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Seismic Survey Market
The global seismic survey market is expected to grow at CAGR 4.24%, from 2017 to 2022, and reach a projected value of USD 9.28 Billion by 2022. The growth of the market is likely to be driven by the increased use of seismic technology in brownfield projects and shale gas exploration.
The report segments the seismic survey market into data acquisition, data processing, and data interpretation services and 2D, 3D, and 4D technology. The data acquisition segment is the largest market segment as the data obtained from surveys is helpful in exploring new reserves with longer production lifecycles. Exploration companies use data to find new oil & gas reserves.
The 3D imaging market is expected to grow at the fastest pace during the forecast period. The demand for 3D seismic technology has increased as oil & gas companies use it to solve problems and reduce uncertainties in exploration, development, and production operations. The technology is also used to capture clearer images of geological structures. It also helps improve turnaround time in data acquisition, processing, and interpretation. The 3D imaging gives a clear picture of earth’s surface so companies can invest in new oil & gas reserves.
The African market will offer opportunities for the growth of the seismic survey market. There are large hydrocarbons fields that are yet to be explored in Africa, Thus, creating an opportunity for exploration companies.
The seismic survey market can be directly linked to the ever growing demand for seismic technology in shale gas exploration and brownfield projects. However, factors such as the slump in oil prices have led to reduced investments by oil & gas companies across regions, which could restrain market growth. A rise in the demand for multi-client surveys and advances in technology present promising growth opportunities for the market.
Some of the leading players in the seismic survey market include Compagnie Generale de Geophysique (CGG) (France), Petroleum Geo-Services (PGS) (Norway), Fugro N.V. (Netherlands), Polarcus Limited (U.A.E.), and Tomlinson Geophysical Services (TGS)-Norwegian Petroleum Exploration Consultants (NOPEC) Geophysical Company (Norway), among others. Contracts and agreements was the most common strategy adopted by the top players in the market, constituting approximately 50% of the total development share. This was followed by new product launches, mergers & acquisitions, and expansions, respectively.
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