Market Size of Asia-Pacific Seismic Services 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 | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Seismic Services Market Analysis
The Asia-Pacific seismic services market is expected to register a CAGR of more than 6% during the forecast period (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. However, due to a spike in international energy prices, the market is expected to reach pre-pandemic levels during the forecast period. 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.
- Due to increasing investments in the exploration of offshore reserves, the offshore segment of the seismic service market is expected to have significant growth. This is expected to be one of the major factors driving the growth of the market during the forecast period.
- However, the countries in the region 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 Seismic Services Industry Segmentation
Seismic services are defined as services which use seismic waves to facilitate oil companies to locate reservoirs and define oil and natural gas fields. Additionally, 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 Seismic Services market is segmented by service, deployment location, and country. By Service, the market is segmented into data acquisition, processing, and interpretation. By location of deployment, the market is segmented into onshore and offshore. The market is segmented by country: China, India, Indonesia, Malaysia, Australia and the rest of Asia-Pacific. For each segment, the market sizing and forecasts have been done based on revenue (USD billion)
Asia-Pacific Seismic Services Market Size Summary
The Asia-Pacific seismic services market is poised for significant growth, driven by increasing oil and gas exploration activities, particularly in offshore areas. 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 reduced crude oil prices. However, the resurgence in international energy prices has made upstream activities economically viable again, propelling the market towards pre-pandemic levels. The offshore segment is expected to dominate the market, benefiting from higher quality seismic data and a rise in offshore oil and gas rig activities in the region. Despite the shift towards renewable energy sources in some countries, technological advancements in seismic surveys present substantial opportunities for market players.
India is anticipated to be the fastest-growing market within the region, as the country focuses on unlocking its domestic hydrocarbon resources and reducing oil imports. The Indian government has implemented favorable policies to boost domestic oil and gas production, which is expected to drive demand for seismic services. The proactive exploration activities by state-controlled entities like Oil & Natural Gas Corporation (ONGC) and the involvement of other companies such as Oil India Limited and Reliance Industries are set to contribute to the market's expansion. The market is moderately fragmented, with key players including Schlumberger Ltd, Halliburton Company, China Oilfield Services Limited, Fugro NV, and SAExploration Holdings Inc., all of which are actively engaged in the region's seismic service activities.
Asia-Pacific 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 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 Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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Asia-Pacific Seismic Services Market Size FAQs
What is the current Asia-Pacific Seismic Services Market size?
The Asia-Pacific Seismic Services 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 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 Seismic Services Market.
