Middle East Seismic Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
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.
Key HighlightsThe Middle East seismic services market is fragmented. Some of the major companies include Schlumberger Ltd, CGG SA, PGS ASA, TGS ASA, and Halliburton Company.
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