Seismic Survey Market

Seismic Survey Market - Global Industry Insights,
Trends, Outlook and Opportunity Analysis,
2018-2026
Seismic survey is a method used to investigate geological properties of earth and is
majorly used to explore natural gas, petroleum, and mineral deposits. Data
acquisition, processing, and interpretation are the three phases of seismic survey.
This technique determines the time interval between the initiation of waves at a shot
point and the arrival of reflected or refracted waves by the seismic detectors. Various
techniques including air guns, dynamite blast, and seismic vibrator among others are
used for initiation of seismic waves. The amplitude and time are recorded on arrival
of these waves at the detector. The time taken by wave to return to the surface gives
several information such as types of rocks, possible fluids, and gases in the
formation, providing a detailed image of the subsurface and the location of oil and
gas reserves.
Request For Sample Copy of this Research Report :
https://www.coherentmarketinsights.com/insight/request-sample/829
Market Dynamics
Increasing demand for oil and gas is a major driving factor for growth of the global
seismic survey. According to the U.S. Energy Information Administration, fossil fuels
is estimated to account for 77% of the global energy use by 2040. Advantages of
seismic survey such as reduction of probability of drilling dry wells thereby,
preventing further drilling and minimizing environmental effects of oil and gas
exploration is propelling growth of global seismic survey market. Advancements in
technology in seismic survey is expected to fuel growth of the global seismic survey
market over the forecast period (2018–2025). For instance, in April 2017, Explor
Geophysical Ltd. launched PinPoint seismic technology that enables ultra-high
density seismic imaging of oil sands targets. Furthermore, in August 2016, CGG
launched TopSeis, offshore seismic technology.
Government regulations on seismic survey such as 2013 European Union
regulations 2013 SI 134 that assess the environmental impact of petroleum
exploration is a major factor restraining growth of the global seismic survey market.
Market Trends
3D seismic survey was the dominant technology segment in 2017, owing to its
advantages such as continuous and clear images of subsurface stratigraphic
features and good lateral resolution. 3D seismic survey technology finds applications
in reservoir characterization and monitoring reservoir fluid movements. According to
Petroleum Geo-Services, the 3D seismic survey demand in 2006 increased up to
120% by the fourth-quarter of 2012 calculated by square km.
Market Outlook
North America was the dominant region in the global seismic survey market in 2017.
Shale explorations along with offshore shallow water and deep water exploration has
increased in this region in the recent past, leading to high demand for seismic
survey. For instance, in January 2018, TGS announced commencement of three
new 3D seismic projects in the basins of West Hackberry, Sanderson, and Dawson
in North America.
Seismic survey market in Europe is witnessing a significant growth, owing to
increasing exploration activities to cater to the high energy demand. According to
European Commission, 72.5% of all energy was produced from fossil fuel, including
crude oil and natural gas in the EU-28 in 2015.
Asia Pacific seismic survey market is expected to exhibit high growth over the
forecast period. According to the Australian Bureau of Statistics, Mineral and
Petroleum Exploration, total mineral exploration expenditure increased by 6.1% to
US$ 201.28 million in December 2016 from previous year in Australia. This growth in
expenditure is in turn driving growth of seismic survey market in Asia Pacific.
Furthermore, increasing demand for oil and gas is leading to high utilization of
seismic survey, which in turn is fuelling growth of seismic survey market. According
to International Energy Agency, gas demand is expected to increase by 1.6%
globally, from 2017 to 2022, with China contributing 40% to this growth. Also,
consumption in China is expected to increase to 340 billion cubic meters by 2022.
Middle East and Africa are lucrative markets for seismic survey, due to increasing oil
and gas exploration and production activities in these regions. According to the
World Energy Council, the natural gas reserves in Middle East was 80,040.9 billion
cubic meters in 2015. Also, the oil demand in this region is estimated to grow by
1.4% between 2014 and 2020. This will augment demand for seismic survey in this
region. Furthermore, increasing mineral and oil & gas exploration activities in Africa
is fuelling growth of the seismic survey market. For instance, in April 2017,
Shearwater GeoServices announced that it would conduct 3D marine acquisition
survey in offshore North Africa; and SeaBird Exploration announced 2D seismic
survey in offshore West Africa.
Key Players
Key players operating in the seismic survey market are Breckenridge Geophysical,
LLC, BTW Company Ltd., Dolphin Group ASA, Polaris Seismic International Ltd.,
Spectrum ASA, Terraseis Ltd., MMA Offshore Limited, Kuwait Oil Company, Seismic
Surveys, Inc., and LoneStar Geophysical Surveys LLC.
For More Information:
https://tinyurl.com/y57kel4q
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering
action-ready syndicated research reports, custom market analysis, consulting
services, and competitive analysis through various recommendations related to
emerging market trends, technologies, and potential absolute dollar opportunity.
Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave,
#3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email​: sales@coherentmarketinsights.com

The research report on seismic survey market segments the global market by technology type (2D Seismic Survey, 3D Seismic Survey, 4D Seismic Survey, and Others), and by application (Oil and Gas, Construction, Mining, and Others) - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2025