Market Size of Seismic Services Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 5.61 Billion |
| Market Size (2029) | USD 6.54 Billion |
| CAGR (2024 - 2029) | 3.10 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | North America |
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?
Seismic Services Market Analysis
The Seismic Services Market size is estimated at USD 5.61 billion in 2024, and is expected to reach USD 6.54 billion by 2029, growing at a CAGR of 3.10% during the forecast period (2024-2029).
- Over the medium term, 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.
- On the other hand, 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.
- Nevertheless, 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.
