Seismic survey, a non-invasive method for gathering information, is the geophysical survey for estimating the geo properties. Oil & gas organizations utilize the seismic survey to analyze new hydrocarbon fields, which estimated the development of the seismic services market. Seismic testing is carried out through a vibroseis truck. A plate attached to the truck generates an acoustic sound signal that is reflected from the earth’s surface. The reflected sound is recorded in geophones in small vans. Furthermore, seismic services are majorly used in oil & gas and mining industries for exploration activities.
COVID-19 scenario analysis:
- The oil & gas exploration industry is expected to witness slow growth due to extended lockdown.
- Many of the upcoming projects across the globe have been delayed due to social distancing norms. This is expected to negatively impact the market growth for seismic services.
- Oil & gas industry players are working with limited number of workers, which has reduced the overall production, thereby hampering the market growth for seismic services.
- Additionally, low demand for oil & gas and mining further affected the market growth negatively.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The offshore location of deployment offers the highest value in the seismic services market due to various favorable conditions compared to onshore. Land-based and shallow water oil fields are at their development stage, and there is little extension for any new field revelation in these territories. Therefore, advancements of deep water and ultra-deep water reserves provide lucrative opportunities for the seismic services market. North America commanded the market as the locale saw expanding offshore exploration in the Gulf of Mexico (GoM).
Market dynamics and trends
Seismic services incorporate an assortment of seismic information to make a 2D or 3D picture of the earth’s underground. The information is used by oil & gas organizations to lessen the hazards in the exhausting procedure. Subsequently, the interest for seismic services is driven by the exploration and production (E&P) movement. This movement is determined by the cost of natural gas, oil, and end-user demand. The seismic services market is relied upon to observe critical development rate, inferable from the advancements in the development business. With continuous advancement and development, the prerequisite of seismic overviews has expanded, thereby driving the growth of the seismic services market.
Key benefits of the report:
- This study presents the analytical depiction of the seismic services market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the seismic services market share.
- The current market is quantitatively analyzed to highlight the seismic services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Seismic Services Market Report Highlights
By Location of Deployment
Key Market Players
CGG, PGS, Geokinetics Inc., Schlumberger Limited, Nodal Seismic, LLC, REaD Group, WGP Group, Fugro, SAExploration, Geotech Seismic Services PJSC, Sterling Seismic Ltd., SeaBird Exploration, ASIAN OILFIELD SERVICES LTD, Amerapex Corporation, PARAGON GEOPHYSICAL SERVICES, INC, VIKING SERVICES, Echo Seismic Ltd.