Future Market Insights
Global Seismic Services Market: Introduction
Seismic services facilitate the seismic surveys by delivering necessary data and results related to geophysical properties of the Earth’s crust & ocean bed. Seismic services include design & pre-planning of 2D and 3D surveys, data acquisition, data processing and data interpretation. Seismic services help the oil and gas companies to make critical exploration and reservoir decisions. Seismic services facilitate oil companies to locate reservoirs and define oil and natural gas fields. Moreover, seismic services are used to accurately plan locations for wells by minimising the need for further exploration and reducing negative environmental impact.
The seismic services market is forecasted to experience moderate growth. Moreover, data acquisition, a type of service offering is expected to hold significant market share and is estimated to witness robust growth during the forecast period. In terms of technology, 3D imaging is expected to hold prominent market share among other technologies in the global seismic services market.
Engaging in research and development allows the associated companies to adapt to the changes in the dynamic and growing seismic services market. The oil and gas companies utilise seismic services to plot and interpret potential petroleum reserves beneath the Earth’s surface.
Global Seismic Services Market: Dynamics
Seismic services include a collection of seismic data with the purpose of creating a 2D or 3D image of the Earth’s subterranean. The data is utilised by the oil and gas companies to reduce the risk in the boring process. Thus, the demand for seismic services is driven by the exploration and production (E&P) activity. Consequently, this activity is in turn driven by the price of natural gas, oil and end-user demand. The seismic services market is expected to witness significant growth rate, owing to the developments in the construction industry. With the continuous development of the infrastructure and construction industry, the requirement of seismic surveys has increased and thus, driving the growth of the seismic services market.
Seismic services are followed by seismic surveys. Offshore seismic surveying creates too much noise, which consequently affects the marine mammals. As a result, some countries have formulated stringent laws, which hamper the growth of the seismic services market in the region. Moreover, reduction in capital expenditure by the oil and gas companies owing to fluctuating petrochemical prices is the restraining the seismic services market.
Many innovations are being carried out with the help of advanced seismic services technologies to enhance the imaging quality and to acquire accurate reservoir details.
Global Seismic Services Market: Segmentation
The global seismic services market can be segmented based on the type of data acquisition, services offered and technology.
By type of data acquisition, the global seismic services market can be segmented as:
By services offered, the global seismic services market can be segmented as:
By technology, the global seismic services market can be segmented as:
Global Seismic Services Market: Regional Outlook
North America observes increasing offshore exploration in the regions, such as the Gulf of Mexico. The region has widespread untapped resources, which creates an opportunity for the oil and gas exploration companies. Consequently, explorations in this region drive the seismic services market. Presence of a large number of exploration and production sites in the Middle East boosts the demand for the seismic services market. Europe observes a moderate growth rate for seismic services as new exploration activities are flourishing. Asia-Pacific is observing peak growth rate in the seismic services market, as most of the regions are suitable for shooting 3D seismic surveys. In order to meet the growing demand in the region, oil companies are focusing on the collection of pre-drilling data. The aforementioned fact triggers the seismic services market in this region.
Global Seismic Services Market: Key Participants
Example of some of the market participants in the global seismic services market identified across the value chain include:
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