Global Seismic Survey Market is Set for a Rapid Growth and is Expected to Reach USD 9.23 Billion by 2022

Sarasota, FL -- (SBWire) -- 08/07/2018 --Zion Market Research has published a new report titled "Seismic Survey Market by Service (Data Acquisition, Data Processing, and Interpretation), Technology (2D Imaging, 3D Imaging, and 4D Imaging) and Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, the global seismic survey market accounted for USD 7.21 billion in 2016 and is expected to reach USD 9.23 billion by 2022, growing at a CAGR of around 4.2% between 2017 and 2022.

The global seismic survey market is expected to witness substantial growth within the aforementioned forecast period on account of increasing exploration activities across the globe to locate new oil and gas reserves.

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Seismic survey is a form of geophysical survey that aims at measuring the earth's (geo-) properties by means of physical principles such as magnetic, electric, gravitational, thermal and elastic theories. It is based on the theory of elasticity and therefore tries to deduce elastic properties of materials by measuring their response to elastic disturbances called seismic waves. A seismic source-such as sledgehammer-is used to generate seismic waves, sensed
by receivers deployed along a preset geometry (called receiver array), and then recorded by a digital device called seismograph.

The growing demand for seismic technology in oil & gas exploration is expected to be the major driver for global seismic survey market. Depleting reserves and growing demand for oil & gas to meet the demands of the rising population has been boosting the exploration activities across the globe. Moreover, the demand for mapping and locating prospective reserves put forth by various oil & gas firms across the globe is expected to further fuel the growth of the seismic survey market in the coming years. The current crude crisis is expected to slightly curb the growth of the seismic survey market in the coming years. The global seismic survey market is also expected to face restraints from the piling debts, slashed exploration budgets, and decreased exploration allocation by the struggling oil & gas companies. However, many companies are taking efforts to recoup profitability and rationalize costs. This strategy is expected to provide many growth opportunities for the global seismic survey market.

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The global seismic survey market can be segmented into data acquisition, data processing and data interpretation based on service. The data acquisition segment accounted for the largest market share of the global seismic survey market in 2016 and is expected to witness significant growth over the forecast period. Exploration companies use the data acquired from seismic surveys to locate and explore reserves with the optimal production lifecycles.

Based on technology, the global seismic survey market can be segmented into 2D imaging, 3D imaging and 4D imaging. 3D imaging accounted for the largest market share in 2016 as it helps to capture clear images of the earth's geological structure. The oil & gas companies opt for 3D imaging to reduce uncertainties in exploration, development and production operations. It also helps in improving the turnaround time for data acquisition, processing and interpretation.

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North America dominated the seismic survey market in 2016 accounting for the largest share of the global market. Increasing exploration activities in the region is expected to spur the growth of the seismic survey market in the coming years. Moreover, the depletion of existing reserves has augmented the rate of investments by oil & gas companies in the exploration of shale gas reserves in the region. This in turn, is expected to surge the growth of the seismic survey market in the coming years.

The key players operating in the global seismic survey market are BTW Company Ltd., Breckenridge Geophysical, Spectrum ASA, Polaris Seismic International, Kuwait Oil Company, MMA Offshore Limited, Terraseis, Dolphin Group ASA, Seismic Surveys, Inc. and LoneStar Geophysical Surveys.