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Geophysical Services Global Market Report 2024 Market Size, Growth Analysis, Outlook Report 2024-2033
Geophysical Services Global Market Report
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Geophysical Services Market 2024 Key Insights:
• 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%.
• Growing Exploration Activities Drive Expansion Of The Geophysical Services Market
• Revolutionizing Geophysical Surveys With Aerial Drones
• North America was the largest region in the geophysical services market in 2023
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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