Market Size of Asia-Pacific Seismic Service 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 |
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*Disclaimer: Major Players sorted in no particular order |
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APAC Seismic Service Market Analysis
The Asia-Pacific seismic services market is expected to register a CAGR of more than 6% during the forecast period of 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. 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. However, the countries in the region are shifting to renewable energy sources, which may restrain the market growth during the forecast period.
- The offshore segment of the seismic service market is expected to have significant growth during the forecast period. Offshore seismic data usually has much better quality compared to onshore due to a number of favourable conditions, including repeatable and consistent sources, good conditions for coupling at sources and receivers, and the uniform property of water as the medium.
- 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.
