by Seismic surveys are performed to create an image of the subsurface geology. Seismic waves are transmitted into the ground and the reflected signals are recorded by geophones. This data is then analyzed through specialized software to create a high-resolution image of underlying rock formations. Seismic surveys find widespread application in oil and gas exploration to identify potential hydrocarbon reservoirs. They also help engineers design and build safe infrastructures by providing information about sub-surface conditions that reduce risks from hazards like earthquakes and landslides. As global infrastructure development accelerates and natural resource exploration activities expand into more geologically complex areas, the demand for high-quality seismic data is growing steadily.
The global seismic survey market is estimated to be valued at US$ 21.86 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for safer infrastructure is one of the key drivers propelling the seismic survey market forward. As urbanization increases worldwide, more buildings, roads, bridges and other civil structures need to be built. However, constructing in geologically unstable areas requires in-depth analysis of sub-surface conditions to minimize risks. Seismic surveying helps urban planners and engineers gather vital insights about soil composition, bedrock topography and locate geological faults to ensure public works can withstand seismic activities and natural disasters. Additionally, the continuous expansion of oil and gas exploration into more complex terrain such as deep-sea areas, arctic zones and shale reservoirs has also stimulated seismic surveys to obtain thorough pictures of underground formations and aid in predicting resource distribution. Advancements in seismic acquisition and processing technologies have further widened the scope and applications of these surveys.
Segment Analysis
The seismic survey market is dominated by the land segment which accounts for over 50% share of the overall market. Land seismic surveys are conducted to map subsurface structures and locate oil and gas deposits. They offer high resolution images at relatively low costs making them suitable for onshore exploration activities. Growing investments in unconventional exploration such as shale oil and gas across North America have steadily increased the demand for land seismic surveys.
PEST Analysis
Political: Favorable government policies supporting exploration and production activities are boosting investments in seismic surveys. However, uncertainties around trade wars and sanctions can negatively impact capital spending.
Economic: Volatility in crude oil prices along with economic slowdowns impact exploration budgets of E&P companies which form a major client base for seismic surveys. However, modest price recovery in recent years have enabled modest growth.
Social: Seismic surveys face resistance from local communities over environmental concerns from surveys. However, innovations focused on reducing carbon footprint can help alleviate such issues.
Technological: Advancements in seismic acquisition systems allow high resolution 3D and 4D imaging promoting enhanced recovery from mature fields. Developments in cloud computing and edge computing are improving processing and interpretation capabilities.
Key Takeaways
The Global Seismic Survey Market Demand is expected to witness high growth supported by rising exploration expenditures as well as technology advancements.
Regional analysis: North America is the largest as well as the fastest growing regional market for seismic surveys driven by continuous exploration and production from shale reserves. The influential shale gas revolution has transformed the US energy landscape promoting extensive exploration activities. Additionally, offshore Canada and Gulf of Mexico also present significant opportunities.
Key players operating in the seismic survey market are AbbVie, Novartis International AG, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Sanofi S.A., Merck & Co., Abbot Laboratories, Horizon Therapeutics plc, Johnson & Johnson, GE Healthcare, Carl Zeiss Meditec AG, Alcon Vision LLC, Eli Lilly and Company, Optovue Inc and Kala Pharmaceuticals. GE operates as a top supplier with expertise across land, marine and transition zone projects. WesternGeco, Schlumberger and CGGVeritas also have a sizable presence with advanced acquisition systems and processing technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
