The report, now available on ASDReports, "Seismic Survey Market by Service (Data Acquisition (Land, Marine, and Air-Borne), Data Processing, and Interpretation), Technology (2D imaging, 3D imaging, and 4D imaging), and Region - Global Forecast to 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, at a CAGR of 4.15%, during the forecast period. The use of seismic technology in brownfield projects and increased shale gas exploration will drive the market for seismic surveys worldwide.
Data acquisition is expected to be the largest segment of the seismic survey market, by service
The data acquisition segment is expected to hold the largest market share of the seismic surveys market, by service, in 2017. This is due to the capital expenditure for the services offered in this category. Data acquisition involves geological imaging while data processing and interpretation only include software as a service. Companies are investing in the exploration of new hydrocarbon fields to acquire data. The acquired data is used to explore reserves and is economic and can offer longer production lives of hydrocarbon fields. Companies require the acquired data to be processed and interpreted using new techniques and services. Therefore, these segments are expected to witness increased growth during the forecast period.
The 3D imaging market is expected to be the largest segment of the seismic survey market, by technology
The 3D imaging segment is expected to hold the largest market share of the seismic surveys market, by technology, in 2017. The most significant development in geophysical exploration, 3D imaging provides clearer, continuous images of the subsurface stratigraphic features. Oil & gas companies use 3D imaging to capture clearer images of geological structures. The technique is used to characterize reservoirs, plan and execute enhanced recovery strategies for oil surveys, and monitor fluid movements in reservoirs as they are developed and produced. These capabilities have improved accuracy and turnaround time in data acquisition, processing, and interpretation. The 3D visualization helps to interpret large amounts of data.
The market in North America is expected to be the largest for seismic surveys.
The North American market is expected to be the largest segment of the seismic survey market, by region. The region has extensive untapped resources which will create an opportunity for oil & gas exploration companies. Since the slump in oil prices, shale exploration has been on the decline. However, operators are currently able to meet the breakeven price of shale with oil prices as low as USD 40/barrel. This has resulted in a surge in the demand for geophysical seismic data for shale reserves. The increased investments in shale gas exploration have led to an increase in the demand for seismic surveys in North America.
To provide an in-depth understanding of the competitive landscape, the report includes the profiles of companies such as 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), Ion Geophysical Corporation (U.S.), Schlumberger Limited-WesternGeco (U.S.), Pulse Seismic, Inc. (Canada), and Global Geophysical Services, Inc. (U.S.).
Source: ASDReports - Market Research
Date: Jun 20, 2017