Market Size of Asia Pacific Offshore Seismic Services Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Offshore Seismic Services Market Analysis
The Asia-Pacific offshore seismic services market is expected to register a CAGR of 4.6% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Currently, the market has reached pre-pandemic levels.
- Over the long term, increasing oil and gas exploration in offshore areas and strengthening crude oil prices, making upstream activities economically feasible, are likely to drive the market.
- On the other, the countries in the Asia-Pacific region, such as China, India, Indonesia, and Malaysia, 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.
