Newly-released Seismic Survey Equipment Market analysis report by Future Market Insights reveals that global sales of the Seismic Survey Equipment Market in 2022 are estimated at USD 1.6 Billion. With 3.8% projected growth from 2022 to 2032, the market is expected to reach a valuation of USD 2.2 Billion by the end of the forecast period. Hardware being the top revenue generator of the Seismic Survey Equipment Market is projected to grow at a CAGR of over 3.9% from 2022 to 2032.
| Attributes | Details |
|---|---|
| Global Seismic Survey Equipment Market Size (2022) | USD 1.6 Billion |
| Global Seismic Survey Equipment Market Size (2032) | USD 2.2 Billion |
| Global Seismic Survey Equipment Market CAGR (2022 to 2032) | 3.8% |
| USA Seismic Survey Equipment Market CAGR (2022 to 2032) | 4.5% |
| Key Companies Covered | CCG; Geospace Technologies; Ion Geophysical; Mitcham; Wireless Seismic, Inc; Petroleum Geo-Services; Compagnie Generale de Geophysique; Polarcus Limited; Norwegian Petroleum Exploration Consultants |
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As per the Global Seismic Survey Equipment Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2021, the value of the Seismic Survey Equipment Market increased at around 4.3% CAGR. With an absolute dollar opportunity of USD 702 Million, the market is projected to reach a valuation of USD 2.3 Billion by 2032.
The key revenue drivers which affect the Seismic Survey Equipment demand include growing investment in risk management and the need for modern land survey equipment.
It is projected that the advantages of using electronic tools when conducting land surveys will expand the market. One of the most efficient methods for investigating rocks and subsoil is seismic surveying. It is well-suited for looking for underground mineral deposits, oil, and water. Subsoil depth, site study, geotechnical features, groundwater exploration, and hydrocarbon and coal exploration are typical uses for seismic studies. With the technical advanced, the market will soon have the opportunity to create terrestrial laser scanners with land survey equipment.
The demand for global seismic survey equipment is being driven by its usage in hydraulic fracturing for environmental research. The fracking fluid contains chemicals, and the flow back water is contaminated. The need for seismic exploration equipment is predicted to rise as a result of the necessity to measure dangers in gas exploration.
One of the biggest risks associated with hydraulic fracturing is earthquakes, Seismic surveys produce a CAT scan of the Earth's subsurface using reflected sound waves. This investigation is carried out to find groundwater, look for landfills, and assess how the region will tremble in the event of an earthquake. Monitoring of induced seismicity is crucial during hydraulic fracturing, and the operator should maintain a proper log. Injecting backwater into deep wells necessitates monitoring as well. The market for seismic survey equipment is driven by the two main concerns for induced seismicity.
The market growth for seismic survey equipment is also rising as a result of rising urbanization and industrialization activities accelerating. The urban population will account for 56.15% of the total population by the end of 2020, according to World Bank statistics. Additionally, the requirement for oil and gas firms to boost their production volume is growing due to the rising global demand for energy, particularly for oil and gas. In order to meet the anticipated demand for seismic exploration services, these companies are concentrating on discovering new reserves.
The key factors which are propelling Seismic Survey Equipment sales are an increase in demand from the oil and gas sector and marine surveys. Throughout the projection period, it is anticipated that the oil and gas industry will continue to dominate the market. The recent slump in the oil and gas industry has had a significant effect on the market for geophysical equipment and services. After mid-2016, the oil and gas market began to revive, and it really took off in 2017. The price of oil was USD 75 per barrel in 2018. To fulfill the rising demand for oil and gas on a worldwide scale, investors are anticipated to invest in the exploration of unconventional deposits.
In 2018, the world consumed 4662.1 and 3309.4 Million tonnes of oil equivalent as fuel according to the report of British Petroleum. In a carbon-constrained environment, it is anticipated that demand for lithium-ion batteries, and solar and wind energy storage systems will increase. This factor is also anticipated to fuel a significant increase in demand for a broad range of minerals and metals. The necessity to discover new hydrocarbon sources is crucial and valuable due to the oil and gas resource’s constant depletion.
The instrumentation for land-based or maritime surveys typically consists of a towed transmitter, several geophones, and a variety of tools like water cannons, air guns, sparklers, boomers, and chirping devices.
As a result, it is anticipated that the need for geophysical services in the oil and gas sector would rise. Seismic technology is anticipated to be extensively utilized in the mining and oil and gas sectors. As a result, it is anticipated that during the forecast period, there will be an increase in demand for geophysical equipment and services.
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The factors restraining the growth of the Seismic Survey Equipment Market include that several local businesses provide rental and leasing options for ground equipment, forcing direct end users to buy their own tools. As some end users only require the equipment for a brief time, leasing and renting land surveying equipment is an economical choice that also saves on maintenance costs. The market for surveying equipment is further constrained by a lack of experienced labor and technical expertise needed to run the machinery and its software. Oil & Gas businesses have decreased their investments globally as a result of factors like the downturn in oil prices, which is also impacting the market expansion.
During the projection period, the market in the Asia Pacific is expected to be the largest for Seismic Survey Equipment. The Asia Pacific is anticipated to experience the fastest growth. This development is linked to China's expanding usage of small unmanned aerial vehicles (UAVs) for oil and gas exploration, mining inspection, and construction assessment. The market for seismic survey equipment is also being driven by rising government investments in smart city initiatives. Besides, the market is also being propelled as a result of the growing use of 3D laser scanners in India.
After the Asia Pacific, North America is expected to be the highest revenue-generating region. Investments in exploration efforts are the key factors for this.
The number of geophysical surveys being conducted in the USA is rising, which is helping to expand the market in this country. The amount of oil produced in Mexico has decreased. To solve this, the government launched energy reforms in 2014 to eliminate PEMEX, the state oil and gas company 75 - years monopoly. Over the past few years, the Mexican government has made a number of blocks available for exploration. After numerous bids for blocks, 70 oil and gas operators entered the nation as a result of the mining sector's deregulation. Due to this, there is now greater demand for geophysical equipment to carry out various tasks. Therefore, during the projected period, these factors are anticipated to present lucrative avenues for the expansion of the geophysical equipment and services market.
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The USA is expected to account for the highest market of USD 393.8 Million by the end of 2032. It is expected to be projected to have an absolute dollar growth of USD 141.4 Million. The country’s large market is also being supported by the presence of multinational companies in the country such as Geostuff, Baker Hughes, Throop Rock Bit, Geospace Technologies, Ion Geophysical, and Wireless Seismic, Inc.
The highest used component in Seismic Survey Equipment Market globally is hardware. Demand growth for Hardware as a Component for Seismic Survey Equipment was recorded at 4.3% from 2018 to 2021, while it is expected to grow at a CAGR of 3.8% from 2022 to 2023. Due to advancing equipment technology and an increase in global oil and gas exploration activity, the hardware sector held the largest market share.
Equipment for seismic surveys includes different seismic sources, such as:
3D Technology is the most widely utilized technology of Seismic Survey Equipment. Demand growth for 3D technology was recorded at 4.4% from 2018 to 2021, while it is expected to grow at a CAGR of 4% from 2022 to 2023. As oil and gas businesses employ 3D seismic technology to resolve issues and minimize uncertainties in exploration, development, and production operations, demand for this technology has grown. Additionally, the method is used to obtain more precise photographs of geological features. Additionally, it speeds up the process of gathering, analyzing, and interpreting data. Companies can invest in new oil and gas deposits as 3D imaging gives a clear representation of the earth's surface.
Players in the market are constantly developing improved analytical solutions as well as extending their product offerings. The companies in the Seismic Survey Equipment market are focused on their alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their Seismic Survey Equipment market share.
Some of the recent developments in the Seismic Survey Equipment market are:
The global Seismic Survey Equipment Market is worth more than USD 1.6 Billion at present.
The value of the Seismic Survey Equipment Market is projected to increase at a CAGR of around 3.8% from 2022 to 2032.
The value of Seismic Survey Equipment Market increased at a CAGR of around 4.3% from 2018 to 2021.
The global demand for Seismic Survey Equipment is being fueled by a considerable increase in growing investment and awareness about risk management.
The growth of the market for Seismic Survey Equipment in China is projected to expand at a CAGR of around 4.3% from 2022 to 2032.
The growth of the market for Seismic Survey Equipment in the United States is projected to expand at a CAGR of around 4.5% from 2022 to 2032.
While the market in India is expected to grow at nearly 3.8%, the market in Indonesia is projected to register a CAGR of nearly 3.7% from 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component 5.1. Hardware 5.2. Software 5.3. Services 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Technology 6.1. 2D 6.2. 3D 6.3. 4D 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Location 7.1. On-shore 7.2. Off-shore 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Industry 8.1. Oil & Gas 8.2. Others 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East and Africa (MEA) 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. CCG 16.2. Geospace Technologies 16.3. Ion Geophysical 16.4. Mitcham 16.5. Wireless Seismic, Inc 16.6. Petroleum Geo-Services 16.7. Compagnie Generale de Geophysique 16.8. Polarcus Limited 16.9. Norwegian Petroleum Exploration Consultants 17. Assumptions & Acronyms Used 18. Research Methodology
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