SEISMIC SURVEY MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics

Increasing demand for oil and gas is a major driving factor for growth of the global seismic survey.  According to the U.S. Energy Information Administration, fossil fuels is estimated to account for 77% of the global energy use by 2040. Advantages of seismic survey such as reduction of probability of drilling dry wells thereby, preventing further drilling and minimizing environmental effects of oil and gas exploration is propelling growth of global seismic survey market. Advancements in technology in seismic survey is expected to fuel growth of the global seismic survey market over the forecast period (2018–2025). For instance, in April 2017, Explor Geophysical Ltd. launched PinPoint seismic technology that enables ultra-high density seismic imaging of oil sands targets. Furthermore, in August 2016, CGG launched TopSeis, offshore seismic technology. Government regulations on seismic survey such as 2013 European Union regulations 2013 SI 134 that assess the environmental impact of petroleum exploration is a major factor restraining growth of the global seismic survey market.