The seismic survey market is estimated to be valued at US$ 21.86 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Seismic surveys are widely used in oil and gas exploration projects to map potential underground oil and natural gas reserves. They help determine locations and shapes of geological formations and structures beneath the Earth's surface. Seismic surveys provide geophysical data that are used in exploration and production activities like drilling and monitoring of oilfields.

Market key trends:
One of the key trends driving growth of the seismic survey market is the increasing number of exploration projects across the globe. Oil and gas companies are actively investing in exploration of new reserves to meets rising energy demand. According to the International Energy Agency (IEA), global oil demand is projected to increase by over 23 million barrels per day between 2017 and 2040. This is necessitating continuous exploration efforts and driving adoption of seismic surveys for greenfield exploration projects as well as appraisal and development of brownfields. Furthermore, seismic surveys help in reducing drilling risks and costs by providing precise subterranean imaging and steering exploratory wells away from non-productive formations.

Porter’s Analysis

Threat of new entrants: The seismic survey market requires high capital expenditure for equipment like seismic vessels and nodes. This poses high entry barriers for new players.

Bargaining power of buyers: Oil and gas companies have high bargaining power as buyers in this market as seismic surveys form a small part of their overall exploration budget.

Bargaining power of suppliers: A few equipment manufacturers like Sercel dominate the seismic equipment supply industry. This gives them strong bargaining power over seismic survey companies.

Threat of new substitutes: No close substitutes exist for seismic surveys which remain critical for oil and gas exploration activities.

Competitive rivalry: Intense competition exists among existing seismic survey operators for contracts from oil majors.

SWOT Analysis

Strengths: Technological advancements have improved imaging quality and reduced project turnaround times.

Weaknesses: Market cyclicality tracks volatility in oil prices. Acquiring skilled workforce is challenging.

Opportunities: Growing demand for 4D/4C surveys from upstream sector offers new opportunities. Developing markets in Asia Pacific to drive future growth.

Threats: Stringent environmental norms delay approval processes. Rising fuel costs increase operating expenditure.

Key Takeaways

The global Seismic Survey Market Share is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing investments in upstream oil and gas activities.

Regionally, the market in North America dominated in 2023 with over 30% share owing to active shale exploration in the US. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period with increasing demand from China, India and Indonesia.

Key players operating in the seismic survey market are Halliburton Company, CGG SA, PGS ASA, TGS ASA, Schlumberger NV, New Resolution Geophysics (NRG), Geokinetics, Fugro N.V., Pulse Seismic, Inc., Dawson Geophysical Company, Geospace Technologies Corporation, Seabird Exploration, PLC, Agile Seismic, LLC, Ion Geophysical Corporation, Saexploration Holding, Inc., Alpine Ocean Seismic Survey, Inc., Global Geophysical Services, Inc. These players are increasingly focusing on technological innovations to achieve better imaging and project execution capabilities.

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