The seismic survey market is expected to grow from an estimated USD 7.54 Billion in 2017 to a projected USD 9.28 Billion by 2022, at a CAGR of 4.15%, during the forecast period.
Northbrook, IL -- (SBWIRE) -- 06/13/2019 -- The seismic survey market is projected to grow from an estimated USD 7.54 billion in 2017 to USD 9.28 billion by 2022, at a CAGR of 4.24% from 2017 to 2022. North America and Europe is likely to be the largest market for seismic survey market. The Seismic survey market is mainly driven demand of seismic technology in brownfield projects and shale gas exploration. The multi client's surveys will provide the opportunity to oil and gas companies to share the costs of exploration projects.
In terms of the service market, services such as the data processing and data interpretation offer high growth opportunities. Data processing covers both the time and depth domain analysis. Data processing and interpretation is the most critical step as investment from oil and gas companies depend on proper interpretation. Oil and gas companies are using data processing and interpretation to explore the brownfields projects. The companies are investing in the multi-clients and brownfields projects because of slump in oil price.
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In terms of market, by technology, the 3D market is expected to grow at the fastest pace during the forecast period. African countries will offer high growth opportunities to seismic survey market. Factors such as targeting brownfields, and improving production rate would impart growth in geophysical seismic systems market. Oil and gas companies are targeting the economies reserves which are economical in costs and provide better results.
The North American market is expected to be the largest segment of the seismic survey market, by region. The region has extensive untapped resources which will create an opportunity for oil & gas exploration companies. Since the slump in oil prices, shale exploration has been on the decline. However, operators are currently able to meet the breakeven price of shale with oil prices as low as USD 40/barrel. This has resulted in a surge in the demand for geophysical seismic data for shale reserves. The increased investments in shale gas exploration have led to an increase in the demand for seismic surveys in North America.
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Compagnie generale De geophysique (CGG) (France), Fugro N.V. (Netherlands), Petroleum Geo-Services (PGS) (Norway), Schlumberger Limited (WestrenGeco) (U.S.), and Tomlinson Geophysical Services Inc. (TGS) - NOrwegian Petroleum Exploration Consultants (NOPEC) Geophysical Company (Norway) are the market leaders of Seismic survey market.
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