PUBLISHER: The Business Research Company | PRODUCT CODE: 1435394
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435394
Geophysical services specialize in resource detection such as minerals, oil, and gas, hazard assessment, subsurface imaging, and archaeological site investigation.
Surveys in geophysical services are categorized as land, marine, and aerial, involving seismic, magnetic, gravity, electromagnetic, lidar, and other technologies. These surveys serve sectors such as agriculture, environment, mining, oil, gas, water exploration, and infrastructure development.
The geophysical services market research report is one of a series of new reports from The Business Research Company that provides geophysical services market statistics, including geophysical services industry global market size, regional shares, competitors with a geophysical services market share, detailed geophysical services market segments, market trends and opportunities, and any further data you may need to thrive in the geophysical services industry. This geophysical services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The geophysical services market size has grown steadily in recent years. It will grow from $14.55 billion in 2023 to $15.01 billion in 2024 at a compound annual growth rate (CAGR) of 3.1%. Historical growth in geophysical services stemmed from activities such as oil and gas exploration, mining sector expansion, infrastructure development, environmental studies, advancements in seismic exploration, and the progress of geothermal energy.
The geophysical services market size is expected to see steady growth in the next few years. It will grow to $16.97 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. Anticipated growth in geophysical services is driven by increased demand from renewable energy expansion, mining exploration, environmental impact studies, hydrocarbon exploration, and alternative energy sources. Trends include focus on climate change studies, urban infrastructure mapping, interdisciplinary approaches, remote sensing tech, and big data analytics.
The geophysical services market is experiencing growth driven by expanding exploration activities. Mineral exploration, aiming to discover deposits of minerals and rocks to meet societal resource needs, has seen increased investment. In the 2022 calendar year, mineral exploration expenditure in known deposits reached $3,054.9 million in Australia, marking a 21% increase from the previous year. Additionally, the World Gold Council's March 2022 report indicated a potential rise in India's gold mine production to 20 tons per year from 1.6 tons in 2020. The overall mine production in Australia increased by 3% year-on-year due to higher production at select mines. This surge in production and exploration across various sectors, utilizing geophysical devices, is contributing to the geophysical services market's growth.
The geophysical services market is expected to benefit from the increasing demand in the oil and gas industry. This sector involves the exploration, extraction, refining, and distribution of hydrocarbon-based energy resources, including crude oil and natural gas. Geophysical services play a crucial role in conducting surveys, analyzing subsurface properties, identifying potential drilling sites, optimizing exploration efforts, and facilitating efficient resource extraction in the oil and gas industry. According to the U.S. Energy Information Administration (EIA) in October 2023, global liquid fuel production, encompassing crude oil and other liquids, is projected to increase by 1.3 million barrels per day (b/d) in 2023 and by 0.9 million b/d in 2024. Consequently, the rising demand for the oil and gas industry is a key driver behind the geophysical services market's growth.
The geophysical services market faces significant challenges due to geohazards, including earthquakes, landslides, collapses, debris flows, and ground collapses. These hazards pose a substantial risk of widespread damage and safety concerns. Mining activities, in particular, can contribute to geohazards, leading to events such as earthquakes and roof collapses in mines. Instances such as the collapse of a marble mine at Zairat Ghar Mountain in Pakistan, resulting in 19 deaths, and the roof shaft collapse in China's Sanhe Shunxun coal mine in March 2022, causing 14 worker fatalities, underscore the severity of these challenges. Failures in geophysical devices, especially microseismic monitoring devices, can contribute to geohazards, thereby limiting the growth potential of the geophysical services market.
Geophysical service providers are increasingly leveraging drones for aerial surveys. Aerial geophysical surveying involves estimating key physical or geochemical boundaries of the Earth from the air. Drones equipped with various sensors, including magnetometers, electromagnetic sensors, gamma-ray detectors, spectrometry instruments, magnetic sensors, and gravity meters, enable efficient and accurate surveying. In 2023, Mobile Geophysical Technologies (MGT) and GEM Systems launched fixed-wing UAVs (Unmanned Aerial Vehicles) designed to enhance measurement accuracy in magnetic surveys. The utilization of drones in geophysical surveys helps achieve clearer and more productive results while addressing safety concerns associated with traditional survey methods.
Major players in the geophysical services market are actively concentrating on advancing their processing and imaging capabilities. Innovations in processing and imaging centers are key to enhancing geophysical services, involving the utilization of specialized facilities equipped with cutting-edge technology and software for analyzing, processing, and creating visual representations from raw data. In a notable example, Shearwater GeoServices, a Norwegian company specializing in modern fleet and software solutions, inaugurated its Kuala Lumpur processing and imaging center in May 2023. This center is equipped with state-of-the-art technology, including Shearwater Reveal and innovative seismic data processing software and services. The objective is to deliver unparalleled support to the oil and gas industry, particularly in the exploration and production of hydrocarbon resources. This strategic focus on technological advancements underscores the commitment of major companies to stay at the forefront of geophysical services.
In January 2021, Liberty Oilfield Services, a U.S.-based oilfield service company, completed the acquisition of the hydraulic fracturing arm of Schlumberger Ltd. for $448 million. This acquisition included the OneStim business unit of Schlumberger, enabling Liberty to broaden its technology portfolio in geophysical services. Schlumberger, also based in the U.S., is a company that provides services in various sectors, including oilfields and geophysics.
Major companies operating in the geophysical services market report are BGP Inc., Schlumberger Limited, Halliburton Company, Geotech Surveys International Limited, Sea Geo Surveys Pvt. Ltd., COSL China Oilfield Services Limited, Ramboll Group A/S, CGG SA, Polarcus Limited, Paradigm, TGS Geophysical Company Limited, Sercel SA, Geokinetics Inc., Dawson Geophysical Services Inc., Phoenix Geophysics Ltd., EMGS ASA, Geophysical Survey Systems Inc., IG Seismic Services Ltd., SeaBird Exploration ASA, SA Exploration Holdings Inc., Fugro N.V., GeoEx Ltd., Geospace Technologies Corporation, DMT GmbH & Co. KG, ION Geophysical Corporation, New Resolution Geophysics Inc., Petroleum Geo-Services ASA, EON Geosciences Inc., IRIS Instruments, Dolphin Geophysical AS, Geophysics Ltd., Geophysical Research Company LLC
North America was the largest region in the geophysical services market in 2023. Western Europe was the second largest region in the global geophysical services market share. The regions covered in the geophysical services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the geophysical services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The geophysical services market consists of revenue earned by entities by providing services such as locating and measuring the extent of subsurface resources, such as oil, gas, and minerals, and also conducting surveys for engineering purposes. The surveying techniques include magnetic surveys, gravity surveys, seismic surveys, or electrical and electromagnetic surveys. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Geophysical Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on geophysical services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for geophysical services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The geophysical services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.