Market Leader - Seismic Survey Market
The seismic survey market is estimated to grow at a CAGR of 4.24%, from 2017 to 2022. The markets in North America and Europe are likely to be the largest seismic survey markets. The seismic survey market is mainly driven by the demand for seismic technology in brownfield projects and the increase in shale gas exploration. Multi-client surveys will provide oil & gas companies the opportunity to share the costs of exploration
Compagnie Generale de Geophysique (CGG) (France), Fugro N.V. (Netherlands), Petroleum Geo-Services (PGS) (Norway), Schlumberger Limited-WesternGeco (U.S.), and Tomlinson Geophysical Services, Inc. (TGS)-Norwegian Petroleum Exploration Consultants (NOPEC) Geophysical Company (Norway) are the leaders in the seismic survey market.
The strategies employed by various companies in the seismic survey market include contracts & agreements, new product launches, expansions, mergers & acquisitions, and joint ventures. Contracts & agreements was the most used strategy from 2014 to 2017, comprising 48% of all developments, while new product launches and expansions comprised 33% each of all developments during the same period.
Compagnie Generale de Geophysique (CGG) (France) is a leading player providing data imaging, seismic data characterization, geoscience, and petroleum engineering consulting services to oil & gas companies. The company has several subsidiaries and operates through three segments, namely, equipment, contractual data acquisition, and geology, geophysical, and reservoir (GGR). It provides a full range of services for land, marine, and airborne acquisition. The company also offers geophysical equipment for seismic data acquisition, including seismic recording systems, software, and seismic sources for land and marine applications. The group has a strong position in the market. In February 2017, CGG completed an airborne gravity gradiometry (AGG) survey in Bahrain. In May 2016, Sercel, CGG’s equipment business, delivered land seismic acquisition systems to Bashneftegeofizika (Russia).
Fugro N.V. (Netherlands) provides geophysical services to oil & gas companies. It has several subsidiaries catering to its five business segments, namely, oil & gas, building and infrastructure, power, mining, and others. The company’s oil and gas segment contributes to 66% of the total company revenue. The company operates in land and marine environments and its oil & gas segment provides exploration and appraisal, development planning, field development, operation and maintenance, and decommissioning services. The company has a global presence and holds a strong position in the market. In February 2015, Fugro N.V. launched the G4 satellite, a global navigation satellite system (GNSS) for offshore positioning. In March 2014, Fugro N.V. completed its acquisition of Roames Asset Services Pty. Limited, which provides 3D images.
Related Reports:
Seismic Survey Market by Service (Data Acquisition (Land, Marine, and Air-Borne), Data Processing, and Interpretation), Technology (2D imaging, 3D imaging, and 4D imaging), and Region - Global Forecast to 2022
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