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Global Seismic Services Market to Grow at a CAGR of 5.20% During 2022-2027, Aided by the Rapid Technological Advancements

According to a new report by EMR titled, ‘Global Seismic Services Market Report and Forecast 2022-2027’, the global market for seismic services is expected to grow at a CAGR of 5.20% in the forecast period of 2022-2027.

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.

Market Analysis by Service, Location of Deployment, and Region:

  • The seismic services industry, on the basis of service, can be segmented into data acquisition, and data processing and interpretation.
  • Based on location of deployment, the market is divided into onshore and offshore.
  • The regional markets for seismic services include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for seismic services is being driven by the growing demand for oil and natural gas across industry verticals.
  • The environment friendly characteristics of seismic services are further projected to bolster the market growth.
  • The expanding use of seismic technologies by scientists to study the underlying structures of Earth is further augmenting the market growth.
  • The rapid technological advancements and the investments made in research and development activities by the key players of the industry are expected to propel the market in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for seismic services for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the services, locations of deployment, and major regions of seismic services.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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