Market Size of Asia Pacific Offshore Seismic Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Offshore Seismic Services Market Analysis
The Asia-Pacific offshore seismic services market is expected to register a CAGR of 4.6% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently, the market has reached pre-pandemic levels.
- Over the long term, increasing oil and gas exploration in offshore areas and strengthening crude oil prices, making upstream activities economically feasible, are likely to drive the market.
- On the other, the countries in the Asia-Pacific region, such as China, India, Indonesia, and Malaysia, are shifting to renewable energy sources, which may restrain the market growth during the forecast period.
- Nevertheless, the technological advancements in seismic surveys for oil and gas exploration are expected to provide a significant opportunity for the seismic market players in the future.
- India is expected to witness the fastest growth in the seismic service market during the forecast period as it focuses on unlocking domestic hydrocarbon resources.
APAC Offshore Seismic Services Industry Segmentation
Seismic services use seismic waves to facilitate oil companies to locate reservoirs and define oil and natural gas fields. In addition, seismic services enable companies to accurately plan locations for wells by reducing the requirement for further exploration and reducing negative environmental impact.
The Asia Pacific offshore seismic services market is segmented by service and geography. By service, the market is segmented by data acquisition, processing, and interpretation. The report also covers the market size and forecasts for the Asia-Pacific offshore seismic services market across the major region or countries. The report offers the market size and forecasts in revenue (USD billion) for all the above segments.
| Service | |
| Data Acquisition | |
| Data Processing and Interpretation |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| China | |
| India | |
| Malaysia | |
| Indonesia | |
| Rest of Asia-Pacific |
Asia Pacific Offshore Seismic Services Market Size Summary
The Asia-Pacific offshore seismic services market is poised for growth, driven by increasing oil and gas exploration activities in offshore regions and the stabilization of crude oil prices, which enhance the economic viability of upstream operations. Despite the shift towards renewable energy sources in countries like China, India, Indonesia, and Malaysia, technological advancements in seismic surveys present significant opportunities for market players. India is anticipated to experience the fastest growth in this sector, fueled by efforts to tap into domestic hydrocarbon resources and supportive government policies aimed at boosting oil and gas production.
The data acquisition segment is expected to hold a substantial share of the market, attributed to the superior quality of offshore seismic data compared to onshore data. Key players such as India's Oil & Natural Gas Corporation and China's National Offshore Oil Corporation are actively engaging in extensive seismic surveys to support their exploration and production goals. The market is moderately fragmented, with major companies like Schlumberger, Halliburton, and China Oilfield Services Limited playing significant roles. Initiatives such as Thailand's Petroleum Bidding Round further underscore the region's commitment to revitalizing upstream activities, thereby supporting the growth of the offshore seismic services market.
Asia Pacific Offshore Seismic Services Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Onshore and Offshore Active Rig Count, by Major Countries, Asia-Pacific, till 2021
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 Porter's Five Forces Analysis
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1.8.1 Bargaining Power of Suppliers
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1.8.2 Bargaining Power of Consumers
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1.8.3 Threat of New Entrants
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1.8.4 Threat of Substitutes Products and Services
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1.8.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Service
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2.1.1 Data Acquisition
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2.1.2 Data Processing and Interpretation
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2.2 Location of Deployment
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2.2.1 Onshore
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2.2.2 Offshore
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2.3 Geography
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2.3.1 China
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2.3.2 India
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2.3.3 Malaysia
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2.3.4 Indonesia
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2.3.5 Rest of Asia-Pacific
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Asia Pacific Offshore Seismic Services Market Size FAQs
What is the current Asia Pacific Offshore Seismic Services Market size?
The Asia Pacific Offshore Seismic Services Market is projected to register a CAGR of 4.60% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Offshore Seismic Services Market?
Schlumberger Ltd, Halliburton Company, China Oilfield Services Limited, Fugro NV and SAExploration Holdings Inc are the major companies operating in the Asia Pacific Offshore Seismic Services Market.
