The global seismic survey market is anticipated to grow at a significant CAGR of 4.0% during the forecast period (2022-2028). A seismic survey is a non-invasive method for gathering information and is a geophysical survey for estimating the geo properties. The offshore location of deployment of the seismic services offers various favorable conditions compared to onshore. The increasing use of seismic surveys by oil & gas organizations to make a 2D or 3D picture of the earth’s underground crust is boosting the growth of the market. Additionally, the usage of seismic surveys in oil & gas and mining industries for exploration activities is also boosting the growth of the market. The increasing government initiatives to have safe and secure mining operations are generating new opportunities for growth in the market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-
- In November 2021, Oil & Natural Gas Corp. announced the launch of a sizeable seismic tender for 3D broadband data acquisition in multiple offshore tracts in the Mumbai and Andaman basins.
- In October 2021, TGS announced the launch of a new 3D seismic survey in the Red Sea, Egypt, in partnership with Schlumberger Ltd.
- In March 2021, Sercel announced its partnership with Kappa Offshore Solutions to launch PIKSEL, a new high-resolution 3D marine seismic solution for renewable energy applications.
- In November 2020, the Minister of Petroleum & Natural Gas and Steel of India inaugurated the seismic survey campaign of Oil India Ltd., India’s second-largest national exploration & production company, at Kakatpur in Puri District, Odisha in the Mahanadi Basin.
- In May 2019, Searcher announced the launch of Saismic, a transformative cloud-based service that provides global seismic data on-demand with native support for deep learning and advanced analytics.
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Market Coverage
- The market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Schlumberger Ltd., GEOTECH Seismic exploration, Paragon Geo, Sterling Seismic Ltd. and ASIAN ENERGY SERVICES LTD., among others.
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Global Seismic Survey Market Report by Segment
By Type
- Ground Floor
- Roof Floor
- Others
By Application
- Commercial
- Residential
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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