The global microseismic monitoring technology market was valued at US$ 650.8 Mn in 2017and is projected to expand at a compound annual growth rate (CAGR) of over 4.1% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Microseismic Monitoring Technology Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ This is mainly due to an increase in oil & gas exploration activities across the globe, which is likely to boost demand for microseismic monitoring technology. Moreover, a rise in the use of microseismic monitoring technology in geotechnical engineering applications is expected to propel the global microseismic monitoring technology market. Furthermore, a rise in the usage of microseismic monitoring in precursor-monitoring of volcano and earthquake disasters is projected to fuel the microseismic monitoring technology market in the coming years.
The global microseismic monitoring technology market has been segmented based on process, component, end-use, and geography. In terms of process, the microseismic monitoring technology market has been divided into data acquisition, data processing, and data interpretation. Based on component, the global microseismic monitoring technology market has been classified into hardware, software, and services. In terms of end-use, the market has been divided into mining, oil & gas, and others. The others segment comprises geotechnical applications of microseismic monitoring technology in underground storage facilities such as LPG sites and nuclear waste repositories; in vibration thresholds and blasting; and for the monitoring of structures such as dams, high-speed rail tracks, bridges, and tunnels. Based on geography, the micro seismic monitoring technology market has been segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America.
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Data Acquisition is anticipated to be a Highly Lucrative Segment during the Forecast Period
Rise in the usage of hardware such as geophones, accelerometers, cables, data acquisition systems, and sensors in the oil & gas and mining industries is one of the leading factors boosting the data acquisition segment. Additionally, cost efficiency from the use of microseismic monitoring technology in data acquisition applications is projected to boost the segment. The data processing segment of the global microseismic monitoring technology market is projected to expand at a rapid CAGR of 4.3% from 2018 to 2026.
Software Segment is Expected to Hold a Prominent Share during the Forecast Period
In terms of component, the software segment is anticipated to constitute a dominant market share in 2018. The segment is expected to be driven by factors such as frequent integration along with new hardware. Additionally, the use of software in data processing and data interpretation is projected to propel the software segment. Furthermore, the hardware segment is anticipated to account for a key market share in the coming years owing to the significant adoption of microseismic monitoring technology hardware in the oil & gas and mining applications and the low cost of the hardware.
North America Holding a Prominent Market Share
In terms of geography, the global microseismic monitoring technology market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The significant presence of prominent players such as Schlumberger Limited, ESG Solutions, Halliburton Company, and MicroSeismic, Inc. in the U.S. is likely to contrubite to the prominent market share of North America during the forecast period.