Global Seismic Survey Market: Rise in Oil and Gas Exploration Activities to Encourage Deployment of Seismic Survey Technology, finds TMR

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.

Seismic Survey Market is expected to rise at a remarkable CAGR By 2020

Increasing exploration activities owing to the efforts of oil and gas companies to locate new oil and gas reserves is expected to drive the global seismic survey market during the forecast period. Oil and gas companies use seismic surveys to map and interpret potential petroleum reserves.

Petroleum geologists and geophysicists estimate the size and location of the underground oil and gas reserves. Seismic survey is the primary tool of exploration companies. A seismic survey is conducted by creating a shock wave on the surface of the ground along a predetermined path using an energy source. Seismic waves are created using vibrating plates and explosive. The waves are reflected back to the surface due to the density variation between the rocks. The speed and strength of the waves indicate the geological features. Land, transition zone and marine are the primary environments for seismic survey. The land environment covers almost every type of terrain such as desert, forest, mountains and arctic.

Transition zone is the area where the land meets the sea. The shallow water in the transition zone provides a challenge for the seismic company as the large seismic vessel cannot enter the shallow water. Moreover, the water is too deep for using conventional methods that are used for land surveying. Marine survey includes the deep water areas such as ocean and seas. Land surveys tend to be large entities, requiring hundreds of tons of equipment and employing hundreds of people to cover a vast area. In marine surveys, specially equipped vessels are used that tow one or more cables. These cables are known as streamers and contain a series of hydrophones at regular interval. For a 2D survey, only 1 streamer is required whereas for a 3D survey, 10 to 12 streamers are required.

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The global seismic survey market can be segmented on the basis of technology into 2D survey, 3D survey and 4D survey. In a 2D survey, both the sound source and the sound detectors are move along a straight line. In a 3D survey, the sound detectors are spread out over an area and the sound source is moved from location to location throughout the area. In a 4D survey, the process of 3D survey is repeated at two or more time intervals. Mapping the fluid movement in oil and gas reserves is the primary application of a 4D survey. The size and scale of seismic surveys have increased significantly in the past three decades. The use of new and improved technology for interpretation has improved the accuracy of the result. On the basis of application, the global seismic survey market can be segmented into land survey and marine survey.

Increasing investments by oil and gas companies to meet the increasing energy demand is proving to be a boon for the global seismic survey market. The exploration companies are keen to locate new oil and gas reserves as the current reserves are depleting.

Some of the key companies in the global seismic survey market are SeaBird Exploration Group, Petroleum Geo-Services, TerraSond, LoneStar Geophysical Surveys, Seismic Surveys, Inc., Dolphin Group ASA, Terraseis, MMA Offshore Limited, Kuwait Oil Company, Polaris Seismic International, Spectrum ASA, Breckenridge Geophysical and BTW Company Ltd. among others.