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The increasing demand for oil and natural gas from household and commercial sector and the growing offshore drilling operations to find reservoirs using seismic technologies are projected to drive the global market for seismic services. In addition, the environment friendly disposition of these services is further adding to their popularity. Moreover, the expanding use of seismic technologies in excavation and ocean bed exploration activities by the scientists to understand the underlying structures of Earth is further projected to bolster the market growth. Additionally, the rapid technological advancements and the growing expenditure by the market players in research and development activities are expected to supplement the market growth in the forecast period.
The growing demand for seismic technologies is leading many companies to compete and collaborate to bring forward efficient solutions, which is predicted to aid the market growth. In May 2021, Halliburton Company (NYSE: HAL) announced its partnership with TGS-NOPEC Geophysical ASA (OTCMKTS: TGSGY) to bring advanced seismic imaging to fibre optic sensing. The move is to transform the seismic profiling to a digital surveillance, which enables real-time monitoring of production across the field. Furthermore, Schlumberger Limited (NYSE: SLB), in October 2018, declared that the company is collaborating with TGS for a new nodal seismic project in the US Gulf of Mexico. The project named “Amendment” aims to enhance the current data coverage in the US Gulf of Mexico. The companies are applying seismic technology and state-of-the-art imaging techniques to accelerate the hydrocarbon discovery and production. These developments are expected to invigorate the seismic services industry in the forecast period.
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The major players in the global seismic services market are Schlumberger Limited, CGG S.A., PGS ASA, TGS-NOPEC Geophysical Company ASA, Halliburton Company, Furgo N.V., and Polarcus Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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