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Integrated Geophysical Services Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis Till 2033
Integrated Geophysical Services Market
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According to The Business Research Company's, 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%. The growth in the forecast period can be attributed to data analytics advancements, renewable energy expansion,remote sensing technologies, resilience planning & disaster management, space exploration & planetary geophysics. Major trends in the forecast period include advanced sensor integration , increased use of unmanned aerial vehicles, climate-resilient infrastructure studies, data visualization technology advancements, adoption of big data and cloud computing.
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Market Drivers and Trends:
Increasing demand for oil and gas has contributed to the growth of the integrated geophysical services market. For instance, in March 2023, according to the US Energy Information Administration, a US-based government agency, there was crude oil output with 12.4 million Barrels per day (b/d) in 2023 from 11.7 million Barrels per day (b/d) in 2022 in US. Additionally, in September 2022, the average daily consumption of natural gas in the US was 86.6 billion cubic feet (Bcf/d) in 2022, which was the highest annual consumption of natural gas compared to the previous year..The increasing consumption of oil and gas is driving the demand for integrated geophysical services market. This is because integration between different oil and gas exploration methods such as archaeological surveys and remote sensing from aerial platforms and satellites obtains required geological information and evaluates core samples or cuttings. The sub-surface analysis is important for accurate reservoir and flow modelling, leading to more informed production decisions and the ability to produce more energy. The increasing demand for oil and gas is therefore driving the growth in integrated geophysical services market.
Drones are increasingly being used by integrated geophysical service companies to get precise information and to decrease the burden on people in the harsh environment. According to a statement released by the Aerospace CH UAV Co., in 2022, Caihong, or Rainbow drone, will be used by China to explore the Qinghai-Xizang Plateau and the polar regions for geological resources. These Aero geophysical exploration method combines geophysical exploration with aviation to obtain a variety of geophysical field information rapidly and efficiently. The company also said drones are advantageous for conducting surveys since they work quickly and efficiently and are unaffected by terrain conditions and human factors.
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Major Key Players of the Market:
CGS, Halliburton Company, Polarcus Limited, Geokinetics Inc., Petroleum Geo-Services ASA, WesternGeco LLC (a subsidiary of Schlumberger Limited), TGS Geophysical Company (UK) Limited, La Compagnie Générale de Géophysique SA, Ion Geophysical Corporation, Dawson Geophysical Company, EON Geosciences Inc., Geophysical Survey Systems Inc., Phoenix Geophysics Limited, Sea Geo Surveys Pvt Ltd., Spectrum Geophysics Ltd., Geotech Survey Consultancy, BGP Inc., Foundation Technology & Soil Mechanics Inc., SAExploration Holdings Inc., SeaBird Exploration PLC, Education Malaysia Global Services, OYO Geospace Corporation, COSL-China Oilfield Services Ltd., New Resolution Geophysics LLC, Shearwater GeoServices AS, Sercel SA, Ramboll Group A/S, IRIS Instruments S.A.S., DMT GmbH & Co KG
Integrated Geophysical Services Market 2024 Key Insights:
• 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%.
• Fueling The Integrated Geophysical Services Market With Rising Demand In The Oil And Gas Industry
• Enhancing Geophysical Surveys With Drones For Efficiency In Harsh Environments
• North America was the largest region in the integrated geophysical services market in 2023
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