Microseismic Monitoring Technology Market is expected to rise at a Lucrative CAGR by 2028
The monitoring of microseismic is useful as it provides information about the response of rock to oil & gas activities or to mining activities. Moreover, it provides details in accordance with the microseismicity of an area.
Increasing adoption of microseismic monitoring technology to spur the market growth
These technologies have a wide range of applications and are essential for the oil & gas industry. Furthermore, the microseismic monitoring technology adoption has increased as it plays a major role in increasing productivity, understanding artificial fractures, and monitoring the effects of adding new additional wells. These factors will contribute to the growth of the microseismic monitoring technology market in the coming years.
COVID-19 pandemic impacted many countries and caused disruptions in many industries. People are now more concerned about their safety and are avoiding physical contact and are preferring to stay home and opt to work from home this has drastically impacted public mobility. Also, due to strict government restrictions, mobility has been reduced as the use of public transport in cities was shut down. Therefore, due to disruptions in the supply chain of the oil and gas industry the overall microseismic monitoring technology market was drastically affected. Hence, the overall microseismic monitoring technology market was negatively impacted.
The microseismic monitoring technology market is segmented on the basis of product type the market is bifurcated into hardware, services, and software. Also, the market segmentation for the microseismic monitoring technology market can be done on basis of end-user or applications. Hence, by end-user is bifurcated into mining, oil & gas, and others.
North America region is expected to grow at a high rate over the coming years and is the dominating region. This is attributable to the growing technological advancements in this region. The rise in the usage of microseismic monitoring technology in geological and geotechnical engineering, as well as the deployment of microseismic monitoring technologies in the petroleum exploration and production industry, are the primary reasons driving the market's growth. Furthermore, the widespread use of this technique in hydraulic fracture modeling and reservoirs monitoring is expected to provide the microseismic monitoring technology market with considerable potential prospects in the near future.
Some of the major players operating in the global microseismic monitoring technology market include Halliburton Company, ESG Solutions, Weir-Jones Group, Landtech Geophysics Ltd., Guralp Systems Limited, Geospace Technologies Corporation, ION Geophysical Corporation, MicroSeismic Inc., Fairfield Geotechnologies, and Schlumberger Limited, among others.