Market Size of Southeast Asia Offshore Seismic Survey Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Southeast Asia Offshore Seismic Survey Market Analysis
The Southeast Asia offshore seismic survey market is expected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.
- Over the medium term, the increasing use of seismic technology for oil and gas exploration and increasing investments in offshore wind are expected to drive the market's growth.
- On the other hand, the high costs associated with the seismic survey are expected to hamper the market's growth during the forecast period.
- Nevertheless, increasing seismic survey technology advancements will likely create lucrative growth opportunities for the Southeast Asia offshore seismic survey market.
- Malaysia is expected to witness significant growth and the highest CAGR during the forecast period. This growth is attributed to the increasing investments, coupled with supportive government policies, in the country.
Southeast Asia Offshore Seismic Survey Industry Segmentation
Offshore seismic survey is the method for studying the sub-surface on the ocean floor through seismic waves. Vibrations in the waves are used to study the various rock structures beneath the sea floor. Factors such as the time taken for waves to bounce back and vibrations in the waves are characterized to study sub-surface layers beneath the sea bed. The Southeast Asia offshore seismic survey market is segmented by service, sector, and geography. By service, the market is segmented into data acquisition and data processing and interpretation. By sector, the market is segmented into oil and gas, wind, and other sectors. By geography, it is segmented into Indonesia, Thailand, Vietnam, Malaysia, and the Rest of Southeast Asia. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).
| By Service | |
| Data Acquisition | |
| Data Processing and Interpretation |
| By Sector | |
| Oil and Gas | |
| Wind |
| By Geography | |
| Thailand | |
| Singapore | |
| Indonesia | |
| Malaysia | |
| Rest of Southeast Asia |
Southeast Asia Offshore Seismic Survey Market Size Summary
The Southeast Asia offshore seismic survey market is poised for growth, driven by the increasing application of seismic technology in oil and gas exploration and the rising investments in offshore wind energy. Despite the initial setbacks due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. However, the high costs associated with seismic surveys pose a challenge to market expansion. Advancements in seismic survey technology are expected to offer significant growth opportunities, with Malaysia anticipated to experience substantial growth due to supportive government policies and increased investments in the sector.
The demand for offshore seismic services is bolstered by the oil and gas industry's reliance on seismic data for exploration and drilling decisions, as well as the burgeoning offshore wind sector. Malaysia's strategic location and its substantial contributions to the region's oil and gas production, particularly from offshore fields, underscore its importance in the market. The country's efforts to enhance output from existing fields and develop new areas, coupled with significant contracts and projects, are expected to drive moderate to high growth in offshore seismic services. The market is moderately consolidated, with key players like Halliburton, Schlumberger, Fugro, PGS, and China Oilfield Services Limited actively participating in the region's seismic survey activities.
Southeast Asia Offshore Seismic Survey 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 By 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 By Sector
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2.2.1 Oil and Gas
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2.2.2 Wind
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2.3 By Geography
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2.3.1 Thailand
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2.3.2 Singapore
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2.3.3 Indonesia
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2.3.4 Malaysia
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2.3.5 Rest of Southeast Asia
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Southeast Asia Offshore Seismic Survey Market Size FAQs
What is the current Southeast Asia Offshore Seismic Survey Market size?
The Southeast Asia Offshore Seismic Survey Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Southeast Asia Offshore Seismic Survey Market?
Halliburton Company, Schlumberger Ltd., Fugro NV, PGS ASA and China Oilfield Services Limited are the major companies operating in the Southeast Asia Offshore Seismic Survey Market.
