Global seismic survey market accounted for USD 7.21 billion in 2016 and will reach USD 9.23 billion by 2022, growing at a CAGR of 4.2% between 2017 and 2022
Sarasota, FL -- (SBWIRE) -- 08/09/2018 -- 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.
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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.
A seismic survey is a form of a geophysical survey that aims at measuring the earth's properties by means of physical principles such as magnetic, electric, gravitational, thermal and elastic theories. 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. 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.
Based on technology, the global seismic survey market can be segmented into 2D imaging, 3D imaging, and 4D imaging. 3D imaging was the largest segment of the global seismic survey market in 2016.
Geographically, North America accounted for the largest share of the global seismic survey market in 2016. Increasing shale gas exploration activities in the region are expected to propel the growth of the seismic survey market in North America over the forecast period.
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.
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This report segments the global seismic survey market as follows:
Global Seismic Survey Market: Service Segment Analysis
Global Seismic Survey Market: Technology Segment Analysis
Global Seismic Survey Market: Regional Segment Analysis
The Middle East and Africa