Market Size of Europe Seismic Survey 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 | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Seismic Survey Market Analysis
The Europe 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 significant slump in demand for crude oil, and as a result, the prices crashed, which made upstream activities economically unfeasible. In terms of market growth, the ban on imports of natural gas and crude oil from Russia has increased the upstream operation to improve energy security in Europe, aiding the seismic survey market. In addition, the increasing prices of crude oil are aiding the development of the seismic survey market. However, European 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 several favourable conditions compared to onshore.
- Land-based and shallow-water oil fields have reached maturity, and there is little scope for any new field discovery in these areas. Therefore, developing deepwater and ultra-deepwater water reserves is expected to create significant opportunities for the seismic services market in the future.
- The United Kingdom is expected to witness significant demand in the seismic services market during the forecast period.
Europe Seismic Survey Industry Segmentation
The Europe Seismic Survey market report includes:
| Service | |
| Data Acquisition | |
| Data Processing and Interpretation |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| Norway | |
| United Kingdom | |
| Others |
Europe Seismic Survey Market Size Summary
The Europe seismic survey market is poised for growth, driven by a combination of geopolitical and economic factors. The impact of the COVID-19 pandemic was significant, leading to a downturn in demand for crude oil and making upstream activities less viable. However, the ban on Russian energy imports has spurred increased upstream operations to enhance energy security, benefiting the seismic survey market. The rising crude oil prices further support market development, although the shift towards renewable energy sources in Europe poses potential challenges to growth. The offshore segment dominates the market, with deepwater and ultra-deepwater reserves offering substantial opportunities as onshore fields reach maturity.
In the United Kingdom, the North Sea remains a focal point for seismic survey activities, with increased exploration and production aimed at reducing reliance on imported natural gas and crude oil. The UK government’s support for domestic production, coupled with the energy crisis, has led to a surge in offshore activities, including the development of new oil fields and projects. Major companies like Schlumberger, Halliburton, and ION Geophysical are key players in this concentrated market. The ongoing investments in offshore oilfields, particularly in the North Sea, are expected to drive the growth of the seismic survey market in Europe, despite the challenges posed by the transition to renewable energy.
Europe 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 Industry Attractiveness - Porter's Five Force 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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1.8 Assessment of COVID-19 Impact on the Industry
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2. MARKET SEGMENTATION
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2.1 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 Location of Deployment
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2.2.1 Onshore
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2.2.2 Offshore
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2.3 Geography
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2.3.1 Norway
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2.3.2 United Kingdom
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2.3.3 Others
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Europe Seismic Survey Market Size FAQs
What is the current Europe Seismic Survey Market size?
The Europe Seismic Survey Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Europe Seismic Survey Market?
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 Europe Seismic Survey Market.
