Market Size of Europe Seismic Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 1.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Seismic Services Market Analysis
The market for seismic services in Europe is expected to grow at a CAGR of approximately 1% during the forecast period of 2020 - 2025. Increasing exploration activities in unconventional reserves are one of the major factors driving the market during the forecast period. Also, drive for higher quality data using 4D for improved reservoir performance is expected to drive the market, as 4D seismic is a well-established technology, and it is making a valuable contribution to the production and development of hydrocarbons around the world. On the other hand, the sharp decline in oil prices, resulting in spending cuts and project delays across the world, especially in the oil and gas sector is expected to restrain market growth.
- The offshore segment accounts for the largest share in the seismic services market owing to the data that has much higher quality, due to several favorable conditions, when compared with onshore.
- The development of deepwater and ultra-deepwater water reserves can create significant opportunities for the seismic services market in the future.
- Norway is expected to drive the market demand during the forecast period, owing to the increase in exploration activities and the new discoveries contributing a lot for the country.
