Seismic surveys are widely used in oil and gas exploration activities to detect geological structures and hydrocarbon deposits underground. Seismic surveys are a non-intrusive technology that uses seismic waves and their echoes to map the subsurface structure and stratigraphy of rock layers. Seismic surveys provide crucial data to support decision making during exploration and production workflows. The key products in seismic surveys include acquisition, processing, and interpretation systems. Seismic surveys help evaluate hydrocarbon prospects and make drilling decisions more effectively, thereby reducing exploration risk and costs over the long run. With the growing global energy demand and rising oil and gas prices, oil and gas companies are increasingly investing in exploration activities to find new reserves, which is expected to drive the demand for seismic surveys.
The Global Seismic Survey Market Size is estimated to be valued at US$ 25.19 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Oil and Gas Exploration Activities across the Globe: Rising energy consumption driven by population and economic growth has increased the focus on exploration of conventional and unconventional oil and gas reserves around the world. According to BP’s latest Statistical Review of World Energy, global primary energy consumption has increased by around 25% over the last decade, with oil and natural gas collectively meeting around 65% of the total demand. Increasing investments in exploration by national oil companies and international service providers to meet growing energy needs are expected to significantly drive the demand for seismic surveys during the forecast period.
Seismic Surveys Help Improve Evaluation of Hydrocarbon Prospects: Seismic surveys provide accurate images of subsurface rock layers and structures, which helps support key decisions regarding hydrocarbon exploration activities. Seismic data allows geologists and geophysicists to identify oil and gas traps more effectively and reduce exploration uncertainties and risks. The improved subsurface understanding through 3D and 4D seismic surveys enhances hydrocarbon recovery from existing fields as well. As seismic data helps operators maximize returns on exploration investments, its use is expected to gain widespread adoption in the coming years.
Segment Analysis
The seismic survey market is dominated by the land segment which holds around 60% share of the overall market. Land seismic survey are preferred over marine seismic survey as they are more cost effective and provide high resolution data. The various applications of land seismic surveys in onshore oil & gas E&P activities such as seismic acquisition, processing, and interpretation is the key factor driving the segment.
PEST Analysis
Political: Stable government policies promoting exploration and production of oil and gas reserves is positively impacting the market. However, certain regions have restrictions over exploration activities.
Economic: Rising energy demand globally along with recovering oil prices is encouraging oil companies to invest in exploration and production, thereby driving demand for seismic surveys.
Social: Environmental regulations over offshore exploration may hamper the market to some extent. However, seismic surveys carry out assessments without causing harm to the environment.
Technological: Advanced seismic acquisition systems and cloud computing is improving both quality and efficiency of seismic surveys. Use of fiber optics is also enhancing seismic data quality.
Key Takeaways
The global seismic survey market size was valued at US$ 25.19 Bn in 2024 and is expected to reach US$ 35.87 Bn by 2031, expanding at a CAGR of 8.1% during the forecast period.
Regional analysis
North America is expected to maintain its leading position during the forecast period owing to high shale oil and gas production in US. Asia Pacific is anticipated to showcase fastest growth supported by increasing focus of countries like China, India on developing domestic upstream oil and gas reserves.
Key players
Key players operating in the seismic survey market are AbbVie and Novartis International AG. AbbVie is a leader in land seismic surveys particularly in North America while Novartis has a strong presence in both land and marine seismic data acquisition globally.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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