PUBLISHER: The Business Research Company | PRODUCT CODE: 1465787
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465787
Geophysical services and equipment encompass a range of activities, technologies, and tools utilized in the field of geophysics to study and analyze the physical properties of the Earth's subsurface. These services and equipment find applications across various industries, including resource exploration, environmental assessment, civil engineering, and natural disaster monitoring. They play a crucial role in understanding the composition and structure of the Earth's subsurface, providing valuable insights for decision-making and planning in different fields.
The primary types of geophysical services include multi-client data acquisition, contractual data acquisition, and image processing. Multi-client data acquisition involves a business model in the geophysical industry where a company collects, processes, and markets geophysical data over a specific region without a predefined client or buyer. Various equipment used in these services include electrical resistivity, electromagnetic, seismic, among others. The technologies employed encompass seismic, magnetic, electromagnetic, gravity, light detection and ranging (LIDAR), and others. These geophysical services find applications across diverse end-user industries such as minerals and mining, oil and gas, wind energy, water exploration, archaeological research, and more.
The geophysical services and equipment market research report is one of a series of new reports from The Business Research Company that provides geophysical services and equipment market statistics, including geophysical services and equipment industry global market size, regional shares, competitors with a geophysical services and equipment market share, detailed geophysical services and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the geophysical services and equipment industry. This geophysical services and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The geophysical services and equipment market size has grown strongly in recent years. It will grow from $13.14 billion in 2023 to $13.81 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historical period can be attributed to several factors, including infrastructure development initiatives, a rising demand for water resources management, increased urbanization, a growing need for underground storage solutions, and an increased demand for geotechnical engineering services. These factors collectively contributed to the expansion and utilization of geophysical services, reflecting the importance of understanding subsurface conditions for various applications in infrastructure, resource management, and geotechnical engineering during the historic period.
The geophysical services and equipment market size is expected to see steady growth in the next few years. It will grow to $16.15 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The anticipated growth in the forecast period can be attributed to several factors, including increasing exploration activities, a rising global demand for renewable energy sources, expanding infrastructure development projects, an increasing demand for mineral exploration, and the continued growth of the global population. Noteworthy trends expected in the forecast period involve the integration of artificial intelligence (AI) and machine learning in data analysis, the expansion of deep learning algorithms for data interpretation, the integration of Internet of Things (IoT) sensors in equipment, technological advancements in exploration techniques, and the expansion of airborne geophysical surveys. These trends collectively contribute to the ongoing evolution and enhanced capabilities within the field of geophysical services and equipment.
The geophysical services and equipment market is anticipated to experience growth, primarily driven by the increasing demand for renewable energy. Renewable energy, derived from naturally replenishing sources such as sunlight, wind, and water, is becoming a focal point in the global energy landscape. The transition to renewable energy sources, such as solar panels and wind turbines, necessitates the use of geophysical services and equipment. These tools assist in identifying suitable locations for renewable energy projects, including wind farms and solar installations, through geophysical surveys and assessments. The expansion of renewable energy capacity contributes to the rising demand for clean energy solutions. According to the European Commission, the European Union achieved a 23.0% share of its gross final energy consumption from renewable sources in 2022, indicating a 1.1% point increase compared to the previous year. The escalating demand for renewable energy sources is a key driver behind the growth of the geophysical services and equipment market.
Leading companies in the geophysical services and equipment market are actively developing advanced software solutions to maintain a competitive edge. HyperQ, an innovative seismic acquisition and processing software solution, stands out as an example. Developed by INOVA Geophysical, a US-based electronic manufacturing company, HyperQ is tailored for the Quantum nodal system used in land-based seismic exploration. This comprehensive software solution enhances efficiency and accuracy in subsurface imaging for oil and gas exploration. Released in April 2021, HyperQ facilitates long-range, wireless communication between Quantum nodes and a central location, contributing to improved operational and geophysical project outcomes. Its operation on unlicensed bands simplifies regulatory requirements, providing greater convenience for users. HyperQ plays a vital role in advancing geophysical services by improving connectivity and remote monitoring capabilities.
In December 2023, PXGEO Limited, a US-based marine geophysical service provider, acquired AmpSeis AS for an undisclosed amount. This acquisition positions PXGEO to access cutting-edge ocean bottom node (OBN) technology and expand its portfolio to meet the evolving needs of the global energy sector. AmpSeis AS, based in Norway, specializes in providing marine geophysical services, contributing to PXGEO's capabilities in delivering comprehensive solutions for the energy industry.
Major companies operating in the geophysical services and equipment market are Schlumberger Limited, Halliburton Company, Breckenridge Geophysical, Fugro Suhaimi Company Ltd., SGS S.A., COSL Geokinetics Inc., China Oilfield Services Limited, BGP Inc., CGGVeritas, PGS ASA, Sercel SA, Shearwater GeoServices, TGS ASA, SAExploration, Geotech Ltd, Dawson Geophysical, Phoenix Geophysics, SeaBird Exploration, Abitibi Geophysics, DMT GmbH & Co. KG, Blue Ocean Seismic Services, Pulse Seismic Inc., IRIS Instruments, Ramboll Group A/S, Dolphin Geophysical
North America was the largest region in the geophysical services and equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the geophysical services and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the geophysical services and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The geophysical services and equipment market consists of revenues earned by entities by providing services such as surveys, data collection, analysis, and consulting services. The market value includes the value of related goods sold by the service provider or included within the service offering. The geophysical services and equipment market also includes sales of seismic sensors, magnetometers, gravimeters, and ground-penetrating radar systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
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 And Equipment 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 and equipment 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 and equipment ? 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 and equipment 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.