Asia-Pacific Seismic Services Market - Growth, Trends, Covid-19 Impact and Forecasts (2022 - 2027)
The Asia-Pacific seismic services market is expected to register a CAGR of more than 6% during the forecast period (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. However, due to a spike in international energy prices, the market is expected to reach pre-pandemic levels during the forecast period. 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.
Key HighlightsThe Asia-Pacific seismic service market is moderately fragmented. Some of the major players in the market (in no particular order) include Schlumberger Ltd, Halliburton Company, China Oilfield Services Limited, Fugro NV, and SAExploration Holdings Inc.
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