Middle East Seismic Survey market will reach USD 800 million by 2026
Facts and Factors report “Middle East Seismic Survey Market: Current Trends, and Forecasts, 2020–2026” states that the Middle East Seismic Survey sector is expected to grow at a CAGR of 7% and is anticipated to reach around USD 800 million by 2026. The market in 2019 was valued at approximately USD 510 million.
Seismic surveys are used for applications such as resource exploration, landfill imaging, forensic investigations, archeological field studies, fault, and geologic hazards investigations, construction siting, etc.
In the services sector, the Middle East seismic survey market was dominated by the data processing segment. The data processing segment accounted for a share of nearly 45% in 2019. On the basis of the services segment, the data interpretation segment is anticipated to record the fastest growth with a CAGR of nearly 8% over the forecasted period. By technology, the 3D imaging segment held a share of nearly 50% in 2019 in the Middle East seismic surveys market. The growth of 3D imaging seismic surveys is due to growing 3D seismic imaging demand due to the rising focus of oil & gas companies to resolve issues related to exploration and production operations of oil and gas. The geophysical segment dominated the application sector in the Middle East seismic surveys market and held a share of nearly 25% in 2019.
By region, Saudi Arabia dominated the Middle East surveys market in 2019 and accounted for nearly a 40% share. The region is predicted to record significant growth over the forecasted period, due to the presence of major oil and gas companies in the country. Companies are investing in exploration activities and projects, which is expected to drive the Saudi Arabia survey market. Further, UAE is predicted to record a CAGR of approximately 10% till 2026.
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