Asia-Pacific Seismic Services Market Size (2024 - 2029)

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)