With the presence of a large pool of participants, the Global seismic survey market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). BTW Company Limited, Breckenridge Geophysical, Spectrum ASA, Polaris Seismic International, and Kuwait Oil Company are some of the key vendors of seismic survey across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the seismic survey market study.
Citing an instance, in September 2018, MGX Minerals Incorporation- an exploration stage firm- declared that its local operating partner received a green signal from U.S. Bureau of Land Management for completing a 3D seismic survey over blueberry unit at Paradox Basin in Utah Petrolithium Project.
As estimated in this report, the global seismic survey market stood at US$ 7.21 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this seismic survey market is expected to reach US$ 9.23 billion by the end of the forecast period. The main services available in this seismic survey market are data acquisition, data processing, and data interpretation. Among the three, the demand for data acquisition services is relatively higher and the trend is anticipated to remain so over the next few years, notes the seismic survey market research report.
Mammoth Need For Oil & Gas Explorations To Enlarge Market Scope
“Burgeoning demand for seismic technology in oil & gas exploration activities is anticipated to be a key growth driver for seismic survey market in the years ahead,” says the author of this seismic survey market study. Apart from this, the need for mapping as well as locating potential oil & gas reserves for fulfilling the unmet fuel requirements of the global population will generate profitable avenues for seismic survey market in the forthcoming years.
The recent crude oil crises, however, is likely to restrict the seismic survey activities in the near future. Nevertheless, many industry participants are trying to overcome the crude oil crises by recouping profitability and reducing costs, thereby unraveling new horizons of growth for seismic survey market.
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Increased Oil & Gas Explorations To Spur North America’s Regional Dominance
Regionally, North America has been leading the worldwide seismic survey market and is anticipated to continue on the dominant position in the years to come, states the seismic survey market study. Rise in the number of shale oil & gas exploration activities in the region is the main factor behind the dominance of the North America seismic survey market. The high number of market players being headquartered in North America is another significant factor that is supporting the growth of this regional seismic survey market.
The global seismic survey market is segmented as follows:
- Data Acquisition
- Data Processing
- Data Interpretation
- 2D Imaging
- 3D Imaging
- 4D Imaging
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- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa