Borehole Seismic Survey Market: Overview

Ongoing development has resulted in creating high demand for energy, which is largely met by using fossil fuels such as coal, crude oil, and natural gas. Crude oil and natural gas have become an important part of the global energy mix and demand for these is increasing as the requirement for energy is rising. High investments are being made for exploration of oil and gas resources. Exploration and production of oil and gas comprises several services such as wellbore services and drilling services. Borehole seismic survey is one such service that is employed for exploration of oil and gas resources.

Borehole Seismic Survey Market: Drivers & Restraints

Borehole seismic survey is one of the most versatile downhole measurement techniques employed in exploration of oil and gas resources. Borehole seismic survey, also known as vertical seismic profile (VSP), results in linking of time-based surface seismic images with depth-based well logs. However, with the advent of technology, borehole seismic surveys have expanded beyond the time–depth correlation, due to development of improved data acquisition tools. They provide important information to exploration and production companies. From this information, these companies derive data about depth, extent, and heterogeneity of reservoirs, pore pressure, mechanical properties of rocks, fluid content, etc. Borehole seismic surveys use body waves, which are emitted by either a point source or frequency sweep sources. These waves consist of primary or compressional P-waves and secondary or shear S-waves. These waves travel from the point of origin to the borehole receiver deployed at depths. Signals recorded by borehole receivers depend on the survey geometry, type of incoming waves, and type of the receiver. The ability of borehole seismic surveys to record direct signals in a low-noise environment is a major advantage that it offers over surface seismic surveys. A majority of borehole seismic surveys use waves from vibrating trucks, air guns, or dynamite sources.

Borehole Seismic Survey Market: Key Segments

Based on type, the global borehole seismic survey market can be segmented into zero-offset VSP, deviated-well VSP, offset VSP, walkaway VSP, and others. Zero-offset VSP has a near-borehole seismic wave source and a borehole seismic receiver array. This method collects wave reflection from a restricted window around the borehole. In deviated-well VSP, the seismic source is always directly above the borehole receiver in a horizontal or deviated well. In offset VSP, the seismic source is placed at a horizontal distance from the well bore producing a 2D image. Walkaway VSPs are somewhat similar to offset VSPs in terms of location of seismic source from wellbore; however, the acquisition geometry is reversed. The others segment comprises borehole seismic surveys such as 3D VSP, crosswell VSP, and reversed VSP.

Borehole Seismic Survey Market: Regional Outlook

Based on region, the global borehole seismic survey market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to lead the global market during the forecast period, owing to increasing exploration of shale gas reserves in the U.S. and increasing investments in shale gas exploration in the region. The borehole seismic survey market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to rising investments in the oil & gas industry in the region, especially China and India. Middle East & Africa is expected to hold a considerable share of the global borehole seismic survey market during the forecast period.

Borehole Seismic Survey Market: Key Players

Some of the key players operating in the global borehole seismic survey market are Schlumberger Limited, Halliburton, GeoExpert AG, OptaSense, Weatherford, Borehole Seismic, LLC, DMT GmbH & Co. KG, TERRADAT UK LTD, and Baker Hughes, a GE company. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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