Press release
Seismic Survey Market: Demand, Growth Challenges, Industry Analysis And Forecasts To 2033
Seismic Survey Market
The Business Research Company offers in-depth market insights through Seismic Survey Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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Market Segmentation:
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
Major Driver - Growing Oil And Gas Demand Fuels Expansion Of Seismic Survey Market
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.
Competitive Landscape:
Major companies operating in the seismic survey market report are China National Petroleum Corporation, Schlumberger Limited (SLB) Limited, Fugro N.V., CGG SA, Petroleum Geo-Services ASA, Terra Seis Group, TGS Nopec Geophysical ASA, Shearwater Geoservices Limited, Global Geophysical Services Inc., SAExploration Inc., Spectrum ASA, ION Geophysical Corporation, Fairfield Industries Incorporated, Geospace Technologies Corp., Katalyst Data Management LLC, Geokinetics Inc., Dawson Geophysical Co., Terrex Seismic, NodalSeismic LLC, TerraSond Limited, SeaBird Exploration Plc., Pulse Seismic Inc., Axxis Geo Solutions ASA, Alpine Ocean Seismic Survey Inc., Dolphin Geophysical AS, EON Geosciences Inc., Explor, Lone Star Land Surveying and Mapping, New Resolution Geophysics (NRG), Agile Seismic LLC.
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Top Trend - Advancements In Seismic Technologies Drive Trends In Seismic Survey Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Seismic Survey Market Characteristics
3. Seismic Survey Market Trends And Strategies
4. Seismic Survey Market - Macro Economic Scenario
5. Seismic Survey Market Size And Growth
…..
27. Seismic Survey Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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