Market Size of Middle East Seismic Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Seismic Services Market Analysis
The Middle East 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 across middle eastern countries, 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 offshore areas such as Persian Gulf 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 major share in the seismic services market due to a number of favourable 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 middle east seismic services market in the future.
- The Saudi Arabia is expected to witness significant growth in the seismic services market during the forecast period due to rapid growth in exploration and production activities across the country.
