Seismic Survey Market Size

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.