Seismic Services Market: Overview
The seismic services market may bring good growth opportunities across the forecast period of 2019-2028 with the growing use of seismic technologies for oil exploration activities. Seismic services involve the use of seismic waves to search for oil and natural gas below the Earth’s surface. Technological developments are opening new avenues in the oil and gas industry. This gives rise to the increase in the growth rate of the seismic services market across the globe. Seismic services include data processing, data acquisition, and data interpretation. These services assist the oil companies to identify reservoirs and make critical decisions relating to oil and natural gas fields.
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The rising spending on exploration activities is triggering growth for the seismic services market. Marine seismic activities cause harm to marine life. Thus, this factor is attracting criticism from environmental conservationists and environmental bodies. Therefore, this factor can dampen the growth prospects of the seismic services market to a certain extent. Also, some cracks in the growth rate can be noticed due to the threat of COVID-19 but as the governments of various countries announce certain relaxations, a ray of hope for growth is lighting up the seismic services market.
This upcoming report on the seismic services market provides an in-depth analysis of the current market situation. The report covers components like competitive landscape, key players, regional analysis, and ongoing trends. The report also offers thorough research on how the COVID-19 pandemic will impact the seismic services market. The segmental study enables an individual to thoroughly understand the seismic services market.
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Seismic Services Market: Competitive Analysis and Key Developments
Being a highly concentrated market, the seismic services market has a few companies that acquire more than 65 percent of share in the seismic services market. Rising investments in the seismic services market are also influencing the growth rate greatly. Some well-established players in the seismic services market are Halliburton Company, Petroleum Geo Service, CGGVeritas, TGS-NOPEC, and Schlumberger Ltd.
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- Neptune Energy recently completed the first-ever OBN seismic survey to be conducted in Egypt. This development highlights the penetration of seismic services in new regions
- The Government of India’s Environment Ministry recently passed an order to exempt oil and gas firms from getting clearance for exploratory drilling activities involving digging numerous wells and carrying offshore seismic surveys. This would also prove to be a beneficial aspect for the growth of the seismic services market
- Shearware Geo Services recently bagged a contract from Apache, an exploration firm, to provide a 4D seismic survey with 3D extension in the North Sea U.K.
- Rosgeo and the Ministry of Mines and Hydrocarbons of Equatorial Guinea have signed a contract to carry seismic exploration in Equatorial Guinea
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Seismic Services Market: Key Trends
Government approvals and legislations in favor of oil and natural gas exploration activities are leading to a surge in the growth rate of the seismic services market. Applying seismic services to the oil and gas sector for efficiency in extracting oil and gas from reservoirs is gaining considerable momentum. The offshore segment is garnering much hype in the seismic services market for high-quality data and large numbers when compared to onshore segments. Thus, this aspect can also prove to be a growth generator for the seismic services market.
Seismic Services Market: Regional Analysis
North America expects to dominate the seismic services market’s regional scenario with numerous untapped resources in the Gulf of Mexico area. Decisions and guidelines from the government that encourage oil and gas exploration activities are bringing considerable growth for the seismic services market. The region is also attracting investments from various foreign companies, eventually leading to a boost in the growth rate of the seismic services market.