Global Seismic Services Market to Reach US$ 10.4 Billion by 2027, Impelled by Rising Demand for Energy

December 19, 2022

According to the latest report by IMARC Group, titled "Seismic Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global seismic services market size reached US$ 8.0 Billion in 2021. Seismic services refer to a variety of services related to the detection, analysis, and interpretation of seismic data. They typically involve the utilization of specialized equipment and software to detect and measure seismic waves. The data collected can then be used to create a map of the earth's subsurface, thus allowing geologists and engineers to better assess potential hazards and areas of interest. Additionally, they can also be used to identify areas of potential hydrocarbon production, determine the structure of the subsurface, and locate potential oil and gas reserves. As a result, they are widely used in the oil and gas industry, civil engineering firms, and other organizations that are responsible for monitoring and assessing seismic activities and potential hazards.

Global Seismic Services Market Trends:

The rising demand for seismic services from the oil and gas industry majorly drives the global market. This can be supported by the widespread adoption of seismic services in the oil and gas reserves to perform offshore exploration and production (E&P) activities in unconventional sources, such as deepwater, shale, and tight reservoirs. Moreover, the growing consumption of energy due to rapid urbanization and the increasing utilization of electronic appliances are significantly supporting the market. Apart from this, the escalating demand for liquified natural gas (LNG) on account of the implementation of stringent regulations on fossil fuel consumption by governing agencies, coupled with the accelerating environmental concerns, is providing a thrust to the market. In addition, the growing investments in the construction of bridges, dams, roads, buildings, and utilities are acting as a growth-inducing factor. Moreover, the introduction of advanced seismic technologies that offer four-dimensional (4D) quality data for enhanced reservoir performance is creating a positive market outlook. Some of the other factors driving the market include rapid industrialization and the continual development of new renewable energy sources, such as offshore wind and tidal energy. On account of the aforementioned factors, the market size is anticipated to reach a value of US$ 10.4 Billion by 2027, exhibiting a CAGR of 4.41% during 2022-2027.

Market Summary:

  • On the basis of the type, the market has been segmented into data acquisition, data processing, and data interpretation.
  • Based on the technology, the market has been classified into 2D imaging, 3D imaging, and 4D imaging.
  • On the basis of the location of deployment, the market has been categorized into onshore and offshore.
  • Based on the application, the market has been bifurcated into oil and gas, construction, mining, and others.
  • On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Agile Seismic LLC, Amerapex Corporation, Asian Energy Services Ltd, China National Petroleum Corporation, China Oilfield Services Limited, Echo Seismic Ltd., Halliburton Company, PGS, Pulse Seismic Inc., Schlumberger Limited and SeaBird Exploration.
     

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Global Seismic Services Market to Reach US$ 10.4 Billion by 2027, Impelled by Rising Demand for Energy
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