Seismic Testing Market to reach USD 18.6 billion in 2030, at a CAGR of 7.6% | IMR

The Seismic Testing Market was at USD 11.1 billion in 2023-e, and is projected to grow at a CAGR of 7.6% through 2030 to reach USD 18.6 billion. Seismic testing is a process to create subsurface images and the data obtained through seismic testing is used to locate the most optimum place to drill for gas and mineral reserves. Seismic testing is a crucial aspect of the oil and gas industry owing to its various applications in exploration. In addition, seismic testing has several applications such as analysis of groundwater, stability analysis of landfills, and detection of stratigraphic structures underneath the seafloor for offshore wind farms.

Seismic data interpretation is the process of analyzing all of the information gathered in the exploration process. The task of interpreting seismic data requires a broad range of skills and knowledge. Several key players in the seismic survey market offer services that provide a group of senior interpretation geophysicists. Technological advances in computing have further made it possible to interpret huge seismic data volumes quickly.

The adoption of AI and Machine Learning in data interpretation has additionally heightened efficiency in seismic testing. For instance, in January 2023, Geoteric (U.S.) launched a new AI seismic interpretation software that accurately detects faults thereby improving its computing power. The adoption of AI and machine learning in seismic data interpretation are anticipated to drive market growth over the projected period.

The seismic testing for mineral exploration provides high-resolution subsurface images and retains good resolution with depth as compared with other geophysical methods. This has led to an increase in the adoption of seismic testing for metal and mining. In recent years, mineral exploration has moved its focus to greater depths than ever before. With a global upswing in mining exploration spending due to heightened demand for critical metals, investments in critical mineral development rose by 30% in 2022, following a 20% increase in 2021, as reported by the IEA. This surge is expected to propel significant growth in seismic testing market from metal and mining end-use segment.

In recent years, there has been an increasing shift in frontier exploration in the African continent. For instance, in 2022, TotalEnergies and Shell discovered an estimated 11 billion barrels of crude off the shores of Namibia. In November 2023, through a partnership with QatarEnergy and the National Petroleum Corporation of Namibia (NAMCOR), Shell announced plans to drill two more exploratory wells in Namibia. Thus, the Middle East and Africa are anticipated to grow at a significant CAGR in the seismic testing market.

The key companies in the seismic testing market are actively expanding their portfolios with the growing oil and gas industry. The market is highly competitive with the presence of large number of global and regional players present in the market. The key players in the market are BGP, CGG, Emerson, Fugro, Geospace Technologies, Halliburton, INOVA Geophysical, ION Geophysical, PGS, AExploration, Schlumberger, Shearwater GeoServices, Teledyne, Terraseis, and TGS.