Global Geophysical Services Market 2026 | Industry Leading Players - EON Geosciences Inc., Dawson Geophysical Inc., Geotech Surveys, Compagnie Générale de Géophysique (CGG), TGS, Spectrum Geophysics, Geophysical Survey Systems, Inc., SEA GEO SURVEYS PV

Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Geophysical Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the Global Geophysical Services Market have been elaborated upon in the research report.

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Based on type, geophysical services can be categorized into aerial-based and land-based geophysical surveys. Land-based geophysical surveys play a vital role in the exploration of various minerals, hydrocarbon sources, oil and gas reserves, etc. These surveys also help understand geophysical conditions of the ground surface and sub-surface. Aerial-based surveys capture images by using fixed-wing aircraft and helicopters.

Rise in Number of Multi-client Projects and Shale Gas Exploration in U.S. to Trigger Investments in Geophysical Services

The oil & gas industry has been focusing on increasing its exploration activities of onshore areas owing to the commercial viability of the existing proven onshore oil reserves at prices lower than offshore oil reserves. Rise in exploration of shale gas reserves in the U.S. has been a key factor driving investments in geophysical services in the country. The oil & gas industry requires seismic services and analytical data from providers of geophysical services. Thus, growth in exploration activities in developed countries is expected to boost the global geophysical services market during the forecast period. Multi-client project or multi-client data is seismic survey data that is acquired on non-exclusive basis. It is cost-effective and can be sold several times. From the perspective of end-user companies such as oil & gas companies, licensing non-exclusive multi-client seismic data is less expensive than acquiring data on a contract basis. From the perspective of geophysical-based data acquisition, multi-client seismic data is more cost-effective and offers the potential of high profit margins, as it can be sold several times to different companies. Companies providing geophysical services also engage in various multi-client data acquisition projects. End-user companies prefer multi-client geophysical/seismic data reports due to the lower investment involved. This is boosting the geophysical services market, especially in the seismic technology segment.

Water Exploration, Agriculture, and Environment to Present Growth Opportunities

Besides oil & gas and mining, other end-user industries such as water exploration, agriculture, and environment are key consumers of geophysical data. Water exploration and agriculture industries have started exploring geophysical services in order to attain water and food security. The minimum daily requirement of water for domestic usage stands at 200 liters per person in developing countries such as India. This has paved the way for exploration of freshwater sites through geophysical services. Rise in investments related to geophysical services in water exploration and agriculture industries is estimated to augment the demand for magnetic, gravity, resistivity, and electromagnetic based geophysical services in the near future. The global water exploration industry is beginning to employ geophysical services prior to the commencement of groundwater drilling activities. Water/groundwater geophysical exploration methods provide a clear picture of underground formations to understand the hydrologic cycle and groundwater quality; and identify the nature, number, and type of aquifers.

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Decrease in Seismic Survey Contracts/Investments to Restrain Market Growth

Decrease in the number of seismic survey contracts is a major factor hampering the geophysical services market. Multi-client seismic survey activities provide lucrative opportunities to survey companies; however, there exists high risk of sales not covering the cost of acquisition and processing of such data. Losses suffered in multi-client seismic activities are usually compensated by contract seismic survey activities. However, contract seismic survey activities have decreased significantly over the last few years, due to the contraction in the oil & gas industry. Contract seismic survey activities have also declined owing to the low average pricing and relatively high non-chargeable vessel time. Thus, decline in the number of seismic survey contracts is projected to adversely affect the geophysical services market in the near future.

Developments & Innovations in Product and Technology

In August 2018, TGS announced its entry into a collaboration with Fairfield Geotechnologies to increase the business potential for exploration in the Delaware Basin in the U.S. by using the modern land imaging technology. In February 2017, CGG was awarded a contract by Brunei Shell Petroleum for the period of six months. According to the contract, CGG will provide processing services for 2D, 3D, and 4D seismic data acquired onshore and offshore of Brunei. This is expected to expand CGG’s business in Asia Pacific. In May 2018, ION Geophysical Corporation announced plans to launch its seventh 3D multi-client reimaging program offshore of Mexico. The new program is anticipated to expand the company’s business in Latin America in the near future. In March 2018, ION Geophysical Corporation announced plans to launch a new 3D multi-client broadband reimaging program offshore of Australia. The new program is expected to enable the company to expand its business in Asia Pacific. In June 2018, CGG completed pre-stack time migration (PSTM) of a 2,500 square kilometer survey in Block 44 of the Porcupine Basin, west of Ireland. This is projected to create business opportunities for various companies in untapped regions. In February 2017, CGG bagged a six-month contract from Brunei Shell Petroleum. CGG will provide processing services for 2D, 3D, and 4D seismic data acquired onshore and offshore of Brunei. This, in turn, is likely to expand CGG’s business in Asia Pacific in the next few years.

In Terms of Demand, North America Dominates Geophysical Services Market

Based on region, North America led the global geophysical services market with more than 25% share in 2017. The U.S. dominates the geophysical services market in North America due to the high number of geophysical survey activities in areas such as basins of Oakland, Houston, Seattle, Florida, New York, and Philadelphia. In February 2018, the United States Geological Survey (USGS) began the first phase of aerial-based geophysical surveys with a series of high-resolution flights near Greenwood, Mississippi, to acquire large-scale data to support the Mississippi Alluvial Plain (MAP) Regional Water Availability Study. Arctic Star Exploration Corp., a diamond mining company, is currently focusing on ground surveys and other airborne geophysical anomalies for the discovery of high potential areas for kimberlite in Canada.

Highly Competitive Market with Dominance of Top Players

The global geophysical services market is highly fragmented, with the presence of large numbers of local and international players. Leading players dominate the market. Key players operating in the geophysical services market are EON Geosciences Inc., Dawson Geophysical Inc., Geotech Surveys, Compagnie Générale de Géophysique (CGG), TGS, Spectrum Geophysics, Geophysical Survey Systems, Inc., SEA GEO SURVEYS PVT LTD., New Resolution Geophysics, ION Geophysical Corporation, and Phoenix Geophysics.

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