Global Seismic Services Market - Market Analysis by Geography, Nature of Location and Application, Competitive Landscape, Key Company Information - Growth Trends and Forecasts (2017 - 2022)

Published - Jan 2017 | Category - Energy and Power | No. of Pages - 135 | Published By - Mordor Intelligence

Report Highlights

The Global Seismic Services Market is estimated to reach $XX billion in 2022 with a CAGR of 12.1% from 2014 to 2022.

Micro Seismic Technology is used to find significant information about oil and natural gas bearing structures in increasingly challenging areas. Oil and gas companies use seismic surveys to map and interpret potential petroleum reserves. It provides important information on reservoirs, which is not obtainable from any other source, and helps in optimizing production. Micro seismic monitoring is also used to reduce risks, increase safety and decrease costs in variety of industrial applications.

North America is leading the market for micro seismic services with United States of America being the major market in the region. This regions market would be primarily driven by increasing offshore exploration in Gulf of Mexico and Shale Boom. The North Sea region presents a decent market opportunity for micro seismic services as its new exploration activity is at an all-time high primarily because of the decreasing production levels over past few years and going into much deeper waters to find new oil and gas reserves.

The major trend driving the seismic services market is increasing exploration activity because of raise in demand for energy and petrochemicals. With exploration activity moving ever deeper and into more complex reservoirs, the challenge of extracting commercial amounts of oil and gas is growing all the time. Major innovations are being developed in advanced seismic imaging technologies to enhance understanding of reservoir structures and to more accurately target reservoirs with commercial potential. Growing applications of Seismic Technologies in Oil and Gas is also boosting the market for seismic services.

On other hand, decreasing CAPEX spending by major Exploration& Production players as a result of falling crude oil prices and environmental issues concerning seismic technology are restraints holding the micro seismic market back.

This report extensively analyzes the Seismic Services market by segmenting it based on geography, nature of location (onshore and offshore) and application (reservoir life monitoring, hydraulic fracturing, underground mining, open-pit mining, and waste injection or underground gas storage). Key drivers and restraints that are effecting the growth of this market were discussed in detail. The study also elucidates on competitive landscape and key market players.  
 

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