[250 Pages Report] 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 US$ 1.6 Billion. With 3.8% projected growth from 2022 to 2032, the market is expected to reach a valuation of US$ 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) | US$ 1.6 Billion |
| Global Seismic Survey Equipment Market Size (2032) | US$ 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 |
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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 US$ 702 Million, the market is projected to reach a valuation of US$ 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 US$ 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.
Principal Consultant
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 US$ 393.8 Million by the end of 2032. It is expected to be projected to have an absolute dollar growth of US$ 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 US$ 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 | Seismic Survey Equipment Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Component, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Component, 2022 to 2032
5.3.1. Hardware
5.3.2. Software
5.3.3. Services
5.4. Y-o-Y Growth Trend Analysis By Component, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Component, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Technology
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Technology, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Technology, 2022 to 2032
6.3.1. 2D
6.3.2. 3D
6.3.3. 4D
6.4. Y-o-Y Growth Trend Analysis By Technology, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Technology, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Location
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Location, 2017 to 2021
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Location, 2022 to 2032
7.3.1. On-shore
7.3.2. Off-shore
7.4. Y-o-Y Growth Trend Analysis By Location, 2017 to 2021
7.5. Absolute $ Opportunity Analysis By Location, 2022 to 2032
8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Industry
8.1. Introduction / Key Findings
8.2. Historical Market Size Value (US$ Million) Analysis By Industry, 2017 to 2021
8.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry, 2022 to 2032
8.3.1. Oil & Gas
8.3.2. Others
8.4. Y-o-Y Growth Trend Analysis By Industry, 2017 to 2021
8.5. Absolute $ Opportunity Analysis By Industry, 2022 to 2032
9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
9.1. Introduction
9.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021
9.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032
9.3.1. North America
9.3.2. Latin America
9.3.3. Europe
9.3.4. Asia Pacific
9.3.5. Middle East and Africa (MEA)
9.4. Market Attractiveness Analysis By Region
10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. United States of America
10.2.1.2. Canada
10.2.2. By Component
10.2.3. By Technology
10.2.4. By Location
10.2.5. By Industry
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Component
10.3.3. By Technology
10.3.4. By Location
10.3.5. By Industry
10.4. Key Takeaways
11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. Brazil
11.2.1.2. Mexico
11.2.1.3. Rest of Latin America
11.2.2. By Component
11.2.3. By Technology
11.2.4. By Location
11.2.5. By Industry
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Component
11.3.3. By Technology
11.3.4. By Location
11.3.5. By Industry
11.4. Key Takeaways
12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. Germany
12.2.1.2. Italy
12.2.1.3. France
12.2.1.4. United Kingdom
12.2.1.5. Spain
12.2.1.6. Russia
12.2.1.7. BENELUX
12.2.1.8. Rest of Europe
12.2.2. By Component
12.2.3. By Technology
12.2.4. By Location
12.2.5. By Industry
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Component
12.3.3. By Technology
12.3.4. By Location
12.3.5. By Industry
12.4. Key Takeaways
13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.1.4. India
13.2.1.5. Rest of Asia Pacific
13.2.2. By Component
13.2.3. By Technology
13.2.4. By Location
13.2.5. By Industry
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Component
13.3.3. By Technology
13.3.4. By Location
13.3.5. By Industry
13.4. Key Takeaways
14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. Rest of MEA
14.2.2. By Component
14.2.3. By Technology
14.2.4. By Location
14.2.5. By Industry
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Component
14.3.3. By Technology
14.3.4. By Location
14.3.5. By Industry
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. United States of America
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2021
15.1.2.1. By Component
15.1.2.2. By Technology
15.1.2.3. By Location
15.1.2.4. By Industry
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2021
15.2.2.1. By Component
15.2.2.2. By Technology
15.2.2.3. By Location
15.2.2.4. By Industry
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2021
15.3.2.1. By Component
15.3.2.2. By Technology
15.3.2.3. By Location
15.3.2.4. By Industry
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2021
15.4.2.1. By Component
15.4.2.2. By Technology
15.4.2.3. By Location
15.4.2.4. By Industry
15.5. Argentina
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2021
15.5.2.1. By Component
15.5.2.2. By Technology
15.5.2.3. By Location
15.5.2.4. By Industry
15.6. Germany
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2021
15.6.2.1. By Component
15.6.2.2. By Technology
15.6.2.3. By Location
15.6.2.4. By Industry
15.7. Italy
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2021
15.7.2.1. By Component
15.7.2.2. By Technology
15.7.2.3. By Location
15.7.2.4. By Industry
15.8. France
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2021
15.8.2.1. By Component
15.8.2.2. By Technology
15.8.2.3. By Location
15.8.2.4. By Industry
15.9. United Kingdom
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2021
15.9.2.1. By Component
15.9.2.2. By Technology
15.9.2.3. By Location
15.9.2.4. By Industry
15.10. Spain
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2021
15.10.2.1. By Component
15.10.2.2. By Technology
15.10.2.3. By Location
15.10.2.4. By Industry
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2021
15.11.2.1. By Component
15.11.2.2. By Technology
15.11.2.3. By Location
15.11.2.4. By Industry
15.12. BENELUX
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2021
15.12.2.1. By Component
15.12.2.2. By Technology
15.12.2.3. By Location
15.12.2.4. By Industry
15.13. China
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2021
15.13.2.1. By Component
15.13.2.2. By Technology
15.13.2.3. By Location
15.13.2.4. By Industry
15.14. Japan
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2021
15.14.2.1. By Component
15.14.2.2. By Technology
15.14.2.3. By Location
15.14.2.4. By Industry
15.15. South Korea
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2021
15.15.2.1. By Component
15.15.2.2. By Technology
15.15.2.3. By Location
15.15.2.4. By Industry
15.16. India
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2021
15.16.2.1. By Component
15.16.2.2. By Technology
15.16.2.3. By Location
15.16.2.4. By Industry
15.17. GCC Countries
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2021
15.17.2.1. By Component
15.17.2.2. By Technology
15.17.2.3. By Location
15.17.2.4. By Industry
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Component
16.3.3. By Technology
16.3.4. By Location
16.3.5. By Industry
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. CCG
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segment
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.1.5.2. Product Strategy
17.1.2. Geospace Technologies
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segment
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.2.5.2. Product Strategy
17.1.3. Ion Geophysical
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segment
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.3.5.2. Product Strategy
17.1.4. Mitcham
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segment
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.4.5.2. Product Strategy
17.1.5. Wireless Seismic, Inc
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segment
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.5.5.2. Product Strategy
17.1.6. Petroleum Geo-Services
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segment
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.6.5.2. Product Strategy
17.1.7. Compagnie Generale de Geophysique
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segment
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.7.5.2. Product Strategy
17.1.8. Polarcus Limited
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segment
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.8.5.2. Product Strategy
17.1.9. Norwegian Petroleum Exploration Consultants
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segment
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.9.5.2. Product Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Seismic Survey Equipment Market
