Press release
Rising Geophysical Services Market Size: Key Growth Drivers, Dominant Forces, and Industry Trends
Rising Geophysical Services Market Size
Exponential growth in the geophysical services market is driven by increasing exploration activities, advancements in seismic exploration, and environmental studies.
What Is The Projected Market Size Of The Global Geophysical Services Market And Its Growth Rate?
The geophysical services market is witnessing steady growth due to various factors such as oil and gas exploration, mining sector growth, and infrastructure development:
•The market size was $13.96 billion in 2024 and will grow to $14.37 billion in 2025 at a CAGR of 3.0%.
•The market size is further projected to reach $16.25 billion in 2029, growing at a CAGR of 3.1%. This growth is attributed to growing renewable energy expansion, mining exploration demand, environmental impact studies, and advancement in geothermal and alternative energy sources.
What Is Driving The Growth In The Geophysical Services Market?
Increased exploration activities for mineral and rock deposits for societal resource needs are driving growth in the geophysical services market. Exploration expenditure in Australia, as per the Australia Bureau of Statics, was $3,054.9 million in 2022, a 21% increase from the previous year. As production and exploration sectors utilize geophysical devices extensively, the geophysical services market experiences significant growth.
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Who Are the Key Players Driving Geophysical Services Market Growth?
Key players influencing the growth of the geophysical services market include:
•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 and others.
What Are The Key Trends In The Geophysical Services Market?
Key industry trends stirring growth in the geophysical services market include:
•Studies on climate change
•Urban infrastructure mapping
•Multi-disciplinary approach
•Integration of remote sensing and satellite technology
•Integration of big data analytics.
What Are The Segments Of The Global Geophysical Services Market?
The Geophysical services market is segmented as follows:
•By Survey Type: Land, Marine, and Aerial
•By Technology: Seismic, Magnetic, Gravity, Electromagnetic, Lidar, Ground Penetrating, and Other Technologies
•By Application: Road, Rail, Port, Airport, Pipeline, and Other Applications
•By End User: Agriculture, Environment, Minerals And Mining, Oil And Gas, Water Exploration, Other End Users
Which Region Leads The Geophysical Services Market?
North America dominated the geophysical services market in 2024, with Western Europe being the second largest region. Other regions covered in the report include Asia-Pacific, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Geophysical Services Market Global Market Report?
- Market Size Analysis: Analyze the Geophysical Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Geophysical Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Geophysical Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Geophysical Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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