PUBLISHER: The Business Research Company | PRODUCT CODE: 1465895
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465895
Seismic survey equipment pertains to specialized tools and instruments employed in geophysical exploration for mapping subsurface geological structures and identifying potential oil, gas, or mineral deposits. These tools generate seismic waves that traverse the earth and reflect back to the surface, offering crucial insights into the composition and structure of the subsurface.
The primary components of seismic survey equipment encompass hardware, software, and services. Hardware for seismic survey equipment denotes the physical components and devices utilized in seismic surveys to acquire, process, and record seismic data. These components operate with 2D, 3D, and 4D technologies in both onshore and offshore locations, serving industries such as aerospace and defense, oil and gas, metal and mining, building and construction, among others.
The seismic survey equipment market research report is one of a series of new reports from The Business Research Company that provides seismic survey equipment market statistics, including seismic survey equipment industry global market size, regional shares, competitors with a seismic survey equipment market share, detailed seismic survey equipment market segments, market trends and opportunities, and any further data you may need to thrive in the seismic survey equipment industry. This seismic survey equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The seismic survey equipment market size has grown strongly in recent years. It will grow from $1.58 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The increase in the historical period can be attributed to factors such as a heightened focus on hydrocarbon exploration, a rising demand for seismic monitoring in disaster-prone areas, the expansion of seismic data acquisition services, an increasing need for seismic data interpretation, and geological mapping for infrastructure development.
The seismic survey equipment market size is expected to see strong growth in the next few years. It will grow to $2.15 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The anticipated growth in the forecast period can be attributed to factors such as the increasing global demand for energy, a growing need for oil and gas exploration, the expansion of the renewable energy sector, the necessity for resource replenishment, and a rising demand for seismic equipment rental services. Key trends expected in the forecast period include the adoption of seismic source optimization techniques, technological advancements, strategic partnerships and collaborations, integration of seismic imaging with other geophysical methods, and the expansion of deep-sea seismic exploration.
The seismic survey equipment market is poised for growth due to the increasing demand for oil and gas exploration. Oil and gas exploration involves the search for hydrocarbon deposits beneath the Earth's surface, crucial for energy needs in manufacturing, power generation, and various industries. The demand for oil and gas resources is propelled by industrial activities and economic development. Seismic survey equipment plays a vital role by providing detailed subsurface geological information. This information assists geologists and engineers in identifying potential oil and gas reservoirs, determining their size and depth, and planning drilling operations more effectively. According to the U.S. Energy Information Administration, the annual output of associated-dissolved natural gas, or associated natural gas, increased by 9% to reach 15.5 billion cubic feet per day (Bcf/d) in 2022 in major onshore crude oil-producing regions of the United States. This growth was primarily driven by an 8% increase in crude oil production, indicating the growing demand for oil and gas exploration and driving the seismic survey equipment market.
Leading companies in the seismic survey equipment market are focusing on innovative solutions to gain a competitive advantage. One such innovation is MetaBlue, an advanced concept for land seismic operations that offers a high level of integration for land seismic surveys, facilitating more informed decisions. In August 2023, Sercel, a France-based company specializing in high-tech solutions for subsurface exploration, launched MetaBlue. This data-driven marine seismic survey management solution enhances collaboration among stakeholders involved in exploration and production (E&P) projects. MetaBlue integrates all relevant data into a unified platform, enabling comprehensive decision-making throughout the survey process, from planning to execution and completion. This approach reduces project turnaround times and ensures the delivery of higher-quality seismic data for improved subsurface imaging.
In June 2022, Ocean Floor Geophysics Inc., a Canada-based company conducting seismic surveys, acquired NCS SubSea Inc. for an undisclosed amount. The acquisition provides Ocean Floor Geophysics access to NCS SubSea's P-Cable system, offering ultra-high-resolution 3D seismic data for the oil and gas and new energy market. NCS SubSea Inc., a U.S.-based company, specializes in providing ultrahigh resolution (UHR) 2D/3D/4D marine seismic survey and navigation support services.
Major companies operating in the seismic survey equipment market are China National Petroleum Corporation, Schlumberger Limited, Teledyne Geophysical Instruments, Compagnie Generale de Geophysique, Petroleum Geo-Services ASA, TGS-NOPEC Geophysical Company, Geokinetics Inc., Spectrum ASA, SAExploration Holdings Inc., Troika International, Geospace Technologies Corporation, ION Geophysical Corporation, Fairfield Geotechnologies, Terrex Seismic, Nanometrics Inc., Inova Geophysical, DMT Geosciences Limited, Mitcham Industries Inc., Breckenridge Geophysical LLC, Geometrics Inc., SeaSeis Pty Ltd., Seismic Source Co., SeaBird Exploration, ION Engineering, Ardent Technologies Inc.
Asia-Pacific was the largest region in the seismic survey equipment market in 2023. The regions covered in the seismic survey equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the seismic survey equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The seismic survey equipment market consists of sales of seismic sensors, recording instruments, energy sources such as seismic vibrators or explosives, and data acquisition systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Seismic Survey Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on seismic survey equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for seismic survey equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The seismic survey equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.