According to TechSci Research report, “Seismic Survey Equipment Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” the Global Seismic Survey Equipment Market is expected to register robust growth during the forecast period, 2024-2028. The market is anticipated to expand as a result of the growing demand from the oil and gas sector. The desire to locate new sources of oil, gas, metals, minerals, etc. is being fueled by the rapid depletion of existing ones. The need for geophysical services is anticipated to rise in the oil and gas sector, which is projected to have a significant impact on the seismic survey equipment market globally. A variety of energy sources, sensors, and receivers are used to conduct seismic surveys in a region of interest. To increase their income streams, manufacturers could take advantage of additional seismic survey technology options. Seismic survey is a technique for examining underground structure, notably in relation to the search for mineral, petroleum, and natural gas resources.
Furthermore, the Mexican government has made numerous blocks accessible for exploration in recent years. This is due to the liberalisation of the upstream business, which has allowed 70 oil and gas vendors to join the country after bidding for blocks, strengthening the domestic market while accelerating the worldwide seismic survey equipment market. In terms of value, the United States ranked first among all nations.
The North American seismic survey equipment market is expected to dominate in the forecast period due to the presence of important market players, technical advancements, and nations such as the United States, Canada, and Mexico.
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The Global Seismic Survey Equipment Market is divided into Component, Technology, Application, Industry. Based on component, the market is divided into Hardware, Software, Services. Due to expanding technical improvements in equipment and expanding oil gas exploration operations globally, the hardware category had the largest market share in 2022. In order to create seismic waves, seismic survey equipment uses a variety of seismic sources including Vibroseis, air guns, and dynamite as well as different seismic detectors like hydrophones and geophones.
Software is also one of the seismic survey equipment market's fastest-growing segments, thanks to the industry's expanding digitization and the adoption of cutting-edge solutions by end-use sectors. Additionally, some of the key market players offer solutions and support the expansion of the industry. For example, Sercel and Kappa Offshore Solutions will jointly introduce PIKSEL in March 2021.
Based on Technology, the market is divided into 3D, 2D and 4D. 3D segment is expected to dominate the market in future. To provide land seismic equipment to a top seismic collection contractor for a 3D mega-crew survey in Saudi Arabia, Sercel received a second significant contract in December 2020. A Sercel 508XT seismic acquisition system with approximately 60,000 channels and strings is part of this new 3D equipment deal.
Based on Application, the market is divided into Offshore and Onshore. Offshore is anticipated to grow at a rapid CAGR throughout the projection period. Since the offshore seismic survey is done on water, the geophysical solution with such a Danish basis has a contract of USD 25 Million for the collection of data on the ocean floor in the Middle East. Additionally, a great deal of space under the sea is yet to be explored for the purpose of producing oil and gas. As a result, investments in offshore seismic surveys will increase.
Based on Industry, the market is divided into Oil Gas and Others. Oil Gas sector dominates the market in 2022 and is expected to remain dominant in the forecast period., due to the rising demand for oil and gas in 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
- Sercel
- 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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