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North America Seismic Survey Market Size (2024 - 2029)

The North America seismic survey market is poised for growth, driven by the resurgence in oil and gas exploration activities and rising crude oil prices, despite the challenges posed by the shift towards renewable energy sources. The market's expansion is supported by the increasing demand for seismic services, particularly in offshore segments, where opportunities are burgeoning due to the saturation of land-based and shallow-water fields. The United States is anticipated to be a key driver of market growth, reflecting the region's strategic focus on deepwater and ultra-deepwater reserves.

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Market Size of North America Seismic Survey Industry

north-america-seismic-survey-market
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

Major Players

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*Disclaimer: Major Players sorted in no particular order

North America Seismic Survey Market Analysis

North America seismic survey market is expected to register a CAGR of more than 6% in the forecast period. The COVID-19 pandemic affected the market severely. The pandemic led to a series of lockdowns all over the world, which caused a major slump in demand for crude oil, and as a result, the prices crashed, which made upstream activities economically unfeasible. The market is directly aided by the development of oil and gas exploration and production activities in the region due to high demands for crude oil and natural gas from European markets. In addition, the increasing prices of crude oil is aiding the development of seismic survey market. However, North American 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 largest share in the seismic services market due to a number of favorable 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 seismic services market in the future.
  • The United States is expected to witness significant demand in the seismic services market during the forecast period

North America Seismic Survey Industry Segmentation

The North America Seismic Survey market report includes:

Service
Data Acquisition
Data Processing and Interpretation
Location of Deployment
Onshore
Offshore
Geography
United States
Canada
Mexico
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North America Seismic Survey Market Size Summary

The North America seismic survey market is poised for growth, driven by the resurgence in oil and gas exploration activities, particularly in response to rising crude oil prices. The market experienced a downturn due to the COVID-19 pandemic, which led to reduced demand for crude oil and subsequent price drops, making upstream activities less economically viable. However, the increasing demand for crude oil and natural gas from European markets is bolstering the market's recovery. Despite this, the shift towards renewable energy sources in North America poses a potential challenge to sustained market growth. The offshore segment of the market holds the largest share, benefiting from the maturity of land-based and shallow-water oil fields, which has shifted focus towards deepwater and ultra-deepwater reserves, offering significant future opportunities.

The United States is expected to be a key player in the seismic services market, with plans to expand offshore drilling, particularly in the Gulf of Mexico, to meet European energy demands. Investments by companies like Pemex and projects such as the Area 1 offshore development by Eni Mexico and Qatar Petroleum highlight the growing focus on offshore seismic survey market development. The United States, accounting for a significant portion of North America's crude oil production, has seen high profitability in its petroleum sector, further fueling market growth. The seismic services market is characterized by a high concentration of major companies, including Schlumberger Ltd, Halliburton Company, and ION Geophysical Corporation, which are pivotal in driving the market's expansion.

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North America Seismic Survey 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 Industry Attractiveness - Porter's Five Force 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

    8. 1.8 Assessment of COVID-19 Impact on the Industry

  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 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

North America Seismic Survey Market Size FAQs

The North America Seismic Survey Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Halliburton Company, ION Geophysical Corporation, Schlumberger Ltd, Shearwater GeoServices Holding AS, Fugro NV, SAExploration Holdings Inc. and CGG SA are the major companies operating in the North America Seismic Survey Market.

North America Seismic Survey Report Snapshots

North America Seismic Survey Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)