Market Size of Europe 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?
Europe Seismic Survey Market Analysis
The Europe 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 significant slump in demand for crude oil, and as a result, the prices crashed, which made upstream activities economically unfeasible. In terms of market growth, the ban on imports of natural gas and crude oil from Russia has increased the upstream operation to improve energy security in Europe, aiding the seismic survey market. In addition, the increasing prices of crude oil are aiding the development of the seismic survey market. However, European 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 several favourable conditions compared to onshore.
- Land-based and shallow-water oil fields have reached maturity, and there is little scope for any new field discovery in these areas. Therefore, developing deepwater and ultra-deepwater water reserves is expected to create significant opportunities for the seismic services market in the future.
- The United Kingdom is expected to witness significant demand in the seismic services market during the forecast period.
