Asia-Pacific 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 Asia-Pacific seismic services market in the forecast period,
2024-2028.
According
to TechSci Research report, “Asia-Pacific Seismic Services Market- By Country,
Competition, Forecast & Opportunities, 2028F”, the Asia-Pacific Seismic Services market is anticipated
to register robust growth during the forecast period, 2024 - 2028. The market
is projected to be driven by rising offshore oil and gas exploration, making
upstream operations commercially viable. Oil and gas exploration exercises are
developing as a result of quick urbanization and the spread of savvy gadgets. The
Asia-Pacific 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 marked by 195 countries
in 2015, seeks measures to reduce the temperature to 1.5°C. Signatories have
promised to take bold steps to cut GHG emissions to accomplish the same. The
largest source of GHG emissions is the transportation industry. By 2050, the
International Maritime Organization (IMO) aims to achieve 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 "Asia-Pacific Seismic Services Market”
The
Asia-Pacific 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 divided 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 service, 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 expected that the utilize of information to find modern oil
and gas reserves will increase the rise of data acquisition.
Based
on technology, the 3D imaging 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.
Based
on region, India is expected to be the fastest market. In the upcoming years,
India is anticipated to have the quickest growth in the seismic service market
due to nation's intentions to unleash its hydrocarbon resources, cut down on
oil imports, and increase in 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 collection of 3D broadband data in numerous
offshore tracts in the Mumbai and Andaman basins, was launched by ONGC in
November 2021. With regards 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 Asia-Pacific seismic services is expected to grow in the forecast
period.
Key
market players in the Asia-Pacific Seismic Services Market include:
- Schlumberger Ltd.
- Halliburton Company
- China Oilfield Services Limited
- Fugro NV
- SAExploration Holdings Inc.
- TGS ASA
- CGG SA (CGG)
- Ion Geophysical
Corporation
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
“The
offshore exploration industry is booming in the Asia-Pacific 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 Asia-Pacific
region. Up until 2028, the Asia-Pacific 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.
“Asia-Pacific
Seismic Services Market Segmented by Service (Data Acquisition, Data
Processing, Interpretation), By Technology (2D Imaging, 3D Imaging, and 4D Imaging),
By Location of Deployment (Onshore, Offshore) By Country, Competition, Forecast
and Opportunities, 2028F”, has evaluated the future growth
potential of Asia-Pacific 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 Asia-Pacific seismic services market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com