Seismic surveys are used for oil and gas exploration that assist in mapping the geological structures present under the surface of the earth. Seismic surveys provide high-resolution images of the Earth's subsurface that help discover oil and gas reserves. With rising energy demands and depleting fossil fuel reserves, oil and gas exploration activities are accelerating.
Market key trends:
Growing demand for seismic surveys from E&P companies
The key trend fueling the growth of the seismic survey market is the rising demand for 3D and 4D seismic surveys from exploration and production companies. E&P companies are increasingly using 3D and 4D seismic surveys for exploration and production of unconventional resources such as tight oil, shale gas, and deepwater reserves. 3D seismic surveys provide high-resolution images of the subsurface and help in accurately mapping hydrocarbon reservoirs. They aid in reducing exploration risks and improving recovery rates. Furthermore, 4D seismic monitoring technology is widely used by oil producers to optimize hydrocarbon recovery from mature oilfields through enhanced oil recovery techniques.
Segment Analysis
The global seismic survey market is dominated by the land segment which holds around two-thirds of the total market share. Land seismic survey is preferred over marine and transition zone seismic survey due to various advantages such as feasibility, cost-effectiveness, and quick turnaround time. Land seismic surveys provide high-resolution images of the underground structure in a cost-effective manner and help in accurate position identification of oil and gas reservoirs.
Key Takeaways
The Global Seismic Survey Market Size is expected to witness high growth over the forecast period driven by increasing oil and gas exploration activities globally.
North America currently dominates the market owing to increasing shale gas exploration activities in the United States. However, the Asia Pacific region is expected to witness the fastest growth on account of increasing investments in oil and gas E&P activities by various companies in China, India, and other Southeast Asian countries.
Key players operating in the seismic survey market are 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, Kala Pharmaceuticals.
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