Global Seismic Services Market Expected to grow at a robust CAGR
Increasing use of seismic technology in shale gas and surge in energy
requirements are driving the growth of Global seismic services market in the
forecast period 2024-2028.
According to TechSci Research report, “Global Seismic Services Market-
By Region, Competition, Forecast & Opportunities, 2028”, the Global Seismic Services
Market is anticipated to register CAGR of 4.5 % during the forecast period
2028. The market is projected to be driven by elements like rising offshore oil
and gas exploration and rising crude oil prices, which make upstream operations
commercially viable. Oil and gas exploration activities are growing as a result
of rapid urbanization and the spread of smart devices. The Global market for
seismic services is anticipated to rise as a result of the development of
deepwater and ultra-deepwater water reserves to increase production, since
land-based and shallow oil fields have reached maturity stages. Another reason
fueling the expansion of the seismic services market is the requirement to
lower GHG emissions. The Paris Agreement, which was signed by 195 nations in
2015, aims to pursue measures to reduce the temperature increase to 1.5°C and
to keep the global temperature increase this century well below 2°C over
pre-industrial levels. The signatories have promised to take bold steps to cut
GHG emissions to accomplish this. The largest source of GHG emissions is the
transportation industry. By 2050, the International Maritime Organization (IMO)
wants to see a minimum 50% reduction in GHG emissions from ships compared to
2008.
Browse over xx market data Figures spread through xx Pages and an
in-depth TOC on "Global Seismic Services Market.”
The Global Seismic Services Market is
divided into Service, Technology, Location of Deployment and country. Based on service,
the market is bifurcated into Data
Acquisition and Data Processing and Interpretation.
Based on technology, the market is bifurcated into 2D imaging, 3D imaging, and
4D imaging. Based on Location of Deployment, the market is bifurcated into Onshore
and Offshore. On the basis of type, data acquisition segment holds the largest market
share in the forecast period. The market sector with the biggest share, data
acquisition, is predicted to rule over the next five years. The information
gathered aids in the exploration of new reserves with longer production
lifecycles. It is anticipated that the use of data to discover new oil and gas
reserves will hasten the rise of data acquisition. Based on Technology, the 3D
segment holds the largest market share in the forecast period. In the years to
come, the 3D imaging category is anticipated to have a sizable market share.
Oil and gas industries have a strong need for 3D imaging since it helps with
problem-solving and reduces risk in operations for production, development, and
exploration. In terms of country, India is Expected to be the Fastest growing Market
in the upcoming years, India is anticipated to have the quickest growth in the
seismic service market due to the nation's intentions to unleash its
hydrocarbon resources, cut down on oil imports, and increase the number of
wells that are in production. The government has also lowered entrance barriers
for foreign oil and gas firms and implemented advantageous policies, like the
Open Acreage Licence Policy (OALP), to boost domestic oil and gas output. The
need for seismic services in the nation is anticipated to rise in such a
setting. The strong exploration activity by India's state-controlled Oil &
Natural Gas Corporation (ONGC) in the nation's offshore sector is anticipated
to add to the high demand for seismic services. A seismic tender for the
collecting of 3D broadband data in numerous offshore tracts in the Mumbai and
Andaman basins was launched by ONGC in November 2021. With regard to five
significant oil and gas blocks, the new study seeks to collect 3D broadband
data over an area of up to 8500 square kilometers, Due to these circumstances
the market for Global Seismic Services
Market Expected to grow in the forecast period.
Key market
players in the Global Seismic Services Market include:
- Halliburton Company
- CGG SA, PGS ASA
- TGS ASA
- Schlumberger NV
- New Resolution Geophysics (NRG)
- Geokinetics
- Fugro N.V.
- Pulse Seismic, Inc
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“The offshore exploration industry is booming in the Global region. Due
to the abundance of undeveloped resources, the region has enormous growth
potential and is anticipated to spur demand for seismic services in the Global region.
Up until 2028, the Global seismic services market is predicted to rise
significantly due to recent discoveries in several offshore regions that are
luring massive foreign investments and the increased usage of modern
technologies for oil exploration activities,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Seismic Services
Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast Segmented By Service (Data
Acquisition, Data Processing and Interpretation), By Technology (2D imaging, 3D
imaging, and 4D imaging), By Location of Deployment (Onshore, Offshore), By Application (Construction, Oil & Gas,
Mining, Others), By Region, Competition
2018-2028”, has evaluated the future growth
potential of Global Seismic Services Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global Seismic Services Market.
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