Asia-Pacific Seismic Service Market - Growth, Trends, and Forecasts (2022 - 2027)
The Asia-Pacific seismic services market is expected to register a CAGR of more than 6% during the forecast period of 2022 – 2027. The COVID-19 pandemic has impacted the market severely. The pandemic has led to a series of lockdowns, which caused a significant slump in demand for crude oil. As a result, the prices crashed, which made upstream activities economically unfeasible, leading to delays and cancellation of projects. In terms of market growth, factors such as increasing oil and gas exploration in offshore areas and strengthening crude oil prices, making upstream activities economically feasible, are likely to drive the market. However, the countries in the region are shifting to renewable energy sources, which may restrain the market growth during the forecast period.
Key HighlightsThe Asia-Pacific seismic service market is moderately fragmented. Some of the major companies include Schlumberger Ltd, Halliburton Company, China Oilfield Services Limited, Fugro NV, and SAExploration Holdings Inc.
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