Published on : Jul 04, 2017
Albany, New York, July 04, 2017: Seismic surveys are a key part for successful exploration of oil and gas, thus making it extremely important for the production of energy, which is then utilized for powering homes and various industries, states a new report added by ResearchMoz.us titled, “Global Seismic Survey Market: Industry Analysis & Outlook (2017-2021).” The explorers of oil and gas make use of seismic surveys to acquire images that give details of the various types of rocks present along with their location beneath the surface of the earth. This information is then used for determining the size and location of oil and gas reservoirs. Thus seismic surveys are high in demand from the oil and gas sector, driving the market globally. In addition to this, brown field projects are increasingly demanding seismic surveys, boosting the growth prospects of this market. Additionally, the use of seismic surveys for the explorations of shale gas will propel the growth of the market.
The global seismic surveys market is anticipated to witness high growth in the years to come on account of the growing demand for data processing and interpreting in the oil and gas sectors. Thus, companies in the oil and gas sectors are increasingly using seismic surveys for exploring new fields of hydrocarbons. Another factor boosting the growth of the market is the advancements in technology, which is helping operators during exploration of mature oilfields. Oil and gas companies are making use of seismic surveys to get data regarding the fields that have already been explored, fueling the demand for these surveys in the brown field projects.
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The report identifies key challenges by players in the market and discusses them in detail. One of the key challenges faced by the players in the market is the falling prices of oil. The reduced budget for exploration and production activities will further restrict the growth of the market. Additionally, reduced investments will also hamper the growth of the market, states the leading author of this market.
On the basis of geography, the market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Of these, North America is anticipated to gain market shares in the years to come. The region was also leading in the past. Increasing investments in the oil and gas sector on account of high demand for energy from industries will push the growth of the market in North America. In addition to this, the depleting reservoirs are pushing exploration companies to look for new reserves and this is expected to further augment the seismic survey market.
Asia Pacific and Europe will also witness a healthy growth in the forecast period on account of the increasing focus on unconventional oil and gas reserves and high demand for interpreting and mapping petroleum reserves. However, Africa is anticipated to witness the fastest growth in the market in the coming years on account of the various untapped reserves present, which will drive companies to invest in these regions. Algeria, Egypt, Nigeria, and Angola will be lucrative places in Africa for seismic surveys.
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