Owing to the rising number of oil and gas exploration activities across the world to locate new gas and oil reserves, the demand for seismic survey technology is rising significantly from exploration companies, states Transparency Market Research (TMR) in a new report. The report is titled, “Seismic Survey Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2014 – 2020.” The report is a comprehensive outline of the growth trajectory and the growth opportunities arising for market players.
The report provides an in-depth analysis of the trends prevalent in the global seismic survey market along with the dynamics that are anticipated to positively or negatively impact the growth of the market. It further provides an insight into the companies operating in the market along with information on the degree of barriers to entry and exit. The study also assesses different types of technologies used by companies to produce seismic waves. It further highlights the strategies of the key companies along with their shares in the market.
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The study also offers details on the competitive landscape of the market and the growth opportunities for the companies providing seismic survey services. It also provides information on the estimated revenue and volume growth of the global seismic survey market. According to the report, the growth of the global seismic survey market can be attributed to the rising adoption of seismic survey by exploration companies.
To discover new oil and gas reserves, petroleum geophysicists and geologists estimate the location and size of underground gas and oil reserves. Oil and gas companies are the prime customers of seismic survey technology as the search for new oil and gas reserves requires the formation of seismic waves using explosives and vibrating plates. Due to the density difference between the rocks, the waves are reflected back to the origin surface. The geological features are indicated through the strength and speed of the waves.
The study states that the primary environments to carry out seismic surveys are marine, land, and transition zones. However, the major challenge that seismic companies face is conducting a seismic survey in transition zones as large seismic vessels cannot enter the shallow water of these zones. Furthermore, the inability of seismic survey companies to conduct survey in these zones using conventional survey methods is likely to increase the operational cost of this technology as specially equipped vessels are deployed for marine and transitional zone surveys.
Based on technology, the global seismic survey market is segmented into 2D, 3D, and 4D survey. Owing to the advancement in technology and methods the scale and size of seismic survey is anticipated to rise over the forthcoming years. In terms of application, the global seismic survey market is classified into marine survey and land survey. The mounting investments on exploration projects by oil and gas companies are likely to steer the growth of the market.
Geographically, the report segments the global seismic survey market into Europe, Asia Pacific, North America, and the Rest of the World. Some of the leading companies mentioned in the report are BTW Company Ltd., Breckenridge Geophysical, Spectrum ASA, Polaris Seismic International, Kuwait Oil Company, MMA Offshore Limited, and SeaBird Exploration.
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