North America Seismic Survey Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Seismic Survey Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America seismic survey market is expected to register a CAGR of more than 6% in the forecast period. The COVID-19 pandemic affected the market severely. The pandemic led to a series of lockdowns all over the world, which caused a major slump in demand for crude oil, and as a result, the prices crashed, which made upstream activities economically unfeasible. The market is directly aided by the development of oil and gas exploration and production activities in the region due to high demands for crude oil and natural gas from European markets. In addition, the increasing prices of crude oil is aiding the development of seismic survey market. However, North American 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 Highlights

• The offshore segment accounts for the largest share in the seismic services market due to a number of favorable 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 seismic services market in the future.
• The United States is expected to witness significant demand in the seismic services market during the forecast period

Key Market TrendsIncreasing Offshore Oil and Gas Activity

• The United States plans to expand offshore drilling, and the Government of the United States announced in its Intergovernmental Panel on Climate Change (IPCC) to grow in the Gulf of Mexico to meet the demand from European countries due to the ban on majority imports of hydrocarbons from Russia.
• Similarly, in 2021, Pemex, a state-owned petroleum company, announced its investment plan for 2021-2025. The company plans 399 new exploration, extraction, and production projects in shallow waters, deep water, and onshore projects in the states of Tamaulipas, Veracruz, Tabasco, and Campeche, which will aid the development of the offshore seismic survey market.
• For instance, in 2022, Eni Mexico and Qatar Petroleum are developing the Area 1 offshore project, which will include the development of three oil fields: Amoca, Miztón and Tecoalli. In addition, the entire field is expected to be commissioned by 2024 and the field's development costs USD 2 billion.
• Due to growing investment in offshore oil and gas field operations, the offshore seismic field development market is expected to dominate the segment.

United States going to dominate the market

• The United States account for about 69% of crude oil production in the North American region, according to the BP Statistical Review of World Energy 2022.
• In the United States, the petroleum companies recorded the highest profitability due to high crude oil prices in 2022 and high exports in the European country. For instance, in the second quarter of 2022, ExxonMobil reported an unprecedented USD 17.85 billion profit in the second quarter, compared to the last year, which aided the development of the oil and gas field in the United States.
• For example, as of 2021, Mad Dog Phase 2 conventional oil field development is underdeveloped, a deepwater of the United States, and the project is expected to cost USD 9.013 million.
• Overall, the rapid development of oil and gas fields in the United States would aid the growth of the seismic survey market.

Competitive Landscape

The North America seismic services market is highly concentrated. Some of the major companies include Schlumberger Ltd, Halliburton Company, ION Geophysical Corporation, and Fugro NV.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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