Rising technical innovations in the oil and gas sector are expected to propel growth in the global micro seismic monitoring market. The above information was provided by Fortune Business Insights in a report, titled “Micro Seismic Monitoring Market Size, Share and Global Trend By Process (Data Processing, Data Interpretation, Data Acquisition, Data Triangulation), By Component (Hardware, Software, Services), By End Users (Mining, Oil & Gas and others) and Geography Forecast till 2025.” As per the report, recent technical innovations fostering high adoption of AI algorithm and cloud-based services, will bode well for the global market. In addition to this, rising implementation industrial IoT services in oil and gas and mining production is expected to enable growth in the market.
Presence of Schlumberger Ltd and Other Leading Players in North America Encourages the Growth in the Region
From a geographical standpoint, North America is expected to lead the global micro seismic monitoring market in the coming years. Increasing number of mergers and acquisitions (M&A) in this region is the primary factor driving the market. For instance, Schlumberger acquired 48 organizations between 2017 and 2018 in the U.S. These companies are primarily operating in micro seismic monitoring technology. Also, presence of some leading players such as ESG Solutions, Schlumberger Limited, and others is likely to lead the market by 2025. Other regions such as Asia pacific are also anticipated to grow in the forecast years.
Deployment of AI-based Fiber Optic Technology by Geospace Propels Growth
“The increasing adoption of industrial IoT technology and AI-based geotechnical engineering procedures is likely to act as potential growth enablers,” said a lead analyst at Fortune Business Insights. The use of industrial IoT applications is majorly witnessed in marine-based manufacturing power plants, which is expected to drive the market. Consequently, Geospace Technologies Corporation acquired PGS Americas, Inc. in November 2018. The objective of this acquisition was to deploy AI-based fiber optic technology called Optoseis in Geospace’s micro seismic monitoring devices. Furthermore, this acquisition is intended to help the companies upgrade their micro seismic monitoring systems.
Rising use of micro seismic monitoring technology in environmental engineering is expected to boost the global micro seismic monitoring market. This will further help to evaluate the location of underground rock fractures in real-time.
Rising use of hardware especially in mining and oil & gas sectors is expected to be another leading factor enabling growth in the market. Hardware includes cables, sensors, accelerometers, and geophones. The micro seismic hydraulic fracturing helps to improve the artificial fracture geometry and monitor heavy rock ruptures. Furthermore, micro seismic monitoring mining is widely used to monitor reservoirs and domestic mining production. All the above mentioned benefits are expected to increase the adoption of micro seismic monitoring services during the forecast years.
Contrary to this, lack of experts who have the technical know-how about operating the seismological processes may restrict the market.
Product Innovations by Hart Energy and Other Companies to Aid Expansion
Companies in the global micro seismic monitoring market are planning to adopt strategies in order to stay ahead of competition. Technological innovation is one such strategy likely to be adopted by some of the leading players. Some of the leading players operating in the global market are ION Geophysical Corporation, Geospace Technologies Corporation, Weir-Jones Group, Landtech Geophysics Ltd., Fairfield Geotechnologies, and Guralp Systems Limited.
Some companies are adopting Artificial Intelligence (AI) to develop their production and mining operations. For instance, Hart Energy has announced the introduction of a Real-time Meat Thermometer in October 2018. This product is based on an AI algorithm and offers cutting-edge micro seismic technology.