New York, Feb. 03, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the International Energy Agency (IEA), the final consumption of motor gasoline around the world touched 1047841.0 kt by the end of 2018, up from 830508.0 kt in the year 2000. Moreover, the statistics also stated that the final consumption of gas/diesel was the highest amongst all other fuel types, registering a consumption volume of 1297065.0 kt, up from 932527.0 kt during the same period. Furthermore, the consumption of volume of LPG/ethane, jet kerosene, fuel oil, naphtha, other kerosene, crude oil/NGL, and other oil products, in the year 2018, registered a consumption volume of 338831.0 kt, 321950.0 kt, 268260.0 kt, 249935.0 kt, 34592.0 kt, 11919.0 kt, and 347421.0 kt respectively.
Research Nester has recently released a report on “Seismic Survey Market: Global Demand Analysis & Opportunity Outlook 2020-2030” which is studied for the forecast period of 2021-2030. The report focuses on the key indicators which are associated with market growth, including the latest market trends, growth opportunities, market driving factors, and the challenges for market growth. Also, an in-depth analysis of the impact of COVID-19 on the market is also described in brief in the report.
The demand for different types of energy amongst the end-users is increasing at a rapid pace. This can be attributed to the rising urbanization and the increasing industrialization activities worldwide. For instance, the urban population worldwide touched 56.15% as a share of the global population by the end of 2020, according to the statistics by the World Bank. Moreover, with the rising demand for energy, especially oil & gas, worldwide, there is a growing need amongst the oil & gas companies to increase their production volume. As a result, these companies are focusing on exploring new reserves, which in turn, is anticipated to drive the need for seismic survey services. The global seismic survey market registered a revenue of USD 7990.3 Million in the year 2020 and is further expected to touch USD 11658.2 Million by the end of 2030, by growing with a CAGR of 3.96% during the forecast period. Moreover, the market is expected to register a Y-o-Y growth of 5.25% in the year 2030 than its previous year.
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The growth of the market can also be attributed to the presence of numerous oils & gas reserves worldwide, and therefore the focus of these companies to explore them. According to the statistics by the Organization of the Petroleum Exporting Countries (OPEC), the proven crude oil reserves around the world increased from 1490676 mb in the year 2015 to 1550736 mb in the year 2019. Moreover, the proven natural gas reserves around the world increased from 197053 bn standard cu m in the year 2015 to 206205 bn standard cu m in the year 2019. Besides this, the rising investment in oil refineries worldwide is also expected to create numerous opportunities for market growth in the coming years. In other statistics by the IEA, in the year 2019, the total investment in oil refineries in the Middle East, China, Asia Pacific (excluding China), Europe/Eurasia, Africa, Central & South America, and North America, registered USD 12 Billion, USD 21 Billion, USD 11 Billion, USD 4 Billion, USD 1 Billion, USD 2 Billion, and USD 2 Billion respectively. This was an increase from USD 7 Billion, USD 9 Billion, USD 10 Billion, USD 4 billion, negligible amount, USD 1 Billion, and USD 3 Billion respectively.
The global seismic survey market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Out of these, the market in the Asia Pacific registered the largest revenue of USD 2070.3 Million in the year 2020 and is further expected to generate USD 3286.4 Million by the end of 2030, by growing with the second-highest CAGR of 4.84% during the forecast period. The market in the region is segmented by country into China, India, Australia, South East Asia, and the Rest of Asia Pacific. Out of these, the market in China is expected to grow with the highest CAGR of 5.61% during the forecast period. Besides this, the market in the country registered a revenue of USD 799.1 Million in the year 2020 and is further expected to touch USD 1366.2 Million by the end of 2030.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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On the other hand, the market in the Middle East & Africa is expected to attain the fastest growth of 1.7x and also grow with the highest CAGR of 5.41% during the forecast period, while the market in North America is projected to register an absolute $ opportunity of more than USD 0.5 Billion between 2020 and 2030. The market in North America is further segmented by country into the United States and Canada. Out of these countries, the market in the U.S. is expected to generate the largest revenue by the end of 2030, and also grow with the highest CAGR of 3.04% during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global seismic survey market is segmented by technology into 2D imaging, 3D imaging, and 4D imaging. Amongst these segments, the 3D imaging segment registered the largest revenue of USD 4489.0 Million in the year 2020 and is further expected to generate USD 6857.4 Million by the end of 2030, by growing with the highest CAGR of 4.44% during the forecast period. In the Asia Pacific, the segment is expected to touch USD 1933.1 Million by the end of 2030, by growing with the highest CAGR of 5.32% during the forecast period, while in North America, the segment registered the largest revenue of USD 1390.7 Million in the year 2020, and is further expected to touch USD 1918.0 Million by the end of 2030. The segment in North America region is also projected to grow with the highest CAGR of 3.37% during the forecast period.
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The global seismic survey market is also segmented by end-use vertical into oil & gas, and non-oil & gas. Amongst these segments, the oil & gas segment is expected to register the largest market revenue by the end of 2030 and also grow with the highest CAGR of 4.0% during the forecast period. Besides this, the segment is also predicted to attain the fastest growth of 1.5x over the forecast period and gain an absolute $ opportunity of more than USD 0.3 Billion between 2020 and 2030. In the Asia Pacific, the segment is expected to grow with the highest CAGR of 4.89% during the forecast period and further attain the largest revenue of USD 2069.9 Million by the end of 2021. On the other hand, in Europe, the segment is projected to grow with the highest CAGR of 3.42% during the forecast period.
The global seismic survey market is also segmented on the basis of service type.
Global Seismic Survey Market, Segmentation by Service Type
- Data Acquisition
- Land Acquisition
- Marine Acquisition
- Airborne Acquisition
- Data Processing
- Data Interpretation
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Some of the prominent industry leaders in the global seismic survey market that are included in our report are PT Elnusa Tbk, CGG Group, Fugro N.V., Polarcus Limited, Alphageo (India) Limited, PGS Group, SeaBird Exploration Group, Agile Seismic LLC, ION Geophysical Corporation, Pulse Seismic Inc., and others.
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