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 USD 1.6 Billion. With 3.8% projected growth from 2022 to 2032, the market is expected to reach a valuation of USD 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) | USD 1.6 Billion |
| Global Seismic Survey Equipment Market Size (2032) | USD 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 | CCG; Geospace Technologies; Ion Geophysical; Mitcham; Wireless Seismic, Inc; Petroleum Geo-Services; Compagnie Generale de Geophysique; Polarcus Limited; Norwegian Petroleum Exploration Consultants |
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 USD 702 Million, the market is projected to reach a valuation of USD 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 USD 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.
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.
The USA is expected to account for the highest market of USD 393.8 Million by the end of 2032. It is expected to be projected to have an absolute dollar growth of USD 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:
Table 1: Global Market Value (US$ Million) Forecast by Region, 2017 to 2032
Table 2: Global Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 3: Global Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 4: Global Market Value (US$ Million) Forecast by Location, 2017 to 2032
Table 5: Global Market Value (US$ Million) Forecast by Industry, 2017 to 2032
Table 6: North America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 7: North America Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 8: North America Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 9: North America Market Value (US$ Million) Forecast by Location, 2017 to 2032
Table 10: North America Market Value (US$ Million) Forecast by Industry, 2017 to 2032
Table 11: Latin America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 12: Latin America Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 13: Latin America Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 14: Latin America Market Value (US$ Million) Forecast by Location, 2017 to 2032
Table 15: Latin America Market Value (US$ Million) Forecast by Industry, 2017 to 2032
Table 16: Europe Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 17: Europe Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 18: Europe Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 19: Europe Market Value (US$ Million) Forecast by Location, 2017 to 2032
Table 20: Europe Market Value (US$ Million) Forecast by Industry, 2017 to 2032
Table 21: Asia Pacific Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 22: Asia Pacific Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 23: Asia Pacific Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 24: Asia Pacific Market Value (US$ Million) Forecast by Location, 2017 to 2032
Table 25: Asia Pacific Market Value (US$ Million) Forecast by Industry, 2017 to 2032
Table 26: MEA Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 27: MEA Market Value (US$ Million) Forecast by Component, 2017 to 2032
Table 28: MEA Market Value (US$ Million) Forecast by Technology, 2017 to 2032
Table 29: MEA Market Value (US$ Million) Forecast by Location, 2017 to 2032
Table 30: MEA Market Value (US$ Million) Forecast by Industry, 2017 to 2032
Figure 1: Global Market Value (US$ Million) by Component, 2022 to 2032
Figure 2: Global Market Value (US$ Million) by Technology, 2022 to 2032
Figure 3: Global Market Value (US$ Million) by Location, 2022 to 2032
Figure 4: Global Market Value (US$ Million) by Industry, 2022 to 2032
Figure 5: Global Market Value (US$ Million) by Region, 2022 to 2032
Figure 6: Global Market Value (US$ Million) Analysis by Region, 2017 to 2032
Figure 7: Global Market Value Share (%) and BPS Analysis by Region, 2022 to 2032
Figure 8: Global Market Y-o-Y Growth (%) Projections by Region, 2022 to 2032
Figure 9: Global Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 10: Global Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 11: Global Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 12: Global Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 13: Global Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 14: Global Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 15: Global Market Value (US$ Million) Analysis by Location, 2017 to 2032
Figure 16: Global Market Value Share (%) and BPS Analysis by Location, 2022 to 2032
Figure 17: Global Market Y-o-Y Growth (%) Projections by Location, 2022 to 2032
Figure 18: Global Market Value (US$ Million) Analysis by Industry, 2017 to 2032
Figure 19: Global Market Value Share (%) and BPS Analysis by Industry, 2022 to 2032
Figure 20: Global Market Y-o-Y Growth (%) Projections by Industry, 2022 to 2032
Figure 21: Global Market Attractiveness by Component, 2022 to 2032
Figure 22: Global Market Attractiveness by Technology, 2022 to 2032
Figure 23: Global Market Attractiveness by Location, 2022 to 2032
Figure 24: Global Market Attractiveness by Industry, 2022 to 2032
Figure 25: Global Market Attractiveness by Region, 2022 to 2032
Figure 26: North America Market Value (US$ Million) by Component, 2022 to 2032
Figure 27: North America Market Value (US$ Million) by Technology, 2022 to 2032
Figure 28: North America Market Value (US$ Million) by Location, 2022 to 2032
Figure 29: North America Market Value (US$ Million) by Industry, 2022 to 2032
Figure 30: North America Market Value (US$ Million) by Country, 2022 to 2032
Figure 31: North America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 32: North America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 33: North America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 34: North America Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 35: North America Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 36: North America Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 37: North America Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 38: North America Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 39: North America Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 40: North America Market Value (US$ Million) Analysis by Location, 2017 to 2032
Figure 41: North America Market Value Share (%) and BPS Analysis by Location, 2022 to 2032
Figure 42: North America Market Y-o-Y Growth (%) Projections by Location, 2022 to 2032
Figure 43: North America Market Value (US$ Million) Analysis by Industry, 2017 to 2032
Figure 44: North America Market Value Share (%) and BPS Analysis by Industry, 2022 to 2032
Figure 45: North America Market Y-o-Y Growth (%) Projections by Industry, 2022 to 2032
Figure 46: North America Market Attractiveness by Component, 2022 to 2032
Figure 47: North America Market Attractiveness by Technology, 2022 to 2032
Figure 48: North America Market Attractiveness by Location, 2022 to 2032
Figure 49: North America Market Attractiveness by Industry, 2022 to 2032
Figure 50: North America Market Attractiveness by Country, 2022 to 2032
Figure 51: Latin America Market Value (US$ Million) by Component, 2022 to 2032
Figure 52: Latin America Market Value (US$ Million) by Technology, 2022 to 2032
Figure 53: Latin America Market Value (US$ Million) by Location, 2022 to 2032
Figure 54: Latin America Market Value (US$ Million) by Industry, 2022 to 2032
Figure 55: Latin America Market Value (US$ Million) by Country, 2022 to 2032
Figure 56: Latin America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 57: Latin America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 58: Latin America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 59: Latin America Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 60: Latin America Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 61: Latin America Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 62: Latin America Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 63: Latin America Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 64: Latin America Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 65: Latin America Market Value (US$ Million) Analysis by Location, 2017 to 2032
Figure 66: Latin America Market Value Share (%) and BPS Analysis by Location, 2022 to 2032
Figure 67: Latin America Market Y-o-Y Growth (%) Projections by Location, 2022 to 2032
Figure 68: Latin America Market Value (US$ Million) Analysis by Industry, 2017 to 2032
Figure 69: Latin America Market Value Share (%) and BPS Analysis by Industry, 2022 to 2032
Figure 70: Latin America Market Y-o-Y Growth (%) Projections by Industry, 2022 to 2032
Figure 71: Latin America Market Attractiveness by Component, 2022 to 2032
Figure 72: Latin America Market Attractiveness by Technology, 2022 to 2032
Figure 73: Latin America Market Attractiveness by Location, 2022 to 2032
Figure 74: Latin America Market Attractiveness by Industry, 2022 to 2032
Figure 75: Latin America Market Attractiveness by Country, 2022 to 2032
Figure 76: Europe Market Value (US$ Million) by Component, 2022 to 2032
Figure 77: Europe Market Value (US$ Million) by Technology, 2022 to 2032
Figure 78: Europe Market Value (US$ Million) by Location, 2022 to 2032
Figure 79: Europe Market Value (US$ Million) by Industry, 2022 to 2032
Figure 80: Europe Market Value (US$ Million) by Country, 2022 to 2032
Figure 81: Europe Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 82: Europe Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 83: Europe Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 84: Europe Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 85: Europe Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 86: Europe Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 87: Europe Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 88: Europe Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 89: Europe Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 90: Europe Market Value (US$ Million) Analysis by Location, 2017 to 2032
Figure 91: Europe Market Value Share (%) and BPS Analysis by Location, 2022 to 2032
Figure 92: Europe Market Y-o-Y Growth (%) Projections by Location, 2022 to 2032
Figure 93: Europe Market Value (US$ Million) Analysis by Industry, 2017 to 2032
Figure 94: Europe Market Value Share (%) and BPS Analysis by Industry, 2022 to 2032
Figure 95: Europe Market Y-o-Y Growth (%) Projections by Industry, 2022 to 2032
Figure 96: Europe Market Attractiveness by Component, 2022 to 2032
Figure 97: Europe Market Attractiveness by Technology, 2022 to 2032
Figure 98: Europe Market Attractiveness by Location, 2022 to 2032
Figure 99: Europe Market Attractiveness by Industry, 2022 to 2032
Figure 100: Europe Market Attractiveness by Country, 2022 to 2032
Figure 101: Asia Pacific Market Value (US$ Million) by Component, 2022 to 2032
Figure 102: Asia Pacific Market Value (US$ Million) by Technology, 2022 to 2032
Figure 103: Asia Pacific Market Value (US$ Million) by Location, 2022 to 2032
Figure 104: Asia Pacific Market Value (US$ Million) by Industry, 2022 to 2032
Figure 105: Asia Pacific Market Value (US$ Million) by Country, 2022 to 2032
Figure 106: Asia Pacific Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 107: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 108: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 109: Asia Pacific Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 110: Asia Pacific Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 111: Asia Pacific Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 112: Asia Pacific Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 113: Asia Pacific Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 114: Asia Pacific Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 115: Asia Pacific Market Value (US$ Million) Analysis by Location, 2017 to 2032
Figure 116: Asia Pacific Market Value Share (%) and BPS Analysis by Location, 2022 to 2032
Figure 117: Asia Pacific Market Y-o-Y Growth (%) Projections by Location, 2022 to 2032
Figure 118: Asia Pacific Market Value (US$ Million) Analysis by Industry, 2017 to 2032
Figure 119: Asia Pacific Market Value Share (%) and BPS Analysis by Industry, 2022 to 2032
Figure 120: Asia Pacific Market Y-o-Y Growth (%) Projections by Industry, 2022 to 2032
Figure 121: Asia Pacific Market Attractiveness by Component, 2022 to 2032
Figure 122: Asia Pacific Market Attractiveness by Technology, 2022 to 2032
Figure 123: Asia Pacific Market Attractiveness by Location, 2022 to 2032
Figure 124: Asia Pacific Market Attractiveness by Industry, 2022 to 2032
Figure 125: Asia Pacific Market Attractiveness by Country, 2022 to 2032
Figure 126: MEA Market Value (US$ Million) by Component, 2022 to 2032
Figure 127: MEA Market Value (US$ Million) by Technology, 2022 to 2032
Figure 128: MEA Market Value (US$ Million) by Location, 2022 to 2032
Figure 129: MEA Market Value (US$ Million) by Industry, 2022 to 2032
Figure 130: MEA Market Value (US$ Million) by Country, 2022 to 2032
Figure 131: MEA Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 132: MEA Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 133: MEA Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 134: MEA Market Value (US$ Million) Analysis by Component, 2017 to 2032
Figure 135: MEA Market Value Share (%) and BPS Analysis by Component, 2022 to 2032
Figure 136: MEA Market Y-o-Y Growth (%) Projections by Component, 2022 to 2032
Figure 137: MEA Market Value (US$ Million) Analysis by Technology, 2017 to 2032
Figure 138: MEA Market Value Share (%) and BPS Analysis by Technology, 2022 to 2032
Figure 139: MEA Market Y-o-Y Growth (%) Projections by Technology, 2022 to 2032
Figure 140: MEA Market Value (US$ Million) Analysis by Location, 2017 to 2032
Figure 141: MEA Market Value Share (%) and BPS Analysis by Location, 2022 to 2032
Figure 142: MEA Market Y-o-Y Growth (%) Projections by Location, 2022 to 2032
Figure 143: MEA Market Value (US$ Million) Analysis by Industry, 2017 to 2032
Figure 144: MEA Market Value Share (%) and BPS Analysis by Industry, 2022 to 2032
Figure 145: MEA Market Y-o-Y Growth (%) Projections by Industry, 2022 to 2032
Figure 146: MEA Market Attractiveness by Component, 2022 to 2032
Figure 147: MEA Market Attractiveness by Technology, 2022 to 2032
Figure 148: MEA Market Attractiveness by Location, 2022 to 2032
Figure 149: MEA Market Attractiveness by Industry, 2022 to 2032
Figure 150: MEA Market Attractiveness by Country, 2022 to 2032
The global Seismic Survey Equipment Market is worth more than USD 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.
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