Seismic Survey Market Trends and Opportunities for Oil and Gas Industry by 2022
The seismic survey market is expected to grow from an estimated USD 7.54 billion in 2017 to USD 9.28 billion by 2022. The main driving factors for seismic survey market are the demand for seismic technology in brownfield projects and the use of seismic technology in shale gas exploration. The reduction in investments and budgets for exploration and production (E&P) due to crash of oil prices would be a restraint for seismic survey market.
The data processing and interpretation market would grow at a faster pace during the forecast period
The market for data processing and data interpretation is expected to grow at the significant pace during the forecast period. The data processing and interpretation demand is rising as oil and gas companies are utilizing these software services to explore new hydrocarbon field opportunity. The advancement in technologies is useful for the operators and oil and gas service companies in order to tap the demand generating from mature oilfields. Oil and gas companies currently are investing in areas which have already been explore with the help of data processing and interpretation. Thus the demand for data processing and interpretation increases as oil and gas companies start exploring the brownfields projects.
The 3D market is expected to grow at the fastest pace during the forecast period. African countries will offer high growth opportunities to geophysical seismic systems market. Factors such as targeting brownfields, and improving production rate would impart growth in geophysical seismic systems market. Oil and gas companies are targeting the economies reserves which are economical in costs and provide better results.
North America is expected to be the largest market for seismic surveys.
The North American market is expected to be the largest segment of the seismic survey market, by region. The region has extensive untapped resources which will create an opportunity for oil & gas exploration companies. Since the slump in oil prices, shale exploration has been on the decline. However, operators are currently able to meet the breakeven price of shale with oil prices as low as USD 40/barrel. This has resulted in a surge in the demand for geophysical seismic data for shale reserves. The increased investments in shale gas exploration have led to an increase in the demand for seismic surveys in North America.
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The seismic systems market is dominated by few major players, given their market presence across regions and brand recognition. the report includes the profiles of companies such as Compagnie Generale de Geophysique (CGG) (France), Petroleum Geo-Services (PGS) (Norway), Fugro N.V. (Netherlands), Polarcus Limited (U.A.E.), Tomlinson Geophysical Services (TGS)-Norwegian Petroleum Exploration Consultants (NOPEC) Geophysical Company (Norway), SeaBird Exploration, PLC (Cyprus), Ion Geophysical Corporation (U.S.), Schlumberger Limited-WesternGeco (U.S.), Pulse Seismic, Inc. (Canada), and Global Geophysical Services, Inc. (U.S.).