Geophysical Services in the US - Industry Market Research Report

Seismic shift: Industry revenue will expand due to stabilizing oil prices and favorable economic conditions

The Geophysical Services industry's heavy reliance on energy companies often results in revenue fluctuations resulting from energy prices' historical volatility. For instance, shifts in crude oil prices have led to recent volatility, evidenced in 2020 as COVID-19 led to an economic slowdown, causing oil prices to plummet and reducing activity from the industry's key market. Still, recent surges in oil prices, a result of fast-rising energy needs alongside reduced domestic production, have boosted demand for services as oil companies reinvest. Also, ongoing recovery in infrastructure projects has enabled an industry recovery. Despite the unprecedented losses experienced in 2020 and 2021, industry-wide revenue has grown at a CAGR of 5.4% to $3.1 billion over the five years to 2023, including a 2.2% revenue drop in 2023 alone.

Companies in this industry gather, interpret and map geophysical data. Companies often specialize in locating and measuring the extent of subsurface resources like oil, gas, and minerals. Still, they may also conduct surveys for engineering purposes. Companies also use various surveying techniques depending on the purpose of the study, including magnetic, gravity, seismic, 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's key players and their market shares.