April 22, 2024
Seismic Survey Market

Seismic Survey Market propelled by Growing Onshore and Offshore Exploration Activities

Seismic surveys are used for imaging of the earth’s subsurface using seismic waves. They help detect oil and gas reservoirs, estimate hydrocarbon reserves, and determine the presence of subsurface geological structures and stratigraphic traps. Seismic surveys play a critical role in reducing exploration risk and enhancing success rates of drilling programs. The growing onshore and offshore exploration activities to meet the rising demand for oil and gas is driving the growth of the seismic survey market.

The Global Seismic Survey Market Size is estimated to be valued at US$ 25.19 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

Growing onshore and offshore exploration activities:
With the rising energy demand globally and limited availability of conventional oil and gas resources, exploration and production companies are increasingly focusing on unconventional resources. This has led to a significant rise in onshore and offshore exploration and production activities in recent years. Seismic surveys are an integral part of exploration projects to obtain subsurface geological data and map potential hydrocarbon reserves. The growing exploration spend is expected to drive high demand for seismic surveys during the forecast period.

SWOT Analysis:

Strengths: Seismic surveys help in detecting oil and gas reservoirs efficiently. They provide detailed images of underground structures to aid exploration and extraction activities.

Weaknesses: Seismic surveys are capital intensive and time consuming. Adverse weather conditions can delay operations. Environmental concerns related to surveying need to be addressed carefully.

Opportunities: Advances in seismic technologies like 4D and marine seismic are improving resolution and scope of surveys. Growing energy demand worldwide is raising investment in exploration projects.

Threats: Regulations banning certain surveying methods can affect profits. Alternatives like reservoir modeling may reduce reliance on physical surveying over time. Rising raw material costs pose operating challenges.

Key Takeaways:

The global seismic survey market is expected to witness high growth. The global Seismic Survey Market is estimated to be valued at US$ 25.19 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.

Regional analysis: The North American region currently dominates the global seismic survey market owing to wide reserves of shale oil and gas. Increased exploration and production in the Gulf of Mexico is also a key growth driver in this region. The Asia Pacific region is projected to grow at the fastest rate during the forecast period due to rising energy needs from China, India and other developing Asian countries.

Key players: Key players operating in the seismic survey market are AbbVie and Novartis International AG. The companies provide onshore, offshore and reservoir modeling services globally. They are focusing on R&D to introduce marine seismic techniques with improved resolution and wider coverage areas. Partnerships with oil producers are expanded to capture new survey contracts worldwide.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it