Seismic Survey Market Estimated To Witness High Growth Owing To Rising Demand From Oil And Gas Industry
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 survey assists in determining the oil and gas reserves under the earth surface by studying and recording the movement of seismic waves. Seismic surveys provide images of the underground rock layers and structures that may contain hydrocarbon reserves. It helps companies in determining the location for new exploration and production activities. Seismic surveys find application in oil and gas exploration and production activities to map reservoirs and locate drilling targets.
Market Dynamics:
The seismic survey market is expected to grow at a significant rate owing to rising demand for seismic surveys from the oil and gas industry. Oil and gas exploration and production companies are increasingly using seismic surveys to locate new reservoirs and enhance recovery from mature fields. Around 40 to 60 percent of global exploration and appraisal wells are drilled based on seismic data. With rising energy demand and depleting reserves, oil and gas companies are focusing on exploration of unconventional resources which requires advanced seismic surveys, thereby fueling market growth. Furthermore, development of innovative seismic acquisition techniques such as ocean bottom nodes and multi-component surveys is further boosting the adoption of seismic surveys.
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