Geophysical Services in Canada - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Seismic shift: Industry operators will likely benefit from greater government demand

Geophysical service providers in Canada gather, interpret and map geophysical data. Companies often specialize in locating and measuring subsurface resources, such as oil, natural gas and minerals, but they may also conduct surveys for engineering purposes. As a result, the industry's performance is dependent on demand for resource exploration from downstream oil, natural gas and mining industries, which are in turn largely dependent on movements in commodity prices. Industry revenue is projected to decline at a CAGR of 2.8% to $895.1 million over the five years to 2023, including an estimated 2.9% drop in 2023 alone.

Operators in the Canadian Geophysical Services industry gather, interpret and map geophysical data. They often specialize in locating and measuring the extent of subsurface resources, such as oil, gas and minerals, but may also conduct surveys for engineering purposes. Operators use a variety of surveying techniques depending on the purpose of the survey, including magnetic surveys, gravity surveys, seismic surveys or electrical and electromagnetic surveys.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.