Market Size of North America 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?
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 |
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.
North America 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 United States
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2.3.2 Canada
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2.3.3 Mexico
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North America Seismic Survey Market Size FAQs
What is the current North America Seismic Survey Market size?
The North America 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 North America 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 North America Seismic Survey Market.
