Seismic Survey Market size was over USD 21.95 billion in 2023 and is projected to exceed USD 40.88 billion by 2036, growing at over 4.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of seismic survey is assessed at USD 22.81 billion. The growth of the market can primarily be attributed to the growing demand for energy, majorly oil and gas, from several end-use industries, and the rising oil and gas exploration activities around the globe. Exploration operations are held worldwide to identify fresh oil and gas deposits. By the use of seismic survey technology, oil explorers are highly benefitted as these technologies help in enhancing their search and drive the overall searching process at a faster pace. Seismic survey tools measure the properties of the earth by utilizing physical principles of geophysical survey, such as elastic, gravitational, thermal, magnetic, and electric theories. By utilizing these tools, oil & gas exploration companies are benefitted with detailed images of the sub-surface, which allow detection of both lateral and depth variations. Moreover, different types of seismic surveys allow direct detection of hydrocarbon and delineate stratigraphically.
Seismic surveys are used as an important geophysical survey tool by the oil & gas companies. Backed by the rising demand for oil in the end-use industries, the demand for these survey tools is expected to increase significantly, and in turn, drive the market growth. According to the statistics by the International Energy Agency (IEA), the final consumption of gas/diesel and motor gasoline, increased from 1146515.0 kt and 921686.0 kt respectively in the year 2010, to 1297065.0 kt and 1047841.0 kt respectively in the year 2018.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
4.9% |
|
Base Year Market Size (2023) |
USD 21.95 billion |
|
Forecast Year Market Size (2036) |
USD 40.88 billion |
|
Regional Scope |
|
The global seismic survey market is segmented by service type into data acquisition, data processing, and data interpretation. Out of these, the data acquisition segment is anticipated to garner the largest revenue of USD 8646.9 Million by the end of 2030, up from a revenue of USD 6073.4 Million in the year 2020. By end-use vertical, the market is segmented into oil & gas, and non-oil & gas. Out of these, the oil & gas segment is expected to hold the highest market share by the end of 2030 and also grow with the highest CAGR of 4% during the forecast period. By technology, the market is segmented into 2D imaging, 3D imaging, and 4D imaging. Out of these, the 3D imaging segment is expected to generate the largest revenue of USD 6857.4 Million by the end of 2030, up from a revenue of USD 4489.0 Million in the year 2020. The segment is also expected to grow with the highest CAGR of 4.44% during the forecast period. The 4D imaging segment, on the other hand, is projected to grow with the second-highest CAGR of 3.98% during the forecast period.
Regionally, the global seismic survey market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is anticipated to generate the largest revenue of USD 3286.4 Million by the end of 2030, up from a revenue of USD 2070.3 Million in the year 2020. The market in the region is also expected to grow with the highest CAGR of 4.84% during the forecast period. One of the major factors anticipated to drive the growth of the seismic survey market in the Asia Pacific is the growing focus of the government of nations, such as in China and India, to develop public infrastructure, as the region possesses numerous earthquake prone areas. Moreover, the increasing demand for oil and gas from several countries in the region is also anticipated to drive the market growth in the coming years. Further, the availability of several oil & gas reserves in the region is also expected to drive the market growth. According to the Center for Strategic & International Studies (CSIS) Asia Maritime Transparency Initiative (AMTI) statistics, around 11 Billion barrels of oil and 190 Trillion cubic feet of natural gas in proved and probable reserves are available in South China Sea. The seismic survey market in the region is segmented by country into China, India, Australia, South East Asia, and the Rest of Asia Pacific. Out of these, the market in China is anticipated to garner the largest revenue of USD 1366.2 Million by the end of 2030, and also grow with the highest CAGR of 5.61% during the forecast period.
May 28th, 2021: Pulse Seismic Inc. announced that it had signed a contract for seismic data licensing worth USD 17 Million. The license is for 3D seismic data of Central Alberta, which is located in a liquids rich fairway in the west shale basin with multi-zone potential.
April 08th, 2021: ION Geophysical Corporation announced that it had been selected by the Ministry of Energy and Petroleum for 3D multi-client programs offshore in Kenya.
Author Credits: Dhruv Bhatia
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