The 3D imaging market is anticipated
to grow at the fastest pace during the estimate period. The demand for 3D
seismic technology has increased as oil & gas companies use it to solve
problems and reduce uncertainties in exploration, development, and production
operations. The technology is also used to capture clearer images of geological
structures. It also helps improve turnaround time in data acquisition,
processing, and interpretation. The 3D imaging gives a clear picture of earth’s
surface, so companies can invest in new oil & gas reserves.
The global "Seismic Survey Market" is expected to grow at CAGR
4.24%, from 2017 to 2022, and reach a projected value of USD 9.28 Billion by
2022. The growth of the market is likely to be driven by the increased use of
seismic technology in brownfield projects and shale gas exploration. The
African market will offer opportunities for the growth of the seismic survey
market. There are large hydrocarbons fields that are yet to be explored in
Africa, Thus, creating an opportunity for exploration companies.
The 3D imaging market is expected to be the
largest segment of the seismic survey market, by technology
The 3D imaging segment is expected to hold the largest market
share of the seismic surveys market, by technology, in 2017. The most
significant development in geophysical exploration, 3D imaging provides
clearer, continuous images of the subsurface stratigraphic features. Oil &
gas companies use 3D imaging to capture clearer images of geological
structures. The technique is used to characterize reservoirs, plan and execute
enhanced recovery strategies for oil surveys, and monitor fluid movements in
reservoirs as they are developed and produced. These capabilities have improved
accuracy and turnaround time in data acquisition, processing, and
interpretation. The 3D visualization helps to interpret large amounts of data.
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Data acquisition is expected to be the largest
segment of the seismic survey market, by service
The data acquisition segment is expected to hold the largest
market share of the seismic surveys market, by service, in 2017. This is due to
the capital expenditure for the services offered in this category. Data
acquisition involves geological imaging while data processing and
interpretation only include software as a service. Companies are investing in
the exploration of new hydrocarbon fields to acquire data. The acquired data is
used to explore reserves and is economic and can offer longer production lives
of hydrocarbon fields. Companies require the acquired data to be processed and
interpreted using new techniques and services. Therefore, these segments are
expected to witness increased growth during the forecast period.
The market in North America is expected to be
the largest for seismic surveys.
The North American market is expected to be the largest segment of
the seismic survey market, by region. The region has extensive untapped
resources which will create an opportunity for oil & gas exploration
companies. Since the slump in oil prices, shale exploration has been on the
decline. However, operators are currently able to meet the breakeven price of
shale with oil prices as low as USD 40/barrel. This has resulted in a surge in
the demand for geophysical seismic data for shale reserves. The increased
investments in shale gas exploration have led to an increase in the demand for
seismic surveys in North America.
Target Audience:
- Geophysical service providers
- Oil & gas service companies
- Oil & gas equipment
providers
- Drilling and survey companies
- Oil & gas operators
- International and other
associations
- Government and research
organizations
- Investment banks
Some of the Leading Players in the seismic survey
market include Compagnie Generale de Geophysique (CGG) (France), Petroleum
Geo-Services (PGS) (Norway), Fugro N.V. (Netherlands), Polarcus Limited
(U.A.E.), and Tomlinson Geophysical Services
(TGS)-Norwegian Petroleum Exploration Consultants (NOPEC)
Geophysical Company (Norway), among others.
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