Market Size of Asia-Pacific Seismic Service Industry
| 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 |
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*Disclaimer: Major Players sorted in no particular order |
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APAC Seismic Service Market Analysis
The Asia-Pacific seismic services market is expected to register a CAGR of more than 6% during the forecast period of 2022 - 2027. The COVID-19 pandemic has impacted the market severely. The pandemic has led to a series of lockdowns, which caused a significant slump in demand for crude oil. As a result, the prices crashed, which made upstream activities economically unfeasible, leading to delays and cancellation of projects. In terms of market growth, factors such as increasing oil and gas exploration in offshore areas and strengthening crude oil prices, making upstream activities economically feasible, are likely to drive the market. However, the countries in the region are shifting to renewable energy sources, which may restrain the market growth during the forecast period.
- The offshore segment of the seismic service market is expected to have significant growth during the forecast period. Offshore seismic data usually has much better quality compared to onshore due to a number of favourable conditions, including repeatable and consistent sources, good conditions for coupling at sources and receivers, and the uniform property of water as the medium.
- 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 Seismic Service Industry Segmentation
The Asia-Pacific seismic service market includes:
| Service | |
| Data Acquisition | |
| Data Processing and Interpretation |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| China | |
| India | |
| Malaysia | |
| Indonesia | |
| Rest of Asia-Pacific |
Asia-Pacific Seismic Service Market Size Summary
The Asia-Pacific seismic services market is poised for growth, driven by increasing oil and gas exploration activities, particularly in offshore regions. The market is recovering from the setbacks caused by the COVID-19 pandemic, which had led to a decline in demand and project delays due to economic unfeasibility in upstream activities. As crude oil prices stabilize, the market is expected to benefit from advancements in seismic survey technologies, which offer enhanced data quality and opportunities for exploration. However, the shift towards renewable energy sources in the region poses a potential challenge to market expansion. The offshore segment is anticipated to capture a significant share of the market, supported by the superior quality of seismic data obtained in these areas and the rising number of offshore oil and gas rigs.
India is projected to experience the fastest growth in the seismic service market, fueled by government initiatives to unlock domestic hydrocarbon resources and reduce reliance on oil imports. Policies such as the Open Acreage License Policy and the Hydrocarbon Exploration and Licensing Policy are designed to attract foreign investment and increase production. The proactive exploration activities by state-controlled entities like Oil & Natural Gas Corporation (ONGC) and other companies are expected to drive demand for seismic services. The market is moderately fragmented, with key players including Schlumberger Ltd, Halliburton Company, and China Oilfield Services Limited, among others, actively participating in the region's seismic service landscape.
Asia-Pacific Seismic Service 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 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 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 Seismic Service Market Size FAQs
What is the current Asia-Pacific Seismic Service Market size?
The Asia-Pacific Seismic Service Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Seismic Service Market?
Schlumberger Ltd, Haliburton Company, China Oilfield Services Limited, SAExploration Holdings Inc. and Fugro NV are the major companies operating in the Asia-Pacific Seismic Service Market.
