Seismic Survey Equipment - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Seismic Survey Equipment market accounted for $1,157.86 million in 2017 and is expected to reach $1,984.10 million by 2026 growing at a CAGR of 6.2% during the forecast period. The use of seismic technology in shale gas exploration and huge demand for oil especially in emerging economies are some key factors influencing the market growth. However, factors such as regulation & monitoring of seismic surveys are hampering the market growth.
A seismic survey is a low impact, non-invasive method of gathering information about the location and characteristics of geological structures beneath the Earth’s surface. Seismic surveying technique is used to explore the layers of rock below the seabed for geologic features that indicate the presence of oil or gas.
Based on Technology, 3D segment held significant market share during the forecast period.3D technology is easy to understand and widely used to generate seismic data. It also helps to improve turnaround time in data acquisition, processing, and interpretation. Depending on location, offshore segment registered considerable growth due to exponential rise in the oil and gas industry as seismic services. Offshore seismic survey is carried out in marine areas. By geography, North America is expected to grow at a faster rate due to increasing oil exploration and production activity across the region. By geography, African market provides huge opportunities for the growth of the market. There are large hydrocarbons fields that are yet to be explored in Africa, Thus, creating an opportunity for exploration companies.
Some of the key players in Seismic Survey Equipment market include Mitcham Industries, Inc.BGP Inc., Schlumberger Limited, ION Geophysical Corporation, CGG, Geospace Technologies Corporation, China National Petroleum Corporation, FairfieldNodal, Guralp Systems Limited, Teledyne Marine, INOVA Geophysical Equipment Limited and HiSeis.
End Users Covered:
• Oil & gas
• Other End Users
- North America
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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