Microseismic Monitoring Technology Market – Snapshot
Microseismic monitoring provides detailed information about the microseismicity of an area and how a rock is responding to mining or oil & gas production activities. It leads to increased efficiency and optimized operations. It is a valuable tool in understanding what a hydraulic fracture is doing in real time. Microseismic technology is significantly used in reservoir monitoring and domestic mining production monitoring abroad. It is an essential technology to enhance oil & gas production in exploration and development. Shale gas development depends primarily on large-scale fracturing through the establishment of long and wide artificial fractures that connect a large number of very complex fracture networks, thereby increasing the pressure relief area. Microseismic monitoring technology plays a significant role in understanding artificial fracture geometry, improving measures of increasing production, and monitoring the effect of adding more wells.
The global microseismic monitoring technology market is driven by an increase in use of the technology in environmental and geotechnical engineering as it helps in the evaluation of the real-time location of underground rock fractures. Furthermore, microseismic monitoring technology can be applied to the precursor-monitoring of a volcano or earthquake disaster as well as in rock burst monitoring in the process of exploitation of mineral resources. Furthermore, rise in the adoption of microseismic monitoring technologies in the oil & gas exploration industry is anticipated to drive the global microseismic monitoring technology market over the forecast period.
Furthermore, significant use of this technology in hydraulic fracture mapping and reservoir monitoring is likely to have propel the global microseismic monitoring technology market. However, the uncertain nature of oil prices is estimated to hamper the global microseismic monitoring technology market. Additionally, a number of companies are entering into collaborations with other companies in order to enhance the development of their business. For instance, in April 2017, Schlumberger Limited signed an agreement with Pemex for a multi-client seismic survey in the southern Gulf of Mexico. The agreement additionally incorporates coordinated effort with WesternGeco in the seismic handling period of the task and for future innovation joint efforts.
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The global microseismic monitoring technology market has been segmented based on process, component, end-use, and region. Based on process, the market can be classified into data processing, data acquisition, and data interpretation. The data processing segment is expected to hold a significant market share during the forecast period, owing to significant cost efficiency and wider scope of applications of microseismic monitoring technology for data processing.
In terms of component, the global microseismic monitoring technology market has been segmented into hardware, software, and services. Multiple usage capability owing to ease of integration with new hardware is projected to boost the software segment during the forecast period. Based on end-use, the global microseismic monitoring technology market has been segmented into mining and oil & gas.
In terms of geography, the global microseismic monitoring technology market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is anticipated to continue to lead the market in the near future due to the significant presence of prominent players such as Schlumberger Limited, ESG Solutions, Halliburton Company, and MicroSeismic, Inc. among others. Some of the other key players profiled in this report include Geospace Technologies Corporation, ION Geophysical Corporation, Landtech Geophysics Ltd., Weir-Jones Group, Guralp Systems Limited, and Fairfield Geotechnologies.