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Global Geophysical Services Market Size, Share, Growth, Latest Trends, Industry Analysis By 2033
Global Geophysical Services Market
The Business Research Company presents an extensive market research report on the Geophysical Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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%. The growth in the historic period can be attributed to oil and gas exploration, mining sector growth, infrastructure development, environmental studies and remediation, seismic exploration advancements, geothermal energy development.
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%. The growth in the forecast period can be attributed to growing renewable energy expansion, mining exploration demand, environmental impact studies, hydrocarbon exploration, geothermal and alternative energy sources. Major trends in the forecast period include climate change studies, urban infrastructure mapping, multi-disciplinary approach, remote sensing and satellite technology, big data analytics integration.
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Key Market Players:
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
Market Drivers:
Growing exploration activities are contributing to the growth of the geophysical services market. Mineral exploration aims to discover deposits of minerals and rocks that can be used to meet the resource needs of society, which could be fulfilled by geophysical services. According to the Australia Bureau of Statics, released in 2022, mineral exploration expenditure in and around known deposits was $3,054.9 million in the 2022 calendar year, which was a 21% increase from the previous year. In March 2022, as per Gold Mining Report of the World Gold Council, the gold mines production of India could rise to 20 tonnes per year from 1.6 tonnes in 2020. Total mine production in Australia rose by 3% y-o-y due to higher production at a few mines. Thus, the rise in production and exploration in different sectors by using geophysical devices is paving the way for the growth of the geophysical services market.
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https://www.thebusinessresearchcompany.com/report/geophysical-services-global-market-report
The geophysical services market covered in this report is segmented -
1) By Survey Type: Land, Marine, Aerial
2) By Technology: Seismic, Magnetic, Gravity, Electromagnetic, Lidar, Ground Penetrating, Other Technologies
3) By Application: Road, Rail, Port, Airport, Pipeline, Other Applications
4) By End User: Agriculture, Environment, Minerals And Mining, Oil And Gas, Water Exploration, Other End Users
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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