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Forecast Period
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2024-2028
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Market Size (2022)
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USD 1.98 Billion
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CAGR (2023-2028)
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4.21%
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Largest Market
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China
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Fastest Growing Segment
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Onshore
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Asia-Pacific Seismic Services market is anticipated
to grow at a steady pace during the forecast period. The
growing exploration and production operations in the oil and gas sector is
expected to drive the market for seismic services in the region. Furthermore, the
requirement for precise data for exploration and production activities, as well
as expanding energy demand, particularly from developing economies, is
projected to further boost the market. During the projected period, the
introduction of new technologies, such as 4D and 5D seismic services, is
anticipated to promote market growth.
Seismic
survey is a non-intrusive information-gathering technique used in geophysical
surveys to estimate geo characteristics. Oil and gas companies use seismic
surveys to examine new hydrocarbon fields, which helps to forecast the growth
of seismic services market. The seismic testing is conducted using a vibroseis
truck. The truck is equipped with a plate that produces an acoustic sound
signal which is reflected off the earth's surface. In small vans, geophones are
used to record the reflected sound. Additionally, seismic services are mostly
employed in the mining and oil & gas industries for exploration purposes.
Increasing
Hydrocarbons Exploration to Spur Market Opportunities for Market
Seismic
administrations are searching for hydrocarbon assets underground, counting oil
and characteristic gas, due to the rising requirement for oil and gas. Planning
field development and production of a reservoir's oil or gas, as well as
developing a reliable estimate of the volume of oil and gas already present,
are the most important aspects of the process. To find natural resources to
meet the growing need for energy and consumer products, seismic survey is one
economically viable option. To address the rising need for oil and gas, the
government and commercial organizations are heavily dividing their funds for
finding undiscovered hydrocarbon sources, opening new market potential. For
instance, on October 13, 2021, Russian Joint Stock Company Rosgeologia (RosGeo)
and Asian Energy Services (AESL) signed a Memorandum of Understanding (MoU)
that focuses on long-term cooperation in seismic and geophysical surveys in
India and other nations.
Increasing
Adoption of New Software to Aid Market Growth
The oil
and gas sector has started implementing digital technology with an emphasis on
enhancing health and safety, production potential, reservoir resource understanding,
and oil field operational efficiency. Additionally, a lot of businesses are
using business and digital technologies, sparingly, to improve their
performance, which will probably support the market's expansion. The
development of new geophysical techniques, along with the capacity to process
and analyze data quickly and enable decision-making and action in real-time,
has caused a shift in major actors' priorities towards a future powered by
sustainable energy sources. For instance, on June 8, 2021, CGG introduced
GeoSoftware 11.0, a new edition of its comprehensive reservoir characterization
and petrophysical interpretation software. A new Hampson Russell application
called WellGen, which enables deep learning marine linkage of geological and
geophysical interpretations, is one of the machine learning capabilities that
are leveraged by the software solution. Due to these new technologies, Asia-Pacific
seismic services market will grow in the future
Progressive
Demand for Geophysical Technologies from Petroleum Industries Drive Market
Growth
The
demand for fossil fuels increased due to exponential economic growth and
increasing urbanization. Many private entities and governmental organizations
use seismic services to determine the characteristics of the geological
subsurface. It measures the difference between rock types and physical
discontinuities without drilling or tunnelling. For instance, as of October
2022, PXGEO awarded 3D towed streamer project in Asia Pacific. PXGEO has been
awarded a project in the Asia Pacific region to acquire 3D seismic data for TGS
(Energy Data & Intelligence company). The seismic vessel PXGEO 2mobilized
in December 2022 and the project lasted for approximately three months.
Offshore
Segment to Witness Significant Growth
During
the forecast period, a sizable part of the seismic service market is
anticipated to come from the offshore sector. Due to various favorable factors,
including reliable and constant sources, suitable coupling circumstances at
sources and receivers, and the uniformity of water as amedium, offshore seismic
data typically has greater quality than onshore data.
Additionally,
Asia-Pacific has seen a significant increase in offshore oil and gas rig
activity. The number of operating offshore drilling rigs in the Asia-Pacific
area increased from the previous year to 82, as of June 2022. Furthermore, as
various nations concentrate on increasing their domestic oil and gas output,
offshore oil and gas activities in the region are projected to increase in the
years to come.
Additionally,
the Chinese national oil giant China National Offshore Oil Corporation (CNOOC)
intends to build a deepwater oilfield complex in the upcoming years and hopes
to double its exploration effort and proved reserves, by 2025. Early in 2022,
CNOOC Ltd. intended to collect around 17,000 sq km of 3D seismic data, while
drilling 227 offshore exploration wells and 132 unconventional onshore
exploration wells. The entire capital budget for CNOOC for 2022 is in the range
of CNY 90–100 billion. About 20%, 57%, 21%, and 2% of total capital
expenditures spent on exploration, development, production, and other
activities, respectively, in 2022. Therefore, it is anticipated that the
Offshore segment of the seismic services market would experience tremendous
growth, due to rising exploration and production (E&P) activities in
deepwater and ultra-deepwater reserves, as well as rising efforts by the major
oil and gas companies to access undiscovered assets.
Volatility
in Crude Oil and Opposition to Mining by Local Community Hinders Market Growth
The seismic
services market is expanding primarily due to the oil and gas industry.
However, the business is constrained by the fluctuating prices of crude oil on
the global market because the production, demand, and supply of oil and gases
are highly reliant on these prices. Oil
prices can fluctuate significantly, with a price of about USD 115 per barrel in
2014 and USD 19 in 2020, which most likely happened as a result of changed
policies and an increase in the supply of oil and gas. Numerous oil and gas
firms' operations and administrations are affected by this viewpoint, which
advances its administrations.
The
demand for oil and gas fossil fuels will also decline due to paradigm
breakthroughs in clean energy technology and renewable energy sources. In
Asia-Pacific, many countries have established their net-zero goals and reduced their
reliance on oil, which limits market's expansion.
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Recent
Developments
- PGS, a seismic business with its headquarters in Norway, won two
contracts in July 2022 for the 4D acquisition and 3D exploration in the
Asia-Pacific region, making up a nearly five-month campaign. For a 3D
exploration acquisition offshore Indonesia, the business signed its first
deal with an international energy company. Mid-October will see the mobilization
of PGS's vessel Ramform Sovereign for the 3D exploration contract off the
coast of Indonesia.
- The Indian Exclusive Economic Zone (EEZ)'s unappreciated areas
would be the subject of a two-dimensional (2D) seismic survey, according
to an announcement made by the government-run Oil and Natural Gas
Corporation Ltd. (ONGC), in March 2022. The project's scope is for ONGC to
conduct a 2D Seismic Survey in offshore regions up to India's Exclusive
Economic Zone (EEZ). This will entail the acquisition, processing, and
interpretation (API) of 70,000-line kilometers of 2D Seismic Data in three
sectors—Western, Eastern, and Andaman.
- An almost five-month campaign was successfully completed in July
2022 by PGS, a seismic business with offices in Norway, for the 4D
acquisition and 3D exploration in the Asia-Pacific region. The business
signed its first contract for a 3D exploration acquisition offshore
Indonesia with an unnamed oil company. PGS mobilized its vessel Ramform
Sovereign for the 3D exploration contract off Indonesia, in mid-October of
2022.
Market
Segmentation
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 &
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. Based on country, the market is segmented into China,
Japan, India, Australia, Indonesia, Malaysia and rest
of Asia-Pacific.
Market Players
Major
market players in the Asia-Pacific Seismic Services Market
are Schlumberger
Ltd, Halliburton Company, China Oilfield Services Limited, Fugro NV,
SAExploration Holdings Inc, TGS ASA, CGG SA (CGG), Ion Geophysical Corporation.
|
Attribute
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Details
|
|
Base Year
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2022
|
|
Historic Data
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2018 – 2022
|
|
Estimated Year
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2023
|
|
Forecast Period
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2024 – 2028
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
|
|
Report coverage
|
Revenue forecast, company share,
growth factors, and trends
|
|
Segments covered
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Service
Technology
Location of Deployment
Country
|
|
Country scope
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China, Japan, India, Malaysia,
Australia, Indonesia
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|
Key companies profiled
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Schlumberger Ltd, Halliburton Company, China Oilfield Services
Limited, Fugro NV, SAExploration Holdings Inc, TGS ASA, CGG SA (CGG), Ion
Geophysical Corporation
|
|
Customization scope
|
10% free report customization
with purchase. Addition or alteration to country, regional & segment
scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore
purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We
can also provide the editable version of the report in PPT/Word format on
special request)
|
Report Scope:
In this report, the Asia-Pacific Seismic Services
Market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Asia-Pacific Seismic
Services Market, By
Service:
- Data Acquisition
- Data Processing
- Interpretation
- Asia-Pacific Seismic
Services Market, By
Technology:
- 2D imaging
- 3D imaging
- 4D imaging
- Asia-Pacific Seismic
Services Market, By Location of Deployment:
- Asia-Pacific Seismic
Services Market, By Country:
- China
- India
- Japan
- Malaysia
- Australia
- Indonesia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Asia-Pacific Seismic Services Market.
Available Customizations:
Asia-Pacific Seismic Services Market report with
the given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Asia-Pacific Seismic Services Market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]