The Global Geophysical Services Market is expected to surge from 2024 to 2028 due to increased hydrocarbon explorations and demand for geophysical technologies.
TechSci Research predicts robust growth in the market during this period, citing its diverse applications such as mineral exploration, groundwater exploration, and petroleum exploration. Additionally, rising oil and gas demand and government environmental regulations are anticipated to boost the market.
Increased investments in geophysics by the mining industry and growing demand for geophysical data acquisition services will further drive market growth. Higher crude oil prices over the next five years are also expected to contribute to market expansion.
Challenges like geohazards, including earthquakes and equipment failures, may hinder market growth. However, during the COVID-19 pandemic, significant investments in discovering new hydrocarbon reserves have opened up lucrative market opportunities.
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The Global Geophysical Services Market is segmented by technology, type, service, end-user, and region. Seismic technology dominates due to its widespread use in engineering investigations, offering fundamental geological information easily. It provides benefits like direct hydrocarbon identification and detailed subsurface structural imaging.
North America leads the market, driven by increasing exploration in unconventional reserves and demand for high-quality 4D data for reservoir performance improvement. However, the region faces challenges like spending cuts and project delays in the oil and gas sector due to declining oil prices.
Major market players operating in the Global Geophysical Services Market are:
- EON Geosciences Inc.
- Dawson Geophysical Inc.
- Geotech Ltd.
- Compagnie Générale de Géophysique (CGG)
- TGS-NOPEC Geophysical Company L.P.
- Spectrum Geo Inc.
- Geophysical Survey Systems, Inc.
- Sea Geo Surveys Pvt, Ltd.
- ION Geophysical Corporation
- Phoenix Geophysics Limited
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“The rapid urbanization resulting from industrialization increases demand for manufacturing and electricity, driving up the need for coal and mineral metals. This, coupled with the demand for geophysical services in mining, is influenced by the market for coal and mineral metals. Additionally, the rise in demand for green energy, particularly in developing nations, contributes to the need for geophysical services, driven by the demand for wind turbines. Mr. Karan Chechi, Research Director at TechSci Research, a global management consulting firm, highlighted these factors.
TechSci Research’s report on the Global Geophysical Services Market forecasts its growth potential from 2018 to 2028. It segments the market by technology (seismic, magnetic, gravity, electromagnetics, LIDAR, ground penetrating, etc.), type (aerial-based survey, land-based survey), services (data processing, interpretation, acquisition), and end-users (agriculture, environment, minerals & mining, oil & gas, water exploration, etc.), across regions. The report aims to provide actionable market intelligence to aid investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the global market.”
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