The Global Seismic Survey Market Growth Accelerated by Increased Oil and Gas E&P Activities

 

Seismic surveys are extensively used in oil and gas exploration and production (E&P) activities to locate hydrocarbon deposits and explore potential drilling sites. Seismic surveys provide 3D images of subsurface rock layers, allowing companies to map oil and gas reservoirs and develop plans for exploration and production. The growing demand for energy and increasing oil prices in recent years have led to resurgence in oil and gas E&P projects globally.

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:
The increased oil and gas E&P activities have been a key growth driver for seismic survey market over the recent past. Seismic surveys are extensively used in greenfield and brownfield E&P projects to gain vital subsurface information before drilling. With rise in exploration budgets of major oil companies and number of deepwater and shale exploration projects in recent years, demand for seismic surveys has grown substantially. For instance, the E&P budget of Royal Dutch Shell increased by over 20% between 2017 to 2019. This higher spending on exploration has translated to greater number of seismic surveys, driving the market growth. Companies are widely adopting advanced seismic survey technologies like 4D and Multi-Component seismic surveys to optimize E&P activities and gain deeper insights, further supporting the market expansion.

Segment Analysis

The global seismic survey market is dominated by the land segment. Land seismic surveys account for over 60% of the market share as they are extensively used for onshore oil and gas exploration. They help in mapping the underground rock structure and locate hydrocarbon deposits in terrestrial areas. Land seismic surveys are cost-effective compared to marine seismic surveys and offer high resolution imaging, which has further enhanced their popularity among oil and gas companies.

Key Takeaways

The global seismic survey market is expected to witness high growth over the forecast period. 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 shows that North America is currently the largest as well as the fastest growing regional market. The growth in the region can be attributed to the increasing exploration and production activities in the United States, along with rising investments towards discovering untapped reserves.

Key players operating in the seismic survey market are AbbVie and Novartis International AG. The US market is dominated by major surveyors namely CGG, Mitcham Industries, PGS, and Schlumberger. Growing demand for energy is boosting exploration investments, particularly in the Permian basin of Texas and New Mexico. In Asia Pacific, China and India are emerging as high potential countries with rising offshore and onshore exploration projects.

Major players are focusing on partnerships and acquisitions to enhance their product portfolios and geographical presence. Adoption of advanced seismic technologies like multi-azimuth and full-waveform inversion is also on the rise to enable ultra-high resolution subsurface imaging for complex resource assessments.

Get More Insights Here: https://www.newswirestats.com/seismic-survey-market-demand-growth-and-regional-outlook-by-2030/