SEISMIC SURVEY MARKET ANALYSIS

Regional Analysis

Market Outlook

• North America was the dominant region in the global seismic survey market in 2017. Shale explorations along with offshore shallow water and deep water exploration has increased in this region in the recent past, leading to high demand for seismic survey. For instance, in January 2018, TGS announced commencement of three new 3D seismic projects in the basins of West Hackberry, Sanderson, and Dawson in North America.
• Seismic survey market in Europe is witnessing a significant growth, owing to increasing exploration activities to cater to the high energy demand. According to European Commission, 72.5% of all energy was produced from fossil fuel, including crude oil and natural gas in the EU-28 in 2015.
• Asia Pacific seismic survey market is expected to exhibit high growth over the forecast period. According to the Australian Bureau of Statistics, Mineral and Petroleum Exploration, total mineral exploration expenditure increased by 6.1% to US$ 201.28 million in December 2016 from previous year in Australia. This growth in expenditure is in turn driving growth of seismic survey market in Asia Pacific. Furthermore, increasing demand for oil and gas is leading to high utilization of seismic survey, which in turn is fuelling growth of seismic survey market. According to International Energy Agency, gas demand is expected to increase by 1.6% globally, from 2017 to 2022, with China contributing 40% to this growth. Also, consumption in China is expected to increase to 340 billion cubic meters by 2022. 
• Middle East and Africa are lucrative markets for seismic survey, due to increasing oil and gas exploration and production activities in these regions. According to the World Energy Council, the natural gas reserves in Middle East was  80,040.9 billion cubic meters in 2015. Also, the oil demand in this region is estimated to grow by 1.4% between 2014 and 2020. This will augment demand for seismic survey in this region. Furthermore, increasing mineral and oil & gas exploration activities in Africa is fuelling growth of the seismic survey market. For instance, in April 2017, Shearwater GeoServices announced that it would conduct 3D marine acquisition survey in offshore North Africa; and SeaBird Exploration announced 2D seismic survey in offshore West Africa.