Research Nester published a report titled “Seismic Survey Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global seismic survey market in terms of market segmentation by service type, end-use vertical, technology, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global seismic survey market is anticipated to grow with a CAGR of 3.96% over the forecast period, i.e., 2021 – 2030. The market is segmented by technology into 2D imaging, 3D imaging, and 4D imaging, out of which, the 3D imaging segment is expected to generate the largest revenue of USD 6857.4 Million by the end of 2030. Moreover, in the year 2020, the market generated the largest revenue of USD 4489.0 Million. Besides this, the segment is also expected to grow with the highest CAGR of 4.44% during the forecast period.
The global seismic survey market is estimated to garner a revenue of USD 11658.2 Million by the end of 2030, up from a revenue of USD 7990.3 Million in the year 2020. Growing demand for energy worldwide, especially oil and gas, which is raising the need amongst the organizations in the oil & gas industry to raise their production and find new reserves are some of the major factors anticipated to drive the market growth in the coming years.
The global seismic survey market is segmented by region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in the Asia Pacific region is anticipated to generate the largest revenue of USD 3286.4 Million by the end of 2030, by growing with the highest CAGR of 4.84% during the forecast period. Moreover, in the year 2020, the market registered a revenue of USD 2070.3 Million. Amongst the countries in the region, the market in China is expected to generate the largest revenue of USD 1366.2 Million by the end of 2030.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rising Demand for Energy Worldwide to Drive Market Growth
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, according to the statistics by the International Energy Agency (IEA).
The growing demand for energy, especially oil and gas, amongst the end-users is one of the major factors anticipated to drive the market growth. Seismic surveys help oil and gas explorers in their exploration activities as these tools have known to be effective in their search process. As a result, the oil & gas companies are increasingly looking out for organizations that provide seismic survey services. Such factors are expected to drive the growth of the market in the coming years.
However, the high cost associated with seismic survey is expected to operate as key restraint to the growth of global seismic survey market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global seismic survey market which includes company profiling of PT Elnusa Tbk, CGG Group, Fugro N.V., Polarcus Limited, Alphageo (India) Limited, PGS Group, SeaBird Exploration Group, Agile Seismic LLC, ION Geophysical Corporation, Pulse Seismic Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global seismic survey market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.