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Middle East Seismic Services Market Size (2024 - 2029)

The Middle East Seismic Services Market is poised for growth, driven by increasing exploration activities in offshore areas like the Persian Gulf and the recovery of crude oil prices, which have made upstream activities more viable. Despite the challenges posed by a shift towards renewable energy sources, the market's expansion is supported by the offshore segment, which holds a significant portion of the market share due to favorable conditions over onshore alternatives. The maturation of land-based and shallow-water oil fields has limited new discoveries, thereby enhancing opportunities in deepwater and ultra-deepwater reserves. Additionally, Saudi Arabia is anticipated to experience notable growth in this market, fueled by its rapid exploration and production initiatives.

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Market Size of Middle East Seismic Services Industry

Middle East Seismic Services Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 7.20 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

Middle East Seismic Services Market Analysis

The Middle East Seismic Services Market is expected to register a CAGR of more than 7.2% during the forecast period of 2022 - 2027. The COVID-19 pandemic affected the market severely. The pandemic led to a series of lockdowns across middle eastern countries, which caused a major slump in demand for crude oil, and as a result, the prices crashed, which made upstream activities economically unfeasible. In terms of market growth, factors such as increasing exploration in offshore areas such as Persian Gulf coupled with the strengthening of crude oil prices, making the upstream activities economically feasible, are likely to drive the market. However, a lot of countries are shifting to renewable energy sources and ending their reliance on crude oil, which may restrain the market growth during the forecast period.

  • The offshore segment accounts for the major share in the seismic services market due to a number of favourable conditions compared to onshore.
  • Land-based and shallow-water oil fields have reached their maturity, and there is little scope for any new field discovery in these areas. Therefore, the development of deepwater and ultra-deepwater water reserves is expected to create significant opportunities for the middle east seismic services market in the future.
  • The Saudi Arabia is expected to witness significant growth in the seismic services market during the forecast period due to rapid growth in exploration and production activities across the country.

Middle East Seismic Services Industry Segmentation

The scope of the middle east seismic services market report includes:

Service
Data Acquisition
Data Processing and Interpretation
Location of Deployment
Onshore
Offshore
Geography
Saudi Arabia
United Arab Emirates
Rest of Middle-East
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Middle East Seismic Services Market Size Summary

The Middle East seismic services market is poised for significant growth, driven by increasing exploration activities in offshore areas such as the Persian Gulf. The market is recovering from the setbacks caused by the COVID-19 pandemic, which had severely impacted demand for crude oil and made upstream activities economically unfeasible. As crude oil prices strengthen, the feasibility of these activities is restored, although the shift towards renewable energy sources poses a potential challenge to market expansion. The offshore segment dominates the market due to the superior quality of seismic data obtained in these areas, supported by favorable conditions such as consistent sources and uniform water properties. The development of deepwater and ultra-deepwater reserves is expected to offer substantial opportunities, particularly as land-based and shallow-water fields reach maturity.

Saudi Arabia is anticipated to lead the market growth, bolstered by its status as a major global oil producer and exporter. The country's significant control over the international upstream market and its vast shale gas reserves present considerable potential for seismic services. Increased capital expenditure by Saudi Aramco and recent discoveries of natural gas fields further underscore the importance of seismic services in the region. The market is characterized by fragmentation, with key players like Schlumberger Ltd, CGG SA, PGS ASA, TGS ASA, and Halliburton Company actively participating. Recent transactions, such as the sale of ocean-bottom nodes by CGG's subsidiary Sercel SA, highlight ongoing investments in offshore seismic surveys, reinforcing the market's growth trajectory.

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Middle East Seismic Services Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Service

      1. 2.1.1 Data Acquisition

      2. 2.1.2 Data Processing and Interpretation

    2. 2.2 Location of Deployment

      1. 2.2.1 Onshore

      2. 2.2.2 Offshore

    3. 2.3 Geography

      1. 2.3.1 Saudi Arabia

      2. 2.3.2 United Arab Emirates

      3. 2.3.3 Rest of Middle-East

Middle East Seismic Services Market Size FAQs

The Middle East Seismic Services Market is projected to register a CAGR of greater than 7.20% during the forecast period (2024-2029)

Schlumberger Ltd, PGS ASA, TGS ASA, Halliburton Company and CGG SA are the major companies operating in the Middle East Seismic Services Market.

Middle East Seismic Services Report Snapshots

Middle East Seismic Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)