Increasing use of seismic technology in shale gas and surge in energy requirements are driving the growth of Asia-Pacific seismic services market in the forecast period, 2024-2028.
According to TechSci Research report, “Asia-Pacific Seismic Services Market– By Country, Competition, Forecast & Opportunities, 2028F”, the Asia-Pacific Seismic Services market is anticipated to register robust growth during the forecast period, 2024 – 2028. The market is projected to be driven by rising offshore oil and gas exploration, making upstream operations commercially viable. Oil and gas exploration exercises are developing as a result of quick urbanization and the spread of savvy gadgets. The Asia-Pacific market for seismic services is anticipated to rise as a result of the development of deepwater and ultra-deepwater water reserves to increase production, since land-based and shallow oil fields have reached maturity stages.
Another reason fueling the expansion of the seismic services market is the requirement to lower GHG emissions. The Paris Agreement, which was marked by 195 countries in 2015, seeks measures to reduce the temperature to 1.5°C. Signatories have promised to take bold steps to cut GHG emissions to accomplish the same. The largest source of GHG emissions is the transportation industry. By 2050, the International Maritime Organization (IMO) aims to achieve a minimum 50% reduction in GHG emissions from ships, compared to 2008.
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The Asia-Pacific seismic services market is divided into service, technology, location of deployment and country. Based on service, the market is bifurcated into data acquisition and data processing and interpretation. Based on technology, the market is divided into 2D imaging, 3D imaging, and 4D imaging. Based on location of deployment, the market is bifurcated into onshore and offshore.
On the basis of service, data acquisition segment holds the largest market share in the forecast period. The market sector with the biggest share, data acquisition, is predicted to rule over the next five years. The information gathered aids in the exploration of new reserves with longer production lifecycles. It is expected that the utilize of information to find modern oil and gas reserves will increase the rise of data acquisition.
Based on technology, the 3D imaging segment holds the largest market share in the forecast period. In the years to come, the 3D imaging category is anticipated to have a sizable market share. Oil and gas industries have a strong need for 3D imaging since it helps with problem-solving and reduces risk in operations for production, development, and exploration.
Based on region, India is expected to be the fastest market. In the upcoming years, India is anticipated to have the quickest growth in the seismic service market due to nation’s intentions to unleash its hydrocarbon resources, cut down on oil imports, and increase in the number of wells that are in production. The government has also lowered entrance barriers for foreign oil and gas firms and implemented advantageous policies, like the Open Acreage Licence Policy (OALP), to boost domestic oil and gas output. The need for seismic services in the nation is anticipated to rise in such a setting. The strong exploration activity by India’s state-controlled Oil & Natural Gas Corporation (ONGC) in the nation’s offshore sector is anticipated to add to the high demand for seismic services. A seismic tender for the collection of 3D broadband data in numerous offshore tracts in the Mumbai and Andaman basins, was launched by ONGC in November 2021. With regards to five significant oil and gas blocks, the new study seeks to collect 3D broadband data over an area of up to 8500 square kilometers. Due to these circumstances, the market for Asia-Pacific seismic services is expected to grow in the forecast period.
Key market players in the Asia-Pacific Seismic Services Market include:
- Schlumberger Ltd.
- Halliburton Company
- China Oilfield Services Limited
- Fugro NV
- SAExploration Holdings Inc.
- TGS ASA
- CGG SA (CGG)
- Ion Geophysical Corporation
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“The offshore exploration industry is booming in the Asia-Pacific region. Due to the abundance of undeveloped resources, the region has enormous growth potential and is anticipated to spur demand for seismic services in the Asia-Pacific region. Up until 2028, the Asia-Pacific seismic services market is predicted to rise significantly due to recent discoveries in several offshore regions that are luring massive foreign investments and the increased usage of modern technologies for oil exploration activities.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Asia-Pacific Seismic Services Market Segmented by Service (Data Acquisition, Data Processing, Interpretation), By Technology (2D Imaging, 3D Imaging, and 4D Imaging), By Location of Deployment (Onshore, Offshore) By Country, Competition, Forecast and Opportunities, 2028F”, has evaluated the future growth potential of Asia-Pacific seismic services market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Asia-Pacific seismic services market.