Seismic Survey Market

Seismic Survey Market Size (2024-2029):

The global seismic survey market size was valued at USD 9.35 billion in 2023 and is expected to reach USD 6.54 billion by 2029. The market value is projected to expand at a CAGR of 3.10% during the forecast period 2024-2029.

Market Drivers:

The seismic survey market growth is driven by rising offshore exploration in regions like the Gulf of Mexico and West Africa, as well as rising crude oil prices that make upstream operations financially viable. 

Major offshore areas like the North Sea and the Gulf of Mexico are anticipated to continue to be at the center of the seismic market, with Norway predicted to see rapid expansion. Major and domestic oil firms alike are more willing to spend money on offshore exploration as a result of the spike in oil and gas prices that occurred in the year after Russia invaded Ukraine. The majority of exploratory capital spending is expected to go towards mature basins; the remaining 20% will go towards frontier basins, an increase of more than 50% from 2022.

The services industry is expanding due to the ring multi-client survey approach. The Seismic Service Provider has obtained the multi-client seismic survey data that was gathered over extremely wide land areas. After that, it licenses the information to as many clients as it can, lowering the survey's cost per unit of area. The market's multi-client strategy has changed as a result of the rising cost of data ownership.

Furthermore, industry experts agree that the seismic market will continue to grow through 2023 and beyond as the recovery is considered to be fully underway. There's a genuine sense of optimism. Seismic companies' revenues have increased as a result of oil and gas corporations increasing their expenditure on exploration and production (E&P) because of ongoing worries about energy security and increased earnings.

Market Restraints:

Many nations are moving away from crude oil and towards renewable energy sources, which could limit market growth for the projection period. 

Another obstacle limiting the progress of the seismic survey equipment market is the availability of rental and leasing alternatives for ground equipment by several local enterprises, which forces end users to purchase their instruments directly. Leasing and renting land surveying equipment is an affordable option that also reduces maintenance expenses because some end users only need the equipment for a short period. The market for surveying equipment is further limited by the dearth of skilled manpower and technical know-how required to operate the equipment's software. 

Market Opportunities:

Shallow-water and land-based oil fields are mature, and there is a limited chance of finding additional fields in these regions. As a result, it is anticipated that the development of deepwater and ultra-deepwater water reserves would present the seismic services market with several future growth prospects.

Finding offshore resources, in particular, has become much easier for the business thanks to developments in seismic imaging and data processing. Continued innovation and the implementation of sustainable methods will lessen the effects of seismic surveys even more, assisting in securing an ethical and successful future for the oil and gas sector.

Market Challenges:

The seismic survey market faces significant challenges. This is due to crude oil price volatility. Also, the upstream oil and gas business requires constant surveys and exploration to produce oil, which is extremely significant for the market as a whole. In addition, since production expenses are mostly fixed and the selling price is set by the market. So, upstream enterprises suffer from swings in the price of crude oil on a worldwide scale. 

SEISMIC SURVEY MARKET REPORT COVERAGE:

Market Segmentation:

Seismic Survey Market – By Service:

• Data Processing and Interpretation
• Data Acquisition

The Seismic Survey Market share is expected to be dominated by the Data Acquisition segment. Seismic data from the interior of the Earth is collected and stored as part of data acquisition. To discover more about the underlying characteristics and geological structures, seismic surveys are conducted. Many businesses, especially those involved in geological investigations, oil and gas development, and geothermal energy exploration, depend on this information.

Seismic Survey Market – By Deployment:

• Onshore
• Offshore

The seismic services industry is predominantly composed of offshore players. Because of a number of beneficial factors, including reliable and constant sources, favorable coupling circumstances at sources and receivers, and the uniformity of water as the medium, offshore seismic data is typically of much greater quality than onshore seismic data. In addition, the global average rig count in 2022 was 1,824 as opposed to 1,747, which was less noteworthy. Exploration activities will rise in tandem with the number of rigs, which is anticipated to fuel global demand for seismic services. Moreover, the United Kingdom Continental Shelf (UKCS) has about 350 unexplored discoveries that have 3.2 billion barrels of oil equivalent (bboe).

Seismic Survey Market – By Technology:

• 2D Imaging
• 3D Imaging 
• 4D Imaging

The 4D imaging segment is expected to lead and grow at a significant pace in the seismic survey market. One of the main trends in the industry is the growing use of 4D seismic survey technologies. Oil reserves have traditionally been determined through the use of 2D and 3D seismic techniques to gather marine seismic information. With the aid of air cannons and reflected acoustic waves, the 2D seismic approach creates seismic pictures of geological features.

Seismic Survey Market – By Application:

• Oil and Gas 
• Geological Exploration
• Mining
• Other 

The oil and gas segment is holding with dominant share of the seismic survey market. The industry's technological developments, the growing need for gas and oil, and the benefits of seismic surveys in lowering drilling risks and environmental effects are all responsible for this dominance. Furthermore, since seismic surveys are the main tool for identifying and describing energy resource reservoirs, the market for seismic surveys is expected to rise rapidly due to the increased demand for energy resources, particularly offshore.

Market Regional Analysis:

• North America
• Europe
• Asia-pacific
• Middle-east and Africa
• Latin America

Middle-East and Africa is expected to witness considerable growth rate during the forecast period. There is a growing trend of offshore exploration in areas like offshore West Africa, which offers vast unexplored resources and presents prospects for corporations involved in oil and gas exploration. Therefore, the market for seismic services is probably going to be driven by exploration in this area. For mapping oil and gas deposits, the least expensive method is the Offshore Seismic Survey. This method finds subterranean structures and logs refraction and reflection data. Several working groups are used to gather data for the survey because it needs information from multiple sources.

North America is one of the leading industries in the seismic survey market. The two biggest producers of petrol and oil are the United States and Canada. Unconventional E&P activities in Canada's oil sands and the US's shale were attributed to the significant increase in energy production. Also, it ranked among the top five producers of crude oil globally in 2021 and was a significant supplier of dependable crude oil to global markets. Furthermore, Canadian gasoline suppliers are concentrating on boosting output via exploration and production. 

Latin America presents potential prospects and is anticipated to expand even further during the forecast period. The market is recovering post-pandemic, driven by rising demand for offshore wind projects and seismic technology in offshore oil production. High seismic survey expenses are expected to increase exploration expenditures and hinder market expansion over the projected decade. 

Asia Pacific is projected to expand at a higher growth rate in the future. The total amount spent on mineral exploration increased by 6.1%, according to the Australian Bureau of Statistics. The regional market is expanding because of this increase in spending. Seismic surveys are also being used a lot due to the rising need for gas and oil, which is driving the market for seismic surveys to expand.

Europe's seismic survey market is anticipated to propel at a rapid pace in the forecast period. Its energy security efforts have expanded due to Russia's ban on natural gas and crude oil imports, benefiting seismic surveys. However, shifts to renewable energy sources may limit market growth.

Impact of COVID-19 on the Seismic Survey Market:

COVID-19 had a startling effect on several sectors. Development-wise, since lockdowns were imposed globally, no new buildings can be built, and oil and gas services and sales of 4D imaging, sports, or fitness activities are permitted. Because their jobs are unstable, laborers have gone back to their hometowns. This had a direct impact on market expansion in 2020 and will continue to do so in many nations through mid-2021. Still, it is expected that the uptake of new services will continue to be robust.

Market Key Players:

1. CGG
2. Mitcham Industries, Inc.
3. Geospace Technologies Corporation
4. Wireless Seismic, Inc.
5. BGP Inc.
6. China National Petroleum Corporation
7. Schlumberger Limited
8. Fairfield Nodal
9. ION Geophysical Corporation
10. BGP

Market Key Developments:

• In January 2023, STRYDE signed an agreement to supply DTEK Oil with 30,000 STRYDE Nodes and its Nimble System to get 3D and 2D seismic surveys throughout the nation.