Seismic Services Market: Overview
The seismic services market may bring good growth opportunities across the forecast period of 2019-2028 with the growing use of seismic technologies for oil exploration activities. Seismic services involve the use of seismic waves to search for oil and natural gas below the Earth’s surface. Technological developments are opening new avenues in the oil and gas industry. This gives rise to the increase in the growth rate of the seismic services market across the globe. Seismic services include data processing, data acquisition, and data interpretation. These services assist the oil companies to identify reservoirs and make critical decisions relating to oil and natural gas fields.
The rising spending on exploration activities is triggering growth for the seismic services market. Marine seismic activities cause harm to marine life. Thus, this factor is attracting criticism from environmental conservationists and environmental bodies. Therefore, this factor can dampen the growth prospects of the seismic services market to a certain extent. Also, some cracks in the growth rate can be noticed due to the threat of COVID-19 but as the governments of various countries announce certain relaxations, a ray of hope for growth is lighting up the seismic services market.
This upcoming report on the seismic services market provides an in-depth analysis of the current market situation. The report covers components like competitive landscape, key players, regional analysis, and ongoing trends. The report also offers thorough research on how the COVID-19 pandemic will impact the seismic services market. The segmental study enables an individual to thoroughly understand the seismic services market.
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Seismic Services Market: Competitive Analysis and Key Developments
Being a highly concentrated market, the seismic services market has a few companies that acquire more than 65 percent of share in the seismic services market. Rising investments in the seismic services market are also influencing the growth rate greatly. Some well-established players in the seismic services market are Halliburton Company, Petroleum Geo Service, CGGVeritas, TGS-NOPEC, and Schlumberger Ltd.
- Neptune Energy recently completed the first-ever OBN seismic survey to be conducted in Egypt. This development highlights the penetration of seismic services in new regions
- The Government of India’s Environment Ministry recently passed an order to exempt oil and gas firms from getting clearance for exploratory drilling activities involving digging numerous wells and carrying offshore seismic surveys. This would also prove to be a beneficial aspect for the growth of the seismic services market
- Shearware Geo Services recently bagged a contract from Apache, an exploration firm, to provide a 4D seismic survey with 3D extension in the North Sea U.K.
- Rosgeo and the Ministry of Mines and Hydrocarbons of Equatorial Guinea have signed a contract to carry seismic exploration in Equatorial Guinea
Seismic Services Market: Key Trends
Government approvals and legislations in favor of oil and natural gas exploration activities are leading to a surge in the growth rate of the seismic services market. Applying seismic services to the oil and gas sector for efficiency in extracting oil and gas from reservoirs is gaining considerable momentum. The offshore segment is garnering much hype in the seismic services market for high-quality data and large numbers when compared to onshore segments. Thus, this aspect can also prove to be a growth generator for the seismic services market.
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Seismic Services Market: Regional Analysis
North America expects to dominate the seismic services market’s regional scenario with numerous untapped resources in the Gulf of Mexico area. Decisions and guidelines from the government that encourage oil and gas exploration activities are bringing considerable growth for the seismic services market. The region is also attracting investments from various foreign companies, eventually leading to a boost in the growth rate of the seismic services market.
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
- 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.
2. Insights and Tools
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.