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“The seismic survey market is expected to reach USD 9.28 billion by 2022”
The seismic survey market is expected to grow from an estimated USD 7.54 billion in 2017 to a projected USD 9.28 billion by 2022. The main driving factors for the growth of the seismic survey market are the demand for seismic technology in brownfield projects and the use of seismic technology in shale gas exploration. The reduction in investments and budgets for exploration and production (E&P) due to the crash of oil prices would be a restraint for the seismic survey market.
“The data processing and interpretation market would grow at a faster pace during the forecast period”
The market for data processing and interpretation is expected to grow at a significant pace during the forecast period. The demand for data processing and interpretation is increasing as oil & gas companies utilize these software services to explore new hydrocarbon fields. The advances in technology are useful to operators and oil & gas service companies during the exploration of mature oilfields. Oil & gas companies are currently investing in fields that have already been explored with the help of data processing and interpretation. Thus, the demand for data processing and interpretation increases as oil & gas companies begin exploring brownfields projects.
“The African market is the fastest-growing seismic survey market”
There are untapped reserves of oil & gas in Africa. Oil & gas companies are investing in economical reserves due to the slump in oil prices. The demand for seismic surveys is expected to grow as unconventional reserves are explored. A majority of the oil production in Africa takes place in Nigeria, Egypt, Angola, and Algeria.
Breakdown of Primaries
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitate information as well as assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 55%, Tier 2- 20%, and Tier 3- 25%
- By Designation: C-Level- 75% and Manger Level- 25%
- By Region: North America- 15%, Europe- 20%, Asia-Pacific- 40%, Middle East- 10%, South America- 10%, and Africa- 5%
Note: The tier of the companies has been defined on the basis of their total revenue as of 2016: Tier 1 => USD 10 billion, Tier 2 = From USD 1 billion to USD 10 billion, and Tier 3 =< USD 1 billion
The industry’s leading players have been profiled with their recent developments and other strategic activities. These include Compagnie Generale de Geophysique (CGG) (France), Petroleum Geo-Services (PGS) (Norway), Fugro N.V. (Netherlands), Polarcus Limited (U.A.E.), Tomlinson Geophysical Services (TGS)-Norwegian Petroleum Exploration Consultants (NOPEC) Geophysical Company (Norway), SeaBird Exploration, PLC (Cyprus), Agile Seismic, LLC (U.S.), New Resolution Geophysics (NRG) (South Africa), Ion Geophysical Corporation (U.S.), Geokinetics (U.S.), Schlumberger Limited-WesternGeco (U.S.), Pulse Seismic, Inc. (Canada), SA Exploration Holding, Inc. (U.S.), Dawson Geophysical Company (U.S.), Alpine Ocean Seismic Survey, Inc. (U.S.), Geospace Technologies Corporation (U.S.), and Global Geophysical Services, Inc. (U.S.).
The seismic survey market segments covered in this study include data acquisition, data processing, and data interpretation services and 2D, 3D, and 4D technology. The study aims at estimating the size and future growth potential of the market across different regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, business overviews, and recent developments.
Note: Geophysical equipment has not been considered in this study
Why buy this report?
- The report identifies and addresses the key markets for seismic surveys, which is useful for oil & gas exploration activities.
- The report includes analyses of the key markets for seismic surveys. It also analyzes historical trends and forecasts for 2022, assisting in strategic decision-making.
- It presents the competition by analyzing recent market developments such as key contracts & agreements, new product launches, expansions, and mergers & acquisitions by the key global market players. This helps understand the strategies of the competition and plan respective initiatives.