North America Seismic Survey Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Seismic Survey Market Analysis
North America seismic survey market is expected to register a CAGR of more than 6% in the forecast period. The COVID-19 pandemic affected the market severely. The pandemic led to a series of lockdowns all over the world, which caused a major slump in demand for crude oil, and as a result, the prices crashed, which made upstream activities economically unfeasible. The market is directly aided by the development of oil and gas exploration and production activities in the region due to high demands for crude oil and natural gas from European markets. In addition, the increasing prices of crude oil is aiding the development of seismic survey market. However, North American countries are shifting to renewable energy sources and ending their reliance on crude oil, which may restrain the market growth during the forecast period.
- The offshore segment accounts for the largest share in the seismic services market due to a number of favorable conditions compared to onshore.
- Land-based and shallow-water oil fields have reached their maturity, and there is little scope for any new field discovery in these areas. Therefore, the development of deepwater and ultra-deepwater water reserves is expected to create significant opportunities for the seismic services market in the future.
- The United States is expected to witness significant demand in the seismic services market during the forecast period
North America Seismic Survey Market Trends
This section covers the major market trends shaping the North America Seismic Survey Market according to our research experts:
Increasing Offshore Oil and Gas Activity
- The United States plans to expand offshore drilling, and the Government of the United States announced in its Intergovernmental Panel on Climate Change (IPCC) to grow in the Gulf of Mexico to meet the demand from European countries due to the ban on majority imports of hydrocarbons from Russia.
- Similarly, in 2021, Pemex, a state-owned petroleum company, announced its investment plan for 2021-2025. The company plans 399 new exploration, extraction, and production projects in shallow waters, deep water, and onshore projects in the states of Tamaulipas, Veracruz, Tabasco, and Campeche, which will aid the development of the offshore seismic survey market.
- For instance, in 2022, Eni Mexico and Qatar Petroleum are developing the Area 1 offshore project, which will include the development of three oil fields: Amoca, Mizt贸n and Tecoalli. In addition, the entire field is expected to be commissioned by 2024 and the field's development costs USD 2 billion.
- Due to growing investment in offshore oil and gas field operations, the offshore seismic field development market is expected to dominate the segment.
United States going to dominate the market
- The United States account for about 69% of crude oil production in the North American region, according to the BP Statistical Review of World Energy 2022.
- In the United States, the petroleum companies recorded the highest profitability due to high crude oil prices in 2022 and high exports in the European country. For instance, in the second quarter of 2022, ExxonMobil reported an unprecedented USD 17.85 billion profit in the second quarter, compared to the last year, which aided the development of the oil and gas field in the United States.
- For example, as of 2021, Mad Dog Phase 2 conventional oil field development is underdeveloped, a deepwater of the United States, and the project is expected to cost USD 9.013 million.
- Overall, the rapid development of oil and gas fields in the United States would aid the growth of the seismic survey market.
North America Seismic Survey Industry Overview
The North America seismic services market is highly concentrated. Some of the major companies include Schlumberger Ltd, Halliburton Company, ION Geophysical Corporation, and Fugro NV.
North America Seismic Survey Market Leaders
-
Halliburton Company
-
ION Geophysical Corporation
-
Schlumberger Ltd
-
Shearwater GeoServices Holding AS
-
Fugro NV
-
SAExploration Holdings Inc.
-
CGG SA
*Disclaimer: Major Players sorted in no particular order
North America Seismic Survey Market News
- In 2022, Equinor proposed Bay du Nord offshore oil project which has an estimated cost of USD 12 billion located in the 500 km of the coast of Canada's Newfoundland and Labrador province.
North America Seismic Survey Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - Porter's Five Force Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Assessment of COVID-19 Impact on the Industry
5. MARKET SEGMENTATION
5.1 Service
5.1.1 Data Acquisition
5.1.2 Data Processing and Interpretation
5.2 Location of Deployment
5.2.1 Onshore
5.2.2 Offshore
5.3 Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
6. COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 ION Geophysical Corporation
6.3.3 Schlumberger Ltd
6.3.4 Shearwater GeoServices Holding AS
6.3.5 Fugro NV
6.3.6 SAExploration Holdings Inc.
6.3.7 CGG SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Seismic Survey Industry Segmentation
The North America Seismic Survey market report includes:
| Service | |
| Data Acquisition | |
| Data Processing and Interpretation |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Seismic Survey Market Research FAQs
What is the current North America Seismic Survey Market size?
The North America Seismic Survey Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in North America Seismic Survey Market?
Halliburton Company, ION Geophysical Corporation, Schlumberger Ltd, Shearwater GeoServices Holding AS, Fugro NV, SAExploration Holdings Inc. and CGG SA are the major companies operating in the North America Seismic Survey Market.
What years does this North America Seismic Survey Market cover?
The report covers the North America Seismic Survey Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Seismic Survey Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Seismic Survey Industry Report
Statistics for the 2024 North America Seismic Survey - Growth, Trends, COVID-19 Impact, and Forecasts (2024 - 2029) market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. North America Seismic Survey - Growth, Trends, COVID-19 Impact, and Forecasts (2024 - 2029) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
