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Powering Progress: Rising Demand in Oil and Gas Fuels Integrated Geophysical Services Market || CGS, Halliburton Company, Polarcus Limited, Geokinetics Inc
Integrated Geophysical Services Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the integrated geophysical services industry. This report on integrated geophysical services market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The integrated geophysical services market size has grown strongly in recent years. It will grow from $2.26 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to resource exploration needs, energy sector requirements, infrastructure development, government investments, risk mitigation & disaster planning. The integrated geophysical services market size is expected to see steady growth in the next few years. It will grow to $2.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%
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Key Market Players:
CGS, Halliburton Company, Polarcus Limited, Geokinetics Inc., Petroleum Geo-Services ASA, WesternGeco LLC (a subsidiary of Schlumberger Limited) are prominent players in the integrated geophysical services industry.
Market Drivers:
The rising mining activities are expected to propel the growth of the integrated geophysical services going forward. Mining activities refer to the process of extracting valuable minerals or other geological materials from the Earth's surface or from underground deposits. Integrated geophysical services are used for mining activities to gather valuable subsurface information, identify mineral deposits, and assess the geological characteristics of an area. For instance, in February 2023, according to Glacier Media Group, a Canada-based media company, US mines produced non-fuel mineral products worth $98.2 billion in 2022, an estimated $3.6 billion more than the 2021 revised total of $94.6 billion.
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Market segments for integrated geophysical services include:
1) By Method: Vertical Electrical Sounding, Electrical Resistivity Tomography (ERT), Seismic refraction, Microgravity survey with differential GPS, Magnetic profiles, Induced polarization, 2D seismic prospection (refraction tomography and reflection sections), Ground penetrating radar (GPR)
2) By Application: Infrastructure and building constructions, Offshore wind farm surveys, Offshore cable tracking surveys, Mineral exploration and mining engineering, Natural resources and energy, Water resource, environment and waste management, Archaeological surveys
3) By Survey Type: Aerial-based, Land-based
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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