Seismic Services Market – Growth, Trends, And Forecast (2019 – 2024) this market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
Seismic Services are witnessing strong demand from activities ranging from exploration and production to monitoring reservoir life, hydraulic fracturing, waste injection, underground gas storage and mining, and others. In order to cater to growing needs, advanced seismic technologies are evolving, and can provide seismic images with high clarity, and deliver with the utmost speed, efficiency, and HSE sensitivity. The seismic services market is now witnessing a steady growth in the 4D survey technology and multi-client seismic projects across the globe. North America dominated the global market for seismic services, with almost 23% of the market share in 2016, and it is expected to dominate the market during the forecast period.
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Market ByTop Leading Players-
AGILE SEISMIC LLC, BGP Inc., CGG SA, PETROLEUM GEO-SERVICES ASA, FUGRO NV, GEOKINETICS Inc., HALLIBURTON Co., ION GEOPHYSICAL CORPORATION, POLARCUS LIMITED, SAEXPLORATION HOLDINGS Inc., Schlumberger Ltd, SEABIRD EXPLORATION PLC, SIGMA CUBED Inc., TGS NOPEC GEOPHYSICAL Co ASA, WGP GROUP Ltd, SPECTRUM ASA
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Market Study Analysis-
Quest for Shale Gas – Driving the Seismic Services Market
Globally, tapping the vast unconventional shale gas reserves has emerged as an answer to the growing energy needs. Encouraged by the US shale gas boom, countries across the globe with vast shale reserves, such as Canada, Argentina, China, Brazil, and others, have undertaken encouraging steps to increase oil & gas production from shale formations. However, shale gas extraction remains a complicated process, which requires high-precision seismic survey to make an accurate description of the reservoir characteristics, and distribution pattern of shale gas sweet spots. Furthermore, the need to develop reserves of oil and gas, from shale formation, requires the use of oilfield chemicals for hydraulic fracturing and horizontal drilling processes. This supports the need for seismic services, due to HSE sensitivity as well. Thus, the demand for seismic services is expected to remain high during the forecast period, due to a large number of scheduled shale gas exploration and development activities across the globe.
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North America to Dominate the Market Growth
The North American region is expected to dominate the demand for seismic services during the forecast period, due to increasing commitment to ramp up domestic oil & gas production from its unconventional reserves, and the proposed plan to open up 90% of the Outer Continental Shelf, off the US coast. The Middle East & African region is expected to register one of the highest CAGR in the global seismic services market during the forecast period.
Key Developments in the Market
January 2018: The Norwegian Petroleum Directorate confirmed the successful acquisition of around 4,500 kilometers of 2D seismic data around Gardarbank High by the WG Columbus vessel.
January 2018: Lekoil will acquire 197 square kilometers of 3D seismic data at the Otakikpo Marginal Field in OML 11, in the Niger Delta, to update the existing 2D coverage.
December 2017: ExxonMobil to evaluate offshore Mauritania blocks.
October 2017: Searcher Seismic announced airborne survey over Gulf of Papua, covering 60,700 square kilometers.
September 2017: India to acquire seismic data of 48,000 line kilometers to boost oil, gas output.
The key insights of the Seismic Services Market report:
─The report provides key statistics on the market status of the Seismic Services market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
─The report provides a basic overview of the industry including its definition, applications and manufacturing technology.
─The Seismic Services market report presents the company profile, product specifications, capacity, production value, and 2014-2020 market shares for key vendors.
─The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
─The report estimates 2020-2026 market development trends of Seismic Services Market.
─Analysis of upstream raw materials, downstream demand and current market dynamics is also carried out
─The report makes some important proposals for a new project of Seismic Services Industry before evaluating its feasibility.
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