The global geophysical services market size was valued at $14.4 billion in 2021, and is projected to reach $21.4 billion by 2031, with a CAGR of 4.1% from 2022 to 2031.
Geophysical services are those services that locate and measure the extent of subsurface resources such as oil, gas and minerals, and also conduct surveys for construction purposes. Magnetic surveys, gravity surveys, seismic surveys, or electrical and electromagnetic surveys are used in the geophysical services market. Geophysical services are carried out mainly on land, marine, and aerial. A land survey is a science of reinforcing land corners, lines, borders and landmarks based on documented documents and historical data.
Geophysical services use different technologies such as seismic, magnetic, gravity, electromagnetic, LiDAR, ground penetration, and others, which are used in various applications such as road, rail, port, airport, pipeline and others. They are also widely used in agriculture, environment, minerals & mining, oil & gas, water exploration, archaeological research and others.
The major factor that drives the development of geophysical services market is growth in exploration activities. Mineral exploration aims to discover deposits of minerals and rocks that can be used to meet the resource needs of society, which led to utilization of geophysical services. However, geohazards is one of the major challenges faced by the geophysical services market. Geohazards include earthquakes, landslides, collapse, debris flow, and others. Mining activities sometimes lead to earthquakes which may lead to loss of life and the economy.
The global geophysical service market is segmented on the basis of technology, type, end use and region. On the basis of technology, it is segmented into seismic, magnetic, electromagnetic, gravity, LiDAR, and others. On the basis of type, the market is segmented into aerial based survey, marine based survey, and land based surveys. Furthermore, aerial based survey is bifurcated into drone based and others. In addition, on the basis of end use, the global geophysical service market is segmented into minerals & mining, oil & gas, wind energy, water exploration, archaeological research and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe, and Asia-Pacific.
The major companies profiled in this report include Schlumberger, CGG, Petroleum Geo-service, TGS, Shearwater Services, Dawson Geophysical Company, Fugro, SGS SA, EON Geosciences, Ramboll Group A/S, Getech, NUVIA Dynamics Inc., Spectrum Geophysics, Abitibi Geophysics, and Xcalibur Multiphysics. Due to rapid development of industrialisation, urbanization has led to the development of demand for manufacturing industries and power generation which led to the increase in the demand for coal and mineral metals. The presence of demand for coal and mineral metals has fuelled the demand for geophysical services in the mining sector. The presence of the demand for wind turbine due to the increase in the demand for green energy in developing countries is another factor driving the demand for the geophysical services market. Additional growth strategies such as the expansion of production capacities, acquisition, partnership and research & innovation in detection equipment have led to attaining key developments in the global geophysical services market trends.
Covid-19 Impact
The global COVID-19 pandemic has negative impact on the geophysical services market. This market has experienced lower than anticipated demand across all regions compared to pre pandemic levels. The global market has exhibited a decline of about 20% in 2020 compared to 2019.
In recent years, the market has shown gradual growth due to the demand for petroleum-related products which led to the demand for oil & gas industry; hence leading to the demand for the exploration of oil wells. The government and private entities are extensively investing their funds in locating untapped hydrocarbon reserves to meet the increasing demand for oil & gas, further creating market opportunities. For instance, on October 2021, Asian Energy Services signed an MoU with Russian Joint Stock Company Rosgeologia which focuses on long-term cooperation in seismic and geographical surveys in India and other Asian countries.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the geophysical services market analysis from 2021 to 2031 to identify the prevailing geophysical services market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the geophysical services market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global geophysical services market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Seismic
- Magnetic
- Electromagnetic
- Gravity
- LIDAR
- Others
By Type
- Aerial-based Survey
- Type
- Drone Based
- Others
- Marine-based Survey
- Land-based Survey
By End Use
- Minerals and Mining
- Oil and Gas
- Wind Energy
- Water Exploration
- Archaeological Research
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest Of LAMEA
Key Market Players
- Schlumberger Limited
- CGG
- Petroleum Geo-service
- TGS
- Shearwater Services
- Dawson Geophysical Company
- Fugro
- SGS SA
- EON Geosciences
- Ramboll Group A/S
- Getech
- NUVIA Dynamics Inc.
- Spectrum Geophysics
- Abitibi Geophysics
- Xcalibur Multiphysics
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
Executive Summary
According to the report, titled, “Geophysical Services Market," the geophysical services market size was valued at $14.4 billion in 2021, and geophysical services industry is estimated to reach $21.4 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.Geophysical services play a vital role in systematic compilation of geophysical data. Data acquisition in geophysical survey is done through various methods. A complete geophysical survey helps extract information about the topography and subsurface of the earth. It has wide range of application in exploration of oil & gas, minerals, water, archaeological research, and others. It is also used in the construction sector to compile the data of the ground for the construction of wind turbine and other manufacturing industries.
The demand for geophysical services in the oil & gas industries due to the decline in the known resources, owing to its technical application in oil & gas exploration, companies operating in the market are increasing their data base related to geophysics which can be used by many end use industries. Oil & gas and mining companies are investing significantly in procurement of geophysical data in order to discover new resources and cater the surge in the demand for raw materials due to growing urbanization.
The rapid industrialization and urbanization has led to increase in the demand for green energy. Owing to the demand for power from green resource led to the increase in the demand for wind energy. The government of various countries have invested in the development of onshore and offshore wind energy which needs strong support of geophysical data. Furthermore, the decline in the freshwater resource in the developed and developing countries have led to the increase in the exploration of underground water resources especially in LAMEA region. The increase in the utilization of geophysical services in the archaeological research to excavate the buried history of ancient civilization also has positive impact on the market. The presence of natural hazards such as earthquake, tsunami, and floods, has increased the demand for geophysical services market in mining and marine exploration.
The global geophysical services market forecast is segmented on the basis of by technology, type, end use and region.
On the basis of technology, it is segmented into seismic, magnetic, electromagnetic, gravity, LiDAR, and others. On the basis of type, the market is segmented into aerial based survey, marine based survey, and land based survey. Furthermore, aerial based survey is bifurcated into drone based and others. In addition, on the basis of end use, the global geophysical services market is segmented into minerals & mining, oil & gas, wind energy, water exploration, archaeological research and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest geophysical services market share, followed by Europe, and Asia-Pacific.
The major companies profiled in this report include Schlumberger, CGG, Petroleum Geo-service, TGS, Shearwater Services, Dawson Geophysical Company, Fugro, SGS SA, EON Geosciences, Ramboll Group A/S, Getech, NUVIA Dynamics Inc., Spectrum Geophysics, Abitibi Geophysics, and Xcalibur Multiphysics. Due to rapidly development of industrialisation has led to the development of demand for heavy manufacturing industries, and light manufacturing industries which in-turn has fuelled the demand for geophysical services as the raw materials used in these industries are declining at a rapid pace. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the detection technologies have led to attain key developments in the global geophysical services market trends.
Key Findings of the Study
- North America would exhibit CAGR of 4.1% during 2022-2031.
- As per global geophysical services market analysis, by technology, the seismic segment accounted for the largest share in 2021.
- By type, marine based survey was the leading segment in 2021.
- By end-use, oil & gas segment has largest market share in 2021.
- Covid-19 Impact
- The global COVID-19 pandemic has negative impact on the geophysical services market growth. This market has experienced lower than anticipated demand across all regions compared to pre pandemic levels. The global market has exhibited a decline about 20% in 2020 compared to 2019.
- In recent years, the market has shown gradual growth due to the demand for petroleum related products which led to the demand for oil & gas industry; hence leading to the demand for exploration of oil wells. The government and private entities are extensively investing their funds for locating untapped hydrocarbon reserves to meet the increasing demand for oil & gas, further creating geophysical services market opportunities. For instance, on October 2021, Asian Energy Services has signed a MoU with Russian Joint Stock Company Rosgeologia which focuses on long-term cooperation in seismic and geographical surveys in India and other Asian countries.
Companies Mentioned
- Schlumberger Limited
- Cgg
- Petroleum Geo-Service
- Tgs
- Shearwater Services
- Dawson Geophysical Company
- Fugro
- Sgs Sa
- Eon Geosciences
- Ramboll Group A/S
- Getech
- Nuvia Dynamics Inc.
- Spectrum Geophysics
- Abitibi Geophysics
- Xcalibur Multiphysics
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 337 |
Published | August 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 14.4 billion |
Forecasted Market Value ( USD | $ 21.4 billion |
Compound Annual Growth Rate | 4.0% |
Regions Covered | Global |
No. of Companies Mentioned | 15 |