The Global Seismic Survey Equipment Market is poised to experience strong growth during the forecast period of 2024-2028, according to the TechSci Research report titled “Seismic Survey Equipment Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028.” The market’s growth is expected to be fueled by increasing demand from the oil and gas industry. The depletion of existing oil, gas, metal, mineral sources, etc. has led to a desire to discover new sources, which is driving the need for geophysical services. This is expected to have a significant impact on the global seismic survey equipment market. A range of energy sources, sensors, and receivers are used to perform seismic surveys in regions of interest. Manufacturers can take advantage of additional seismic survey technology options to increase their revenue streams. Seismic survey is a technique used to examine underground structures, particularly in the search for mineral, petroleum, and natural gas resources.
Moreover, in recent years, the Mexican government has made numerous exploration blocks available, resulting in 70 oil and gas vendors joining the country after bidding for blocks due to the liberalization of the upstream business. This has strengthened the domestic market while accelerating the global seismic survey equipment market. In terms of value, the United States was the top-ranked nation.
Due to the presence of significant market players, technical advancements, and countries like the United States, Canada, and Mexico, the North American seismic survey equipment market is expected to dominate during the forecast period.
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The market research report by TechSci Research on the Global Seismic Survey Equipment Market classifies the market based on Component, Technology, Application, and Industry. The Component segment is divided into Hardware, Software, and Services. In 2022, the Hardware segment held the largest market share owing to the increasing technological advancements in equipment and expanding global oil and gas exploration operations. Seismic survey equipment uses various seismic sources such as Vibroseis, air guns, and dynamite, as well as different seismic detectors such as hydrophones and geophones to create seismic waves.
The Software segment is also one of the fastest-growing segments in the seismic survey equipment market due to the industry’s expanding digitization and the adoption of advanced solutions by end-use sectors. Key market players such as Sercel and Kappa Offshore Solutions are offering solutions and supporting the expansion of the industry, for instance, the introduction of PIKSEL in March 2021.
Based on Technology, the market is segmented into 3D, 2D, and 4D, and the 3D segment is expected to dominate the market in the future. In December 2020, Sercel received a significant contract to provide land seismic equipment for a 3D mega-crew survey in Saudi Arabia, which includes a Sercel 508XT seismic acquisition system with around 60,000 channels and strings.
Based on Application, the market is segmented into Offshore and Onshore. The Offshore segment is anticipated to grow at a rapid CAGR throughout the projection period due to the contract of USD 25 Million for the collection of data on the ocean floor in the Middle East, which is being carried out using geophysical solutions with a Danish basis. Moreover, there is a large amount of space under the sea that is yet to be explored for oil and gas production, leading to increased investments in offshore seismic surveys.
Based on Industry, the market is segmented into Oil & Gas and Others. The Oil & Gas sector dominated the market in 2022 and is expected to remain dominant in the forecast period due to the rising demand for oil and gas in the transport sector.
Major market players in the Global Seismic Survey Equipment Market are: –
- China National Petroleum Corporation
- Fugro N.V
- International Leading Technologies Transfer Company Limited
- Mitcham Industries, Inc
- Petroleum Geo-Services (PGS)
- Ramboll Group A/S
- Schlumberger Limited
- Seismic Survey Equipment
- Wireless Seismic, Inc.
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“The use of hydraulic fracturing in environmental studies is what is driving the need for seismic survey equipment across the globe. The flowback water is tainted, and the fracking fluid includes chemicals. The requirement to gauge risks in gas development is anticipated to increase the demand for seismic survey equipment.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Seismic Survey Equipment Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, SegmentedBy Component (Hardware, Software, Services), By Technology (3D, 2D, 4D), By Application (Offshore, Onshore), By Industry (Oil & Gas and Others), By Region,” has evaluated the future growth potential of Global Seismic Survey Equipment Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Seismic Survey Equipment Market.
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