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Geophysical Services Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033 | BGP Inc., Polarcus Limited, Paradigm, EMGS ASA, GeoEx Ltd.
Geophysical Services Market Size
Geophysical Services Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $16.97 billion In 2028 At A CAGR Of 3.1% :
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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Geophysical Services Market Major Segments
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
Key Driver - Growing Exploration Activities Drive Expansion Of The Geophysical Services Market
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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Prominent Trend - Revolutionizing Geophysical Surveys With Aerial Drones
Geophysical service providers are using drones to conduct aerial geophysical surveys. Estimating the variety of key physical or geochemical boundaries of the earth by means of air is conducted through aerial/airborne geophysical surveying. Drones used for surveying are equipped with a magnetometer and other sensors such as electromagnetic, gamma-ray, spectrometry, magnetic, and gravity to get clear and productive results from the survey. In 2023, Mobile Geophysical Technologies (MGT) and GEM Systems launched several fixed-wing UAVs to fulfill the requirement of higher measurement accuracy in magnetic surveys.
Geophysical Services 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
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Largest And Fastest Growing Region In The Market
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Geophysical Services Market Report Structure
3. Geophysical Services Market Trends And Strategies
4. Geophysical Services Market - Macro Economic Scenario
5. Geophysical Services Market Size And Growth
…..
27. Geophysical Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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