Seismic Services

Seismic Services Global Market Outlook

• The global seismic services market is estimated to be $11.2 billion in 2023, and it is expected to reach $13.3 billion by the end of 2026, with a CAGR of 6-7 percent

• North America, followed by Middle East, are the major regions, with a significant level of seismic activity

• Based on the location of the field, offshore is the most dominant segment for seismic services and accounts for 68 percent of the global market

• Seismic activity in Asia-Pacific is expected to grow at a higher rate than any other region worldwide. India will be doubling its exploration area of oil and gas to 0.5 million km² by 2025 and to 1 million km² by 2030 to increase the domestic output

Global Seismic Service Market Overview

• The global seismic service market is predicted to grow at a CAGR of 6-7 percent between 2023 and 2026, from US$11.2 billion in 2023 to US$13.3 billion in 2026.

Market Outlook

• The global seismic services market is expected to value at around $11.2 billion in 2023, and it is expected to grow at a CAGR of 6-7 percent during 2023–2026

• The services include Data Acquisition, Data Processing and Data Interpretation of the Oil & Gas field

• 2D, 3D and 4D are the three primary technologies used for the seismic survey. 3D modelling is widely used technology for the field survey, while 4D modelling is the most emerging technology which increases the  seismic capabilities

• Based on the location of the field, offshore is the most dominant segment for seismic services and accounts for 68 percent of the global market.

• North America, followed by EMEA, are the major regions, with a significant level of seismic activity. However, seismic activity in Asia Pacific is expected to grow at a higher rate than any other region worldwide

Seismic Services Market Drivers and Constraints

• Rise in the global E&P activities is the major driver for the Seismic Services

Drivers

• Seismic Services market is mainly driven by the increase in Global Exploration & Production activities with the rise in the crude oil prices

• The Oil & Gas sector will gain significant value from both the seismic data and quantitative interpretation by improving the drilling success, field development and oil & gas recovery. 

• The need of high-resolution imaging of the subsurface, in geologically complex basins, such as the Gulf of Mexico and Brazil, to understand the geology and mitigate the risk of development and production.

• The seismic services market is driven by the E&P company’s  focus on the production optimization, near-field exploration, and increasing interest in new fields development.

• The global oil demand for the year and next is forecasted to increase, coupling with ban on Russian output, which will require the increase in production from other regions will drive the oil production in the year

Constraints

• Stricter policies and environment laws are limiting the scale of seismic operations in several regions across the globe

• The offshore activities results in underwater sound due to the use of seismic sources, which impacts the biological/ecological receptors in the marine environment

• Governments cite possible contamination to the aquifers a concern in limiting the seismic activity

• The requirement of highly skilled labors for the project planning failing which can lead to severe consequences for project feasibility, proper interpretation of data and cost. 

• Many countries are trying to reduce their dependency on crude oil by shifting towards renewable energy sources.

• Labor shortage in the oil industry is stinging the industry with high costs