Press release
Growing Exploration Activities Drive Expansion Of The Geophysical Services Market: Strengthening the Growth Trajectory of the Geophysical Services Market
Geophysical Services
What Will the Geophysical Services Industry Market Size Be by 2025?
There has been a gradual expansion in the market size of geophysical services in the past few years. It is projected to escalate from $13.96 billion in 2024 to $14.37 billion in 2025, with a compound annual growth rate (CAGR) of 3.0%. Factors contributing to the growth during the historical period include oil and gas discovery, enhancement in the mining sector, development of infrastructure, environmental research, and remedial measures, improvements in seismic exploration, and the evolution of geothermal energy.
What's the Long-Term Growth Forecast for the Geophysical Services Market Size Through 2029?
In the coming years, the geophysical services market size is anticipated to witness consistent growth, scaling to a value of $16.25 billion by 2029 at a compound annual growth rate (CAGR) of 3.1%. Factors contributing to this growth during the prediction period include the expansion of renewable energy, increased demand for mining exploration, environmental impact assessments, hydrocarbon exploration, and the exploration of geothermal and other alternative energy sources. Major future trends include studies on climate change, mapping of urban infrastructure, a multidisciplinary approach, advancements in remote sensing, and satellite technology, as well as the integration of big data analytics.
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What Are the Key Growth Drivers Fueling the Geophysical Services Market Expansion?
The geophysical services market is experiencing growth due to the increase in exploration endeavors. The objective of mineral exploration is to locate deposits of minerals and rocks to satisfy societal resource requirements, a task that geophysical services can successfully fulfill. The Australia Bureau of Statics reported in 2022 that mineral exploration expenditure near known deposits in Australia reached $3,054.9 million during the 2022 calendar year, indicating a 21% increase from the prior year. As such, the uptick in production and exploration across various sectors employing geophysical devices is catalyzing the growth of the geophysical services market.
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What Are the Key Trends Driving Geophysical Services Market Growth?
Geophysical service providers have adopted the use of drones to carry out aerial geophysical surveys. These airborne surveys are conducted to identify a range of crucial physical or geochemical boundaries of the earth. The drones utilized for these surveys are fitted with a magnetometer and additional detection equipment such as electromagnetic, gamma-ray, magnetic, gravity, and spectrometry to yield precise and beneficial survey results. To meet the demand for greater measurement precision in magnetic surveys, Mobile Geophysical Technologies (MGT) and GEM Systems introduced several fixed-wing UAVs in 2023.
How Is the Geophysical Services Market Segmented?
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
Subsegments:
1) By Land: Seismic Surveys, Ground Penetrating Radar (GPR) Surveys, Magnetic Surveys, Electrical Resistivity Surveys
2) By Marine: Seismic Surveys (2D And 3D), Sub-bottom Profiling, Magnetometer Surveys, Bathymetric Surveys
3) By Aerial: LiDAR Surveys, Aerial Photography And Photogrammetry, Hyperspectral Imaging, Remote Sensing
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Which Companies Are Leading the Charge in Geophysical Services Market Innovation?
Major companies operating in 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, 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
Which Regions Are Leading the Global Geophysical Services Market in Revenue?
North America was the largest region in the geophysical services market in 2024. 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.
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