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Seismic Services Market Size 2021 Regional Trend, Future Growth, Leading Players Updates, Industry Demand, Current and Future Plans by Forecast to 2023
Posted on May 5 2021 9:00 AM
"Seismic Services Market Research Report is highly research-intensive, powered by high R&D investment, and it possesses a strong product analysis to maintain growth and ensure long-term revenue generation with Forecast Period 2021-2023.
Global Seismic Services Market Research Report study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds impact on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.Seismic Services Market Research Report is highly research-intensive, powered by high R & D investment, and it possesses a strong product analysis to maintain growth and ensure long-term revenue generation.
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Seismic Services Market report offers a comprehensive view regarding the competitive landscape of the Seismic Services market and includes a deep description of performance by some of the key global players completing in the market. It offers a list of latest updates of several business strategies including mergers, acquisitions, partnerships, product launch, expansion of production units, and collaborations adopted by these major global players. The report provides a clear picture regarding R & D investment from key players and adoption of innovative technologies to widen their consumer base and expand the existing competitive position. Moreover, the report offers a detailed information about the position, scope of growth, and opportunities of new entrants or players in the market.
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Seismic Services are witnessing strong demand from activities ranging from exploration and production to monitoring reservoir life, hydraulic fracturing, waste injection, underground gas storage and mining, and others. In order to cater to growing needs, advanced seismic technologies are evolving, and can provide seismic images with high clarity, and deliver with the utmost speed, efficiency, and HSE sensitivity. The seismic services market is now witnessing a steady growth in the 4D survey technology and multi-client seismic projects across the globe. North America dominated the global market for seismic services, with almost 23% of the market share in 2016, and it is expected to dominate the market during the forecast period.
Quest for Shale Gas - Driving the Seismic Services Market
Globally, tapping the vast unconventional shale gas reserves has emerged as an answer to the growing energy needs. Encouraged by the US shale gas boom, countries across the globe with vast shale reserves, such as Canada, Argentina, China, Brazil, and others, have undertaken encouraging steps to increase oil & gas production from shale formations. However, shale gas extraction remains a complicated process, which requires high-precision seismic survey to make an accurate description of the reservoir characteristics, and distribution pattern of shale gas sweet spots. Furthermore, the need to develop reserves of oil and gas, from shale formation, requires the use of oilfield chemicals for hydraulic fracturing and horizontal drilling processes. This supports the need for seismic services, due to HSE sensitivity as well. Thus, the demand for seismic services is expected to remain high during the forecast period, due to a large number of scheduled shale gas exploration and development activities across the globe.
North America to Dominate the Market Growth
The North American region is expected to dominate the demand for seismic services during the forecast period, due to increasing commitment to ramp up domestic oil & gas production from its unconventional reserves, and the proposed plan to open up 90% of the Outer Continental Shelf, off the US coast. The Middle East & African region is expected to register one of the highest CAGR in the global seismic services market during the forecast period.
Increasing Exploration Activities Driving US Seismic Activities
The exploration and production activities for unconventional resources, such as shale oil/gas and tight gas, are expected to remain high during the forecast period. According to the US Energy Information Administration, the GOM production in 2016 set annual high of 1.6 million barrels per day (b/d), surpassing the previous record set in 2009 by 44,000 b/d. Market conditions improving significantly amid rising oil prices, coupled with the support of a new and favorable administration with pro-energy policies, which understands the strategic importance of a healthy oil & gas industry, exploration and production activities are expected to further supplement the US seismic activities. In 2016, the BOEM released the Proposed Final Program (PFP) for the US Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2017-2022. The program includes 11 lease sales across four planning areas, 10 targeting the Gulf of Mexico and one in the US Arctic region. With US producers focusing on increasing production from existing fields and growing seismic applicability across the field lifecycle, the demand for seismic services is expected to surge further during the forecast period.
Key Developments in the Market
January 2018: The Norwegian Petroleum Directorate confirmed the successful acquisition of around 4,500 kilometers of 2D seismic data around Gardarbank High by the WG Columbus vessel.
January 2018: Lekoil will acquire 197 square kilometers of 3D seismic data at the Otakikpo Marginal Field in OML 11, in the Niger Delta, to update the existing 2D coverage.
December 2017: ExxonMobil to evaluate offshore Mauritania blocks.
October 2017: Searcher Seismic announced airborne survey over Gulf of Papua, covering 60,700 square kilometers.
September 2017: India to acquire seismic data of 48,000 line kilometers to boost oil, gas output.
Major Players: AGILE SEISMIC LLC, BGP Inc., CGG SA, PETROLEUM GEO-SERVICES ASA, FUGRO NV, GEOKINETICS Inc., HALLIBURTON Co., ION GEOPHYSICAL CORPORATION, POLARCUS LIMITED, SAEXPLORATION HOLDINGS Inc., SCHLUMBerger Ltd, SEABIRD EXPLORATION PLC, SIGMA CUBED Inc., TGS NOPEC GEOPHYSICAL Co ASA, WGP GROUP Ltd, SPECTRUM ASA
Reasons to Purchase this Report
Identify the drivers, restraints, and opportunity possessed by the global seismic services market with in-depth analysis.
Analyze the various perspectives of the market with the help of Porterâ€™s five forces analysis.
Identify the most dominating type of service with forecast of market estimate in the global seismic services market.
Identify the largest, fastest-growing, and significant regions during the forecast period with in-depth analysis.
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
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Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global Seismic Services Market for 2021-2023. To calculate the market size, the report considers new installations or sales and subscription payments of Seismic Services.
Regional Market Analysis:
The Seismic Services Market report includes Global & Regional market status and outlook 2021-2023. Further, the report provides break down details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Global Seismic Services Market 2021-2023, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
- Growing research activities coupled with new product launches.
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- High Opportunity in the Industry
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- Complications associated with Seismic Services procedures.
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Key Attentions of Seismic Services Market Report:
- The report offers a comprehensive and broad perspective on the global Seismic Services market.
- The market statistics represented in different Seismic Services segments offers complete industry picture.
- Market growth drivers, challenges affecting the development of Seismic Services are analyzed in detail.
- The report will help in the analysis of major competitive market scenario, market dynamics of Seismic Services.
- Major stakeholders, top companies Seismic Services, investment feasibility and new market entrants study is offered.
- Development scope of Seismic Services in each market segment is covered in this report. The macro and micro-economic factors affecting the Seismic Services market
- Advancement is elaborated in this report. The upstream and downstream components of Seismic Services and a comprehensive value chain are explained.
Some Major Points from Toc :-
1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness Porter's Five Forces Analysis
3.2.5 Degree of Competition
3.3 Price Analysis
4. Market Dynamics
5. Market Segmentation and Analysis (Market Size, Growth & Forecast)
5.1 By Product Type
5.2 By Application
5.3 By End-user Industry
6. Regional Market Analysis
6.1 Production Analysis
6.1.4 Democratic Republic of Congo
6.2 Consumption Analysis (Market Size, Growth and Forecast)
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
6.2.2 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
6.2.4 South America
126.96.36.199 Rest of South America
6.2.5 Middle East & Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East & Africa
7. Future of the Market
8. Competitive Landscape
8.1 Mergers & Acquisitions, Joint Ventures, Collaborations and Agreements
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
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