Sarasota, FL, Dec. 08, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Seismic Survey Market by Service (Data Acquisition, Data Processing, and Interpretation), Technology (2D Imaging, 3D Imaging, and 4D Imaging) and Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, the global seismic survey market accounted for USD 7.21 billion in 2016 and is expected to reach USD 9.23 billion by 2022, growing at a CAGR of around 4.2% between 2017 and 2022.
The global seismic survey market is expected to witness substantial growth within the aforementioned forecast period on account of increasing exploration activities across the globe to locate new oil and gas reserves.
Browse through 61 Tables & 45 Figures spread over 130 Pages and in-depth TOC on "Global Seismic Survey Market: By Type, Technology, Share, Trends, Regions and Forecast 2016 – 2022”.
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A seismic survey is a form of a geophysical survey that aims at measuring the earth’s properties by means of physical principles such as magnetic, electric, gravitational, thermal and elastic theories. The growing demand for seismic technology in oil & gas exploration is expected to be the major driver for global seismic survey market. Depleting reserves and growing demand for oil & gas to meet the demands of the rising population has been boosting the exploration activities across the globe.
The global seismic survey market is expected to witness substantial growth within the aforementioned forecast period on account of the increasing exploration activities across the globe to locate new oil and gas reserves.
Browse the full "Seismic Survey Market by Service (Data Acquisition, Data Processing, and Interpretation), Technology (2D Imaging, 3D Imaging, and 4D Imaging) and Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022" report at https://www.zionmarketresearch.com/report/seismic-survey-market
North America accounted for the largest market share of the global seismic survey market and is expected to witness lucrative growth within the forecast period. Increasing exploration activities in the region are expected to fuel the growth of the seismic survey market in the coming years. Moreover, oil & gas companies have been investing in exploration activities in the region owing to the depletion of existing resources. This is expected to contribute positively towards the growth of the seismic survey market in North America.
Europe is expected to witness moderate growth in the global seismic survey market over the forecast period. The presence of oil and gas reserves in the Norwegian and Russian waters is the major contributor to the seismic survey market in Europe. Moreover, the presence of large oil & gas companies in the region is expected to fuel the growth of the seismic survey market in Europe.
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Asia Pacific is expected to witness significant growth in the seismic survey market within the forecast period. This can be attributed to the increasing demand for power and energy from countries like China, India and South Korea. The rapidly expanding population and increasing need for energy sources in Asia Pacific are expected to drive the demand for seismic surveys in the coming years. In addition, the region’s major hydrocarbon provinces have witnessed renewed efforts in subsurface data collection to meet the growing demand.
Latin America is expected to witness considerable growth within the forecast period as Argentina, Brazil, Mexico and Uruguay are set to open deepwater licensing rounds in 2018, with the Argentinean and Brazilian rounds backed by large-scale seismic surveys. Brazil will be looking to overtake Mexico to retain its crown as the leading Latin American oil producer whilst Peru is hoping to revive its hydrocarbon industry under a new government.
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The presence of large oil & gas reserves in the region is the major driver for the seismic survey market in Middle East & Africa. Moreover, favorable government policies to increase offshore exploration activities are expected to aid the growth of the seismic survey market in the region. For example, the finalization of the petroleum tax law in Lebanon was a crucial step towards the development of the country's hydrocarbon sector.
The key players operating in the global seismic survey market are BTW Company Ltd., Breckenridge Geophysical, Spectrum ASA, Polaris Seismic International, Kuwait Oil Company, MMA Offshore Limited, Terraseis, Dolphin Group ASA, Seismic Surveys, Inc. and LoneStar Geophysical Surveys.
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This report segments the global seismic survey market as follows:
Global Seismic Survey Market: Service Segment Analysis
- Data Acquisition
- Data Processing
- Data Interpretation
Global Seismic Survey Market: Technology Segment Analysis
- 2D Imaging
- 3D Imaging
- 4D Imaging
Global Seismic Survey Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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