The seismic survey market involves collection of seismic data to map the geological structures under the earth's surface and discover oil and gas reservoirs. Seismic surveys help predict spatial distribution of petroleum and mineral resources prior to exploration. The collected seismic data is processed and analyzed to generate seismic images of underground rock layers. Seismic surveys play a vital role in offshore and onshore exploration activities as they help reduce drilling costs and risks associated with non-productive wells.
The Global Seismic Survey Market is estimated to be valued at US$6 Billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 To 2031.
Key Takeaways
Key players: Key players operating in the seismic survey market are CGG SA, PGS Group, Polarcus Ltd., Spectrum ASA, Seabird Exploration, Geokinetics, BGP Inc., Geospace Technologies, ION Geophysical, and TGS-NOPEC Geophysical Company.
Growing demand: Seismic Survey Market Demand investments in exploration and production activities by major oil companies as well as increasing demand for hydrocarbons is fueling demand for seismic surveys. According to Oil & Gas Council, global upstream capital expenditure in oil and gas E&P is expected to increase at an annual rate of 10% from 2023-2031.
Global expansion: Leading seismic service providers are expanding their operations globally especially in promising oil and gas reserves regions like Middle East, Asia Pacific and Africa in order to cater to the growing exploration demands. For instance, CGG recently won a large 3D multi-client survey project in Central Asia.
Market key trends
One of the key trends in the seismic survey market is the increased adoption of 4D seismic monitoring technology. 4D seismic involves repeated 3D seismic surveys of the same oil and gas field over time. By comparing multiple 3D surveys, 4D seismic helps in monitoring changes in the reservoir such as fluid movement and pressure depletion. This allows operators to optimize production and increase recovery rates. Growing complexity of exploration projects is also driving demand for high-end technologies like broadband seismic systems and ocean bottom node seismic acquisition system. With advancements in seismic acquisition and processing technologies, market players are able to provide higher resolution images at reduced costs.
Porter's Analysis
Threat of new entrants: The seismic survey market requires high capital investment and proprietary technologies which creates entry barriers for new players.
Bargaining power of buyers: The seismic survey service buyers have moderate bargaining power due to availability of substitute surveying techniques and fragmented demand.
Bargaining power of suppliers: equipment manufacturers and technology providers have significant influence over seismic survey service providers due to differentiation in technologies.
Threat of new substitutes: Emerging surveying technologies like aeromagnetic and gravity methods pose potential threat to seismic surveying if adopted widely.
Competitive rivalry: The seismic survey market is consolidated with top players competing intensely on technological innovations, service quality and pricing.
Geographical Regions
North America accounts for the largest value share in the seismic survey market led by ongoing exploration and production activities in the USA and copyright.
The Asia Pacific region is expected to be the fastest growing market for seismic surveying services over the forecast period driven by increasing oil & gas exploration projects and demand for energy in China, India and Southeast Asia.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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