Seismic Services Market 2024-2028

The seismic services market size is forecast to increase by USD 1.35 billion at a CAGR of 2.9% between 2023 and 2028. The market is experiencing significant growth, driven by several key trends and challenges.

One notable trend is the increasing adoption of advanced technologies, such as the multi-client survey approach and 4D seismic survey technology. The multi-client survey approach allows multiple clients to share the costs and benefits of seismic surveys, leading to increased efficiency and cost savings. Meanwhile, 4D seismic survey technology provides real-time, high-resolution imaging of subsurface structures, enabling more accurate and effective exploration and production. Another trend shaping the market is the issue of overcapacity in the seismic survey vessel fleet. With a surplus of vessels available, competition for contracts is fierce, putting downward pressure on prices and challenging market participants to differentiate themselves through innovation and operational excellence. Despite these challenges, the market remains a vital and dynamic sector, driven by the ongoing demand for energy resources and the relentless pursuit of discoveries.

The market has significant activity in the renewable energy sector, with companies such as Shell PLC and Norwegian Petroleum exploring new opportunities. Traditional energy resources, particularly in the gas sector, continue to drive demand for subsurface mapping and reservoir characterization. However, disruptions in project schedules due to exploration delays and reduced investments have led to an increased focus on advanced seismic technologies. Strategic factors, including the need for accurate well planning and the exploration of mineral deposits, further bolster market growth. Overall, the market in the Gulf of Mexico remains a vital component of the energy industry's efforts to optimize resources and mitigate risks.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments:

• Deployment
  • Onshore
  • Offshore
• Service
  • Data acquisition
  • Data processing
  • Interpretation
• Geography
  • North America
    • Canada
    • US
  • Europe
    • France
  • APAC
    • China
  • Middle East and Africa
  • South America

By Deployment Insights

The onshore segment is estimated to witness significant growth during the forecast period. In the Gulf of Mexico and beyond, the market plays a pivotal role in the exploration and development of energy resources, particularly in the gas sector. The offshore segment dominates this market due to the vast hydrocarbon reserves located beneath the seabed. Major players in this industry include Shell PLC, Norwegian Petroleum, Schlumberger NV, CGG SA, PGS ASA, and TGS ASA. Seismic surveys are integral to infrastructure development and construction projects, as they provide crucial geological studies and subsurface assessments. These assessments are essential for civil engineering and infrastructure sectors, ensuring the efficient extraction of mineral deposits while mitigating geological hazards and environmental concerns.

Moreover, 3D and 4D seismic imaging technologies have revolutionized the market, offering unparalleled accuracy in subsurface mapping. These advanced seismic techniques enable reservoir characterization, well planning, and the identification of unconventional resources. However, their implementation comes with increased costs, which can lead to disruptions in project schedules, exploration delays, and reduced investments. The OSDU Data Platform and DELFI Seismic Processing are transforming the market by streamlining data acquisition and processing. These technologies enable companies to make informed decisions based on real-time data, ensuring the efficient allocation of resources and minimizing exploration risks. Environmental impact and sustainability practices are increasingly important considerations in the market. Groundwater studies and assessments of geological hazards are essential to minimize the environmental footprint of seismic surveys. As the industry continues to evolve, it must adapt to these challenges while maintaining its focus on accurate data acquisition and reservoir characterization.

The onshore segment was valued at USD 5.71 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 41% to the growth of the global market during the forecast period. The analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

In the North American market of 2022, the US and Canada emerged as the primary contributors, driven by their status as major oil and gas producers globally. Unconventional exploration and production (E&P) activities, including shale gas extraction in the US and oil sands production in Canada, have significantly boosted output. As of 2021, Canada ranked among the world's top five crude oil producers and was a significant supplier of dependable crude oil to international markets. The country's vast oil and gas reserves are a strategic advantage. The market in North America is witnessing substantial growth, fueled by the increasing focus on shale gas and tight oil production.

Moreover, companies are at the forefront of this industry, providing geophysical solutions for reservoir imaging and subsurface data analysis. Customer-centric approaches ensure real-time insights into reservoir dynamics and production activities, enabling effective reservoir management and hydrocarbon production. Joint ventures and seismic monitoring solutions are essential strategic factors in the market. Seismic data plays a crucial role in understanding reservoir changes and optimizing production. By providing accurate and reliable seismic data analysis, these companies contribute significantly to the overall success of oil and gas production activities.

The researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Seismic Services Market Driver

The rising multi-client survey approach in seismic services is the key driver of the market. In the market, providers collect and license multi-client seismic survey data, primarily in large land areas such as the Gulf of Mexico. This approach allows for cost savings on a per-unit-area basis, making it an attractive option for oil and gas companies. Renewable energy and offshore segments are also significant consumers of seismic surveys for infrastructure development and construction projects. The energy resources sector, particularly the gas sector, relies heavily on seismic surveys for hydrocarbon reserves exploration and geological studies.

Similarly, seismic technology, including 3D and 4D seismic imaging, plays a crucial role in subsurface assessments, reservoir characterization, well planning, and advanced seismic techniques for unconventional resources. The market caters to various infrastructure sectors, including civil engineering and environmental concerns, sustainable practices, groundwater studies, and geological hazard assessments. Seismic surveys are integral to the exploration process, with disruptions and project schedules often influenced by their accuracy and timely delivery. Energy companies invest significantly in seismic surveys to mitigate exploration delays and reduce investments in the face of uncertain market conditions. The market's evolution includes a focus on advanced seismic technologies and the integration of environmental impact assessments and geological hazard analyses. Overall, seismic services are a vital component of the energy industry's efforts to optimize resource exploration and development.

Seismic Services Market Trends

The increasing adoption of 4D seismic survey technology is the upcoming trend in the market. In the energy sector, particularly in the Gulf of Mexico and the North Sea, seismic services play a pivotal role in the identification and characterization of energy resources, including hydrocarbon reserves in the gas sector. Traditional seismic methods, such as 2D and 3D seismic imaging, have been instrumental in subsurface assessments for infrastructure development and civil engineering projects. The offshore segment, a significant contributor to the market, has seen the adoption of advanced seismic technologies like 3D and 4D seismic imaging for improved accuracy in subsurface mapping. Major players in the market have been at the forefront of innovation, developing technologies to address environmental concerns and promote sustainable practices.

Furthermore, seismic technology is also crucial for the assessment of geological hazards and mineral deposits, as well as groundwater studies. However, the increasing focus on renewable energy sources and the associated infrastructure development may impact the market, leading to reduced investments in traditional energy resources. Despite these challenges, the market continues to evolve, with a focus on reservoir characterization, well planning, and the exploration of unconventional resources. The adoption of 4D seismic imaging, which provides a more detailed and dynamic representation of the subsurface, is expected to drive market growth.

Moreover, environmental impact assessments and sustainable practices are becoming increasingly important considerations in the market. Companies are investing in technologies to minimize the environmental footprint of seismic surveys and address concerns related to noise pollution and seismic activity. In conclusion, the market is a critical enabler for the exploration and development of energy resources, particularly in the offshore segment. With a focus on innovation, sustainability, and collaboration, market players are addressing the challenges posed by shifting energy market dynamics and ensuring the continued growth and success of the seismic services industry.

Seismic Services Market Challenge

The overcapacity of seismic survey vessel fleets is a key challenge affecting the market growth. In the Gulf of Mexico and offshore segments, the market experienced turbulence before the 2014 crude oil price decline. Overcapacity was a significant contributor to instability, with the number of crews and vessels for seismic surveys exceeding new projects. Additional challenges included the adoption of advanced techniques, infrastructure development in the energy resources sector, and geological studies for hydrocarbon reserves and mineral deposits. When oil prices plummeted, investments in exploration and production projects significantly reduced, exacerbating market instability. Despite a lackluster recovery in 2019, offshore activities have yet to regain their pre-price slump levels. Renewable energy and the gas sector have emerged as alternative growth areas, with seismic surveys playing a crucial role in reservoir characterization, well planning, and advanced seismic technologies like 3D and 4D imaging.

Moreover, infrastructure sectors, including civil engineering and construction projects, also rely on seismic technology for environmental impact assessments, geological hazard analysis, groundwater studies, and sustainable practices. Environmental concerns and sustainable practices have become increasingly important, with seismic technology playing a key role in minimizing disruptions to project schedules and exploration delays. Reduced investments in the sector have necessitated the optimization of seismic technology to ensure efficient exploration and well planning. Despite these challenges, the market remains vital for the characterization of unconventional resources and the continued development of energy resources. The implementation of advanced seismic technologies and a focus on sustainable practices will be essential for the market's long-term growth and success.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Agile Seismic LLC - The company offers seismic services such as advanced 3D seismic processing and imaging for high-density and wide azimuth land surveys, narrow azimuth marine surveys, and ocean bottom cables.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Amerapex Corp.
• Asian Energy Services Ltd.
• Briscoe Group Ltd.
• CGG SA
• China National Offshore Oil Corp.
• China National Petroleum Corp.
• Echo Seismic Ltd.
• Fugro NV
• Halliburton Co.
• PGS ASA
• Polarcus Ltd.
• Pulse Seismic Inc.
• RASMUSSENGRUPPEN AS
• SAExploration Holdings Inc.
• Schlumberger Ltd.
• SeaBird Exploration PLC
• Sinopec Shanghai Petrochemical Co. Ltd.
• TGS NOPEC Geophysical Co ASA
• Alphageo India Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The market encompasses the provision of services related to the measurement and analysis of seismic activity. These services play a crucial role in the exploration and production of oil and gas resources. The market is driven by the increasing demand for energy and the need for accurate and reliable seismic data. Seismic services include the acquisition, processing, and interpretation of seismic data using various technologies such as 2D, 3D, and 4D seismic surveys.

Furthermore, the market is segmented based on the type of services, geography, and end-users. Seismic processing involves the enhancement of seismic data to extract useful information, while seismic interpretation involves the analysis of processed data to identify subsurface structures and hydrocarbon reservoirs. Seismic services are essential for the successful exploration and development of oil and gas fields.