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 2023-2030

Micro seismic Monitoring is the study of detailed information about the micro seismicity (Earthquake caused by natural phenomena) of an area, and in what ways, rocks in that area are responding. The process is completed by implementing different types of seismometers to the surface of the earth. This procedure is done to examine the different sounds produced by the rocks as they are being ruptured. Further, these sounds are used to create a virtual image of how and where the rocks are fracturing.

Additional features of micro seismic monitoring technology include features such as improving artificial fracture geometry, monitoring the effect of ruptures made by heavy rocks, upgrading measures for increasing analyzing and others. Further, micro seismic technology is extensively used in reservoir monitoring and domestic mining production monitoring. According to a report published by Fortune Business Insights in 2018, investment in advanced sensors (semiconductor industry) used for seismic monitoring operations is expected to surpass an estimated value of US$ 125 Bn by the end of 2024.

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Huge investment in geotechnical engineering applications, growth in low-cost seismometers market, technical innovation such as AI algorithm, industrial IoT services in mining or oil & gas production and adoption of cloud-based services are significant drivers to grow the market of micro seismic monitoring in the forecast period. Further, the adoption of AI-based geotechnical engineering methods and the rise in Industrial IoT technology in marine-based manufacturing power plants would impact the growth micro seismic monitoring market.

For instance, in November 2018, Geospace Technologies Corporation acquired PGS Americas, Inc. to deploy AI Algorithm based ‘Optoseis®’ fiber optic technology in micro seismic monitoring devices. This acquisition would offer both the company to improve artificial fracture geometry and upgrade measures to increase production oil and gas industry placed in marine regions.

KEY PLAYERS COVERED

Some of the major players in the micro seismic monitoring market include Geospace Technologies Corporation, ION Geophysical Corporation, Landtech Geophysics Ltd., Weir-Jones Group, Guralp Systems Limited, and Fairfield Geotechnologies.

SEGMENTATION

REGIONAL ANALYSIS

Globally, North America is expected to continue to lead the market shortly. This growth is mainly due to the acquisition and mergers done by large players such as Schlumberger Limited, ESG Solutions, Inc. and others. For instance, in the US, during 2017-18, Schlumberger Limited has acquired 48 organizations operating in micro seismic monitoring technology. This acquisition would result in significant growth of micro seismic monitoring in the overall US in the forecast period.

Key Industry Developments

• October 2018- Hart Energy introduced Real-Time ‘Meat Thermometer’, an AI-based algorithm that provides cutting-edge micro seismic technology. This technology offers end users to upgrade micro seismic monitoring measures for increasing production and develop their mining & production operations.