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Geophysical Services Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

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    Report

  • 173 Pages
  • January 2023
  • Region: Global
  • Fairfield Market Research
  • ID: 5724276

Increasing demand for gravity, seismic, magnetic, and electromagnetic analytical data is projected to drive the growth of geophysical services market. Oil and gas industry, and mineral and mining projects are likely to generate substantial demand for geophysical data that plays a crucial role in preassessment.   The latest report from the analyst suggests a promising growth outlook for the global geophysical services market. Up from the revenue of nearly US$13.2 Bn attained in 2022, the global geophysical services market is expected to reach the valuation of US$18.9 Bn by the end of 2029. Between 2022 and 2029, the market will experience 5.2% growth, forecasts in the report. With geophysical data gaining traction in locating the potential mining reserves, the market will remain on an uptrend through 2029.  

 

Key Research Insights and Trends Across Geophysical Services Market

  • Massive volume of worldwide oil production highlights the need for efficient geophysical services
  • Demand for geophysical services continues to rise high with growing uncertainty hovering over water, energy, and food security
  • Mineral and mining segment accounts for more than half the total demand
  • Upstream oil and gas sector represents more than 29% value share
  • Land-based surveys remain popular with more than 85% market share
  • Multi-client data acquisition projects continue to trend geophysical services market

Seismic Technology Remains Preferred, Land-based Surveys Sought-after in Geophysical Services Market

Assessment of the geophysical services market by technology shows continued dominance of the seismic technology segment that accounts for more than 53% of revenue share in the market. 3D seismic will especially remain sought-after, says the report, attributing to its high-precision data offerings compared with that of the 2D technology. The report highlights the other key technology segments besides seismic technology, including magnetic, electromagnetic, gravity, resistivity, gradiometry, radar, LIDAR, and hyperspectral. Based on the market analysis in terms of the end-use industry, the mineral and mining industry is likely to maintain a lion’s share of more than 50% throughout the assessment period. On the other hand, the upstream oil and gas sector is expected to retain a market share of more than 29%. Based on the type of survey, the land-based survey is likely to remain the most preferred category with a revenue share of more than 85%. Soaring demand for land-based survey from oil and gas, agriculture, and water exploration.  

Shale Gas Explorations Underpin North America’s Lead in Geophysical Services Market

While North America reigns supreme in global geophysical services market, the report attributes this lead to remarkable shale gas explorations. Besides the US, the report marks significant geophysical survey activity across the basins of Seattle, Houston, Oakland, New York, Florida, and Philadelphia. The US however will continue to surge ahead of all as the nation generates massive demand for seismic services and analytical data. Europe is also a key market banking on the natural gas production leaders, CIS nations, and Russia. Asia Pacific on the other side has been projected as an emerging lucrative market for geophysical service providers. China leads attributing to the rising expenditure on E&P activity. Moreover, increasing activity in oil and gas, and mineral industries will further strengthen the market attractiveness of China, in turn Asia Pacific. The geophysical services market across the region will also benefit from rising metal explorations, especially in Australia, and the ASEAN countries.  

Key Market Players

Phoenix Geophysics, EON Geosciences, TGS, Sea Geo Surveys Pvt. Ltd., Compagnie Générale de Géophysique (CGG), New Resolution Geophysics, Geotec Surveys Ltd., GSSI Geophysical Survey Systems, Inc., Dawson Geophysical Inc., and Spectrum Geophysics are some of the leading company names spearheading the competitive landscape of global geophysical services market.

Table of Contents

1. Executive Summary 1.1. Global Geophysical Services Market Snapshot 1.2. Future Projections 1.3. Key Market Trends 1.4. Analyst Recommendations   2. Market Overview 2.1. Market Definitions and Segmentations 2.2. Market Dynamics 2.2.1. Drivers 2.2.2. Restraints 2.2.3. Market Opportunities 2.2.4. Economic Trends 2.3. Value Chain Analysis 2.4. Porter’s Five Forces Analysis 2.5. COVID-19 Impact 2.5.1. Supply Chain 2.5.2. Technology Customer Impact Analysis   3. Price Trends Analysis   4. Global Geophysical Services Market Outlook, 2018 - 2029 4.1. Global Geophysical Services Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 4.1.1. Key Highlights 4.1.1.1. Aerial-based 4.1.1.2. Land-based 4.1.2. BPS Analysis/Market Attractiveness Analysis, by Type 4.2. Global Geophysical Services Market Outlook, by End-user, Value (US$ Mn), 2018 - 2029 4.2.1. Key Highlights 4.2.1.1. Mineral & Mining 4.2.1.2. Upstream Oil & Gas 4.2.1.3. Agriculture 4.2.1.4. Water Exploration 4.2.1.5. Others 4.2.2. BPS Analysis/Market Attractiveness Analysis, by End-user 4.3. Global Geophysical Services Market Outlook, by Technology, Value (US$ Mn), 2018 - 2029 4.3.1. Key Highlights 4.3.1.1. Magnetic 4.3.1.2. Gradiometry 4.3.1.3. Gravity 4.3.1.4. Electromagnetic 4.3.1.5. LIDAR 4.3.1.6. Hyperspectral 4.3.1.7. Ground Penetrating Radar 4.3.1.8. Resistivity 4.3.1.9. Seismic 4.3.1.10. Others 4.3.2. BPS Analysis/Market Attractiveness Analysis, by Technology 4.4. Global Geophysical Services Market Outlook, by Region, Value (US$ Mn), 2018 - 2029 4.4.1. Key Highlights 4.4.1.1. North America 4.4.1.2. Europe 4.4.1.3. Asia Pacific 4.4.1.4. Latin America 4.4.1.5. Middle East & Africa 4.4.2. BPS Analysis/Market Attractiveness Analysis, by Region   5. North America Geophysical Services Market Outlook, 2018 - 2029 5.1. North America Geophysical Services Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 5.1.1. Key Highlights 5.1.1.1. Aerial-based 5.1.1.2. Land-based 5.2. North America Geophysical Services Market Outlook, by End-user, Value (US$ Mn), 2018 - 2029 5.2.1. Key Highlights 5.2.1.1. Mineral & Mining 5.2.1.2. Upstream Oil & Gas 5.2.1.3. Agriculture 5.2.1.4. Water Exploration 5.2.1.5. Others 5.3. North America Geophysical Services Market Outlook, by Technology, Value (US$ Mn), 2018 - 2029 5.3.1. Key Highlights 5.3.1.1. Magnetic 5.3.1.2. Gradiometry 5.3.1.3. Gravity 5.3.1.4. Electromagnetic 5.3.1.5. LIDAR 5.3.1.6. Hyperspectral 5.3.1.7. Ground Penetrating Radar 5.3.1.8. Resistivity 5.3.1.9. Seismic 5.3.1.10. Others 5.4. North America Geophysical Services Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 5.4.1. Key Highlights 5.4.1.1. U.S. Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 5.4.1.2. Canada Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029   6. Europe Geophysical Services Market Outlook, 2018 - 2029 6.1. Europe Geophysical Services Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 6.1.1. Key Highlights 6.1.1.1. Aerial-based 6.1.1.2. Land-based 6.2. Europe Geophysical Services Market Outlook, by End-user, Value (US$ Mn), 2018 - 2029 6.2.1. Key Highlights 6.2.1.1. Mineral & Mining 6.2.1.2. Upstream Oil & Gas 6.2.1.3. Agriculture 6.2.1.4. Water Exploration 6.2.1.5. Others 6.3. Europe Geophysical Services Market Outlook, by Technology, Value (US$ Mn), 2018 - 2029 6.3.1. Key Highlights 6.3.1.1. Magnetic 6.3.1.2. Gradiometry 6.3.1.3. Gravity 6.3.1.4. Electromagnetic 6.3.1.5. LIDAR 6.3.1.6. Hyperspectral 6.3.1.7. Ground Penetrating Radar 6.3.1.8. Resistivity 6.3.1.9. Seismic 6.3.1.10. Others 6.4. Europe Geophysical Services Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 6.4.1. Key Highlights 6.4.1.1. Germany Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 6.4.1.2. U.K. Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 6.4.1.3. France Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 6.4.1.4. Russia & CIS Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 6.4.1.5. Rest of Europe Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029   7. Asia Pacific Geophysical Services Market Outlook, 2018 - 2029 7.1. Asia Pacific Geophysical Services Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 7.1.1. Key Highlights 7.1.1.1. Aerial-based 7.1.1.2. Land-based 7.2. Asia Pacific Geophysical Services Market Outlook, by End-user, Value (US$ Mn), 2018 - 2029 7.2.1. Key Highlights 7.2.1.1. Mineral & Mining 7.2.1.2. Upstream Oil & Gas 7.2.1.3. Agriculture 7.2.1.4. Water Exploration 7.2.1.5. Others 7.3. Asia Pacific Geophysical Services Market Outlook, by Technology, Value (US$ Mn), 2018 - 2029 7.3.1. Key Highlights 7.3.1.1. Magnetic 7.3.1.2. Gradiometry 7.3.1.3. Gravity 7.3.1.4. Electromagnetic 7.3.1.5. LIDAR 7.3.1.6. Hyperspectral 7.3.1.7. Ground Penetrating Radar 7.3.1.8. Resistivity 7.3.1.9. Seismic 7.3.1.10. Others 7.4. Asia Pacific Geophysical Services Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 7.4.1. Key Highlights 7.4.1.1. China Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 7.4.1.2. India Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 7.4.1.3. Australia Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 7.4.1.4. ASEAN Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 7.4.1.5. Rest of Asia Pacific Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029   8. Latin America Geophysical Services Market Outlook, 2018 - 2029 8.1. Latin America Geophysical Services Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 8.1.1. Key Highlights 8.1.1.1. Aerial-based 8.1.1.2. Land-based 8.2. Latin America Geophysical Services Market Outlook, by End-user, Value (US$ Mn), 2018 - 2029 8.2.1. Key Highlights 8.2.1.1. Mineral & Mining 8.2.1.2. Upstream Oil & Gas 8.2.1.3. Agriculture 8.2.1.4. Water Exploration 8.2.1.5. Others 8.3. Latin America Geophysical Services Market Outlook, by Technology, Value (US$ Mn), 2018 - 2029 8.3.1. Key Highlights 8.3.1.1. Magnetic 8.3.1.2. Gradiometry 8.3.1.3. Gravity 8.3.1.4. Electromagnetic 8.3.1.5. LIDAR 8.3.1.6. Hyperspectral 8.3.1.7. Ground Penetrating Radar 8.3.1.8. Resistivity 8.3.1.9. Seismic 8.3.1.10. Others 8.4. Latin America Geophysical Services Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 8.4.1. Key Highlights 8.4.1.1. Brazil Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 8.4.1.2. Mexico Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 8.4.1.3. Rest of Latin America Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029   9. Middle East & Africa Geophysical Services Market Outlook, 2018 - 2029 9.1. Middle East & Africa Geophysical Services Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 9.1.1. Key Highlights 9.1.1.1. Aerial-based 9.1.1.2. Land-based 9.2. Middle East & Africa Geophysical Services Market Outlook, by End User, Value (US$ Mn), 2018 - 2029 9.2.1. Key Highlights 9.2.1.1. Mineral & Mining 9.2.1.2. Upstream Oil & Gas 9.2.1.3. Agriculture 9.2.1.4. Water Exploration 9.2.1.5. Others 9.3. Middle East & Africa Geophysical Services Market Outlook, by Technology, Value (US$ Mn), 2018 - 2029 9.3.1. Key Highlights 9.3.1.1. Magnetic 9.3.1.2. Gradiometry 9.3.1.3. Gravity 9.3.1.4. Electromagnetic 9.3.1.5. LIDAR 9.3.1.6. Hyperspectral 9.3.1.7. Ground Penetrating Radar 9.3.1.8. Resistivity 9.3.1.9. Seismic 9.3.1.10. Others 9.4. Middle East & Africa Geophysical Services Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 9.4.1. Key Highlights 9.4.1.1. Saudi Arabia Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 9.4.1.2. Kuwait Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 9.4.1.3. Qatar Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 9.4.1.4. South Africa Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029 9.4.1.5. Rest of Middle East & Africa Geophysical Services Market, Value (US$ Mn), by Type, End-user, Technology, 2018 - 2029   10. Competitive Landscape 10.1. Company Market Share Analysis, 2021 10.2. Strategic Collaborations 10.3. Company Profiles 10.3.1. TGS 10.3.1.1. Company Overview 10.3.1.2. Product Portfolio 10.3.1.3. Financial Overview 10.3.1.4. Business Strategies and Development 10.3.2. EON Geosciences 10.3.2.1. Company Overview 10.3.2.2. Product Portfolio 10.3.2.3. Financial Overview 10.3.2.4. Business Strategies and Development 10.3.3. Phoenix Geophysics 10.3.3.1. Company Overview 10.3.3.2. Product Portfolio 10.3.3.3. Financial Overview 10.3.3.4. Business Strategies and Development 10.3.4. New Resolution Geophysics 10.3.4.1. Company Overview 10.3.4.2. Product Portfolio 10.3.4.3. Financial Overview 10.3.4.4. Business Strategies and Development 10.3.5. SEA GEO SURVEYS PVT LTD 10.3.5.1. Company Overview 10.3.5.2. Product Portfolio 10.3.5.3. Financial Overview 10.3.5.4. Business Strategies and Development 10.3.6. Compagnie Générale de Géophysique (CGG) 10.3.6.1. Company Overview 10.3.6.2. Product Portfolio 10.3.6.3. Financial Overview 10.3.6.4. Business Strategies and Development 10.3.7. Dawson Geophysical Inc. 10.3.7.1. Company Overview 10.3.7.2. Product Portfolio 10.3.7.3. Financial Overview 10.3.7.4. Business Strategies and Development 10.3.8. GEOTEC SURVEYS 10.3.8.1. Company Overview 10.3.8.2. Product Portfolio

Executive Summary

The global geophysical services market is estimated to record the revenue of over US$13.2 Bn in 2022 and is all set for a CAGR of 5.2% through the end of 2029, exceeding the valuation of US$18.9 Bn.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Compagnie Générale de Géophysique (CGG)
  • Dawson Geophysical Inc.
  • EON Geosciences
  • GEOTEC SURVEYS
  • GSSI Geophysical Survey Systems, Inc.
  • New Resolution Geophysics
  • Phoenix Geophysics
  • SEA GEO SURVEYS PVT LTD
  • Spectrum Geophysics
  • TGS

Methodology

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