
• Data Acquisition
• Data Processing and Interpretation
On the basis of location of deployment, the market can be classified into:
• Onshore
• Offshore
Based on region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Seismic Services Market Trends
The key trends in the global seismic services market include the emergence of 3D and 4D imaging technology and high-speed internet, which are providing images and models with enhanced resolution. The growing innovations and product developments by the major market players are leading to a heightened advancement in the geophysical technology.
Over the forecast period, the introduction of high-end technologies such as artificial intelligence (AI) and machine learning (ML) are leading to escalated efficiency of seismic services. The rapid industrialisation across the emerging economies is fuelling the demand for crude oil and petroleum, thereby, propelling the seismic services market.
In geographical terms, Asia Pacific attained a steady growth and is expected to grow further at a stable pace in the forecast period. The increasing trade of oil and gas across industrially active regions such as India and China is propelling the demand for seismic services. In addition, countries like Japan and Nepal are prone to earthquakes for which seismic services can help improve preparedness, which is a crucial market bolstering factor.
Key Market Players
The major players in the Global Seismic Services Market are :
• Schlumberger Limited
• CGG S.A.
• PGS ASA
• TGS-NOPEC Geophysical Company ASA
• Halliburton Company
• Furgo N.V.
• Polarcus Limited
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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