by Seismic surveys are non-intrusive techniques used for exploring and mapping subsurface structures and stratigraphy to identify potential locations for oil and gas deposits. Seismic surveys provide high resolution images of subsurface layers to detect hydrocarbon reservoirs and structural geological features associated with hydrocarbon traps. The global seismic survey market largely constitutes seismic data service providers that deploy modern seismic data acquisition systems such as land, marine, and transition zone seismic equipment for collecting and processing subsurface data. Seismic data acquisition systems are capable of producing high resolution images of underground geological structures from reflection of seismic waves. The growing demand for energy and need to replenish depleting reserves have encouraged upstream operators to invest heavily in advanced seismic surveys for prospective exploration and production activities.
The global Seismic Survey Market is estimated to be valued at US$ 21.86 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the seismic survey market is the adoption of 4D/time-lapse seismic monitoring techniques. 4D/time-lapse seismic surveys involve repeated 3D seismic surveys over the same area at different time intervals to monitor changes in the subsurface associated with production from oil and gas fields. This helps operators to better understand reservoir characteristics, locate bypassed reserves, and optimize recovery from mature oil and gas fields. Introduction of digital seismic acquisition systems integrated with fiber optic sensors and wireless nodal acquisition systems is another trend fueling market growth. These advanced seismic data acquisition systems provide improved data quality, higher productivity, real-time monitoring capabilities, and reduced operation costs.
Porter’s Analysis
Threat of new entrants: The seismic survey market requires high initial investments and expertise to procure seismic data acquisition equipment like nodes, cables and seismic streamers. This poses medium threat of new entrants.
Bargaining power of buyers: The bargaining power of buyers is medium as buyers have choices among major seismic survey players and technology providers, allowing them to negotiate on pricing and contract terms.
Bargaining power of suppliers: The suppliers of seismic data acquisition equipment have medium-high bargaining power as there are few global players handling supply of advanced seismic equipment.
Threat of new substitutes: There is low threat of substitutes for seismic surveys as different technologies like magnetic and gravity surveys cannot match the accuracy and resolution provided by seismic methods in oil and gas exploration.
Competitive rivalry: The seismic survey market has high competitive rivalry owing to presence of many global and regional players competing on factors like technology, equipment, expertise and geographic presence.
Key Takeaways
The Global Seismic Survey Market Growth is expected to witness high over the forecast period supported by increasing oil and gas exploration activities globally.
North America currently dominates the seismic survey market owing to large shale gas reserves and rising E&P activities in the region. However, Middle East and Asia Pacific are expected to witness fastest growth on account of growing oil demands and investments in oilfields development.
Key players operating in the seismic survey market include AbbVie,Novartis International AG, Teva Pharmaceutical Industries Ltd., Pfizer Inc., Sanofi S.A., Merck & Co., Abbot Laboratories, Horizon Therapeutics plc, Johnson & Johnson, GE Healthcare, Carl Zeiss Meditec AG, Alcon Vision LLC, Eli Lilly and Company, Optovue Inc, and Kala Pharmaceuticals. These companies are focusing on developing advanced seismic technologies like 4D and marine seismic surveys to expand their product portfolio and geographic presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
