Seismic Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Seismic Services Market is segmented by Service (Data Acquisition and Data Processing and Interpretation), Location of Deployment (Onshore and Offshore), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Market Snapshot

Seismic Services Market- Market Summary
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Middle East and Africa
Largest Market: North America
CAGR: >7.2 %

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Market Overview

The seismic services market is expected to register a CAGR of more than 7.2% during the forecast period of 2022 – 2027.

The COVID-19 pandemic affected the market severely. The pandemic led to a series of lockdowns all over the world, which caused a major slump in demand for crude oil, and as a result, the prices crashed, which made upstream activities economically unfeasible. In terms of market growth, factors such as increasing exploration in the offshore areas such as in West Africa and the Gulf of Mexico, coupled with the strengthening of crude oil prices, making the upstream activities economically feasible, are likely to drive the market. However, a lot of 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 a number of favorable conditions compared to onshore.

Land-based and shallow-water oil fields have reached their maturity, and there is little scope for any new field discovery in these areas. Therefore, the development of deepwater and ultra-deepwater water reserves is expected to create significant opportunities for the seismic services market in the future.

The African region is expected to witness significant demand in the seismic services market during the forecast period.

Scope of the Report

The seismic services market report includes:

Data Acquisition
Data Processing and Interpretation
Location of Deployment
North America
South America
Middle-East and Africa

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Key Market Trends

Increasing Demand from the Offshore Oil and Gas Industry

The offshore segment accounts for the largest share of the seismic services market. Offshore seismic data usually has much higher quality compared to onshore due to a number of favorable conditions, including repeatable and consistent sources, good conditions for coupling at sources and receivers, and the uniform property of water as the medium.

In January 2022, Shell PLC announced the discovery of a substantial offshore oil and gas well in Namibia. Early analysis of the exploratory drilling estimates that the newly discovered well could contain 250 to 300 million barrels of oil and gas. The reservoir development work necessary for commercial production of petroleum after this discovery is likely to drive the market.

Also, in February 2022, Abu Dhabi’s state-owned oil and gas company announced the discovery of between 1.5 to 2 trillion standard cubic feet of gas in an offshore area located in the Emirate’s Northwest. Further reservoir development is likely to be carried out, including seismic services work, which is expected to drive the market.

Furthermore, the Norwegian Petroleum Directorate has estimated that around 47% of all the remaining resources on the shelf are still undiscovered. Adding to this, there are around 350 undeveloped discoveries in the United Kingdom Continental Shelf (UKCS), containing 3.2 billion barrels of oil equivalent (bboe).

Therefore, factors such as increasing exploration and production (E&P) activities in the deepwater and ultra-deepwater reserves and increasing efforts by the oil and gas majors to tap into the undiscovered reserves are expected to drive the offshore seismic services market.

Seismic Services Market - Proven Crude Oil Reserves

Africa is Likely to Experience Significant Growth

Africa is witnessing increasing offshore exploration in regions such as offshore West Africa, which has widespread untapped resources, creating opportunities for the oil and gas exploration companies. Thus, explorations in this region are likely to drive the seismic services market.

In January 2022, Shell PLC made a significant oil and gas discovery in the Graff-1 well in offshore Namibia, which can spark a wave of investment in Namibia. The drilling results have shown one layer at least 60 meters deep of hydrocarbons, holding an estimated 250 to 300 million barrels of oil and gas equivalent. The field expects to go into production by 2026 after its development, including seismic surveys, which is expected to drive the market.

Furthermore, in January 2022, the Australian geoscience company Searcher started its seismic survey off the West Coast of South Africa for a multi-client survey program that covers a number of petroleum license blocks. The permit area is approximately 297,087 m2, and the permit provides for the undertaking of a two-dimensional and three-dimensional speculative seismic survey program. This is likely to aid the growth of the market in the region.

In November 2021, Ghana received interest from an unidentified company to explore the Eastern basin, which may yield the country’s largest oil find. The Eastern basin exploration area is a deepwater environment about 50 to 100 nautical miles off the coast of Ghana, covering 32,000 km.

Therefore, the above-mentioned factors, such as new oil and gas discoveries and approvals for seismic testing, are expected to drive the seismic services market in the African region over the forecast period.

Seismic Services Market - Growth Rate by Region

Competitive Landscape

The seismic services market is highly concentrated. Some of the major companies include Schlumberger Ltd, CGG SA, PGS ASA, TGS ASA, and Halliburton Company.

Recent Developments

  • In January 2022, Shearwater GeoServices secured contracts for two multicomponent surveys in offshore Western Australia with the oil and gas company Santos. The two-month program covers the Keraudren North Extension with an area of approximately 680 sq. km in the Bedout Basin and the Petrel Sub-Basin 3D survey of roughly 1,100 sq. km.
  • In December 2021, the Grahamstown High Court in Makhanda, South Africa, directed Shell PLC to immediately cease its seismic blasting along South Africa’s Wild Coast. The court ordered Shell and the Ministry of Mineral Resources and Energy to pay the costs of the application.

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Service

      1. 5.1.1 Data Acquisition

      2. 5.1.2 Data Processing and Interpretation

    2. 5.2 Location of Deployment

      1. 5.2.1 Onshore

      2. 5.2.2 Offshore

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 Asia-Pacific

      3. 5.3.3 Europe

      4. 5.3.4 South America

      5. 5.3.5 Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Halliburton Company

      2. 6.3.2 BGP Inc.

      3. 6.3.3 CGG SA

      4. 6.3.4 Fugro NV

      5. 6.3.5 ION Geophysical Corporation

      6. 6.3.6 PGS ASA

      7. 6.3.7 Polarcus Ltd

      8. 6.3.8 SAExploration Holdings Inc.

      9. 6.3.9 Schlumberger Ltd

      10. 6.3.10 SeaBird Exploration PLC

      11. 6.3.11 Shearwater GeoServices Holding AS

      12. 6.3.12 TGS ASA

      13. 6.3.13 Magseis Fairfield ASA (WGP Group Ltd)

      14. 6.3.14 China Oilfield Services Limited

    4. *List Not Exhaustive

**Subject to Availability

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Frequently Asked Questions

The Seismic Services Market market is studied from 2019 - 2027.

The Seismic Services Market is growing at a CAGR of >7.2% over the next 5 years.

Middle East and Africa is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Schlumberger Ltd, Halliburton Company, CGG SA, PGS ASA, TGS ASA are the major companies operating in Seismic Services Market.

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