Press release
Geophysical Services Market Expansion Continues, with Forecast Valuation of $16.17 Billion by 2029
Geophysical Services
What Is the Expected CAGR for the Geophysical Services Market Through 2025?
In recent times, there has been a consistent growth in the size of the geophysical services market. It is projected to expand from $13.91 billion in 2024 to $14.24 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 2.4%. This growth experienced in the past can be credited to factors such as oil and gas exploration, the expansion of the mining sector, development of infrastructure, environmental research and remediation, advancements in seismic exploration, and the development of geothermal energy.
What's the Projected Size of the Global Geophysical Services Market by 2029?
The market size of geophysical services is anticipated to experience consistent growth over the next few years, reaching $16.17 billion in 2029 with a compound annual growth rate (CAGR) of 3.2%. The expansion in the predicted period can be credited to the increased demand in renewable energy, mining exploration, environmental studies, hydrocarbon detection, and exploration of geothermal and alternative energy sources. Key trends during the prediction period encompass studies of climate change, urban infrastructure mapping, a multidisciplinary approach, satellite technology and remote sensing, and the integration of big data analytics.
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Top Growth Drivers in the Geophysical Services Industry: What's Accelerating the Market?
The rise in exploration activities is fuelling the expansion of the geophysical services market. The primary objective of mineral exploration is to identify sources of minerals and rocks to cater to society's resource requirements, a purpose that is effectively served by geophysical services. Released in 2022 by the Australia Bureau of Statics, the expenditure on mineral exploration in and nearby known deposits in Australia amounted to $3,054.9 million in the year 2022, marking a 21% increase from the preceding year. Therefore, the heightened production and exploration across multiple sectors, through the usage of geophysical tools, is catalysing the growth of the geophysical services market.
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What Are the Key Trends Driving Geophysical Services Market Growth?
Drones are increasingly being utilized by geophysical service providers to carry out aerial geophysical surveys. Aerial geophysical surveying is a method used to analyze different key physical or geochemical borders of the earth from the air. The drones used for these surveys are packed with devices like a magnetometer, and additional sensors for electromagnetic, gamma-ray, spectrometry, magnetic, and gravity. This allows for accurate and fruitful outcomes from the survey. In 2023, Mobile Geophysical Technologies (MGT) and GEM Systems introduced several fixed-wing UAVs to meet the demand for superior measurement precision in magnetic surveys.
What Are the Main Segments in the Geophysical Services Market?
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 Top Companies are Driving Growth in the Geophysical Services Market?
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 Will Dominate the Geophysical Services Market Through 2029?
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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