Rising demand for precious metals such as gold, platinum, titanium, and silver and matured hydrocarbon reserves along with reduced rig count is expected to drive global geophysical services market through 2024
According to TechSci Research report, “Global Geophysical Services Market By Technology, By Type, By Services, By End User, By Region, Competition, Forecast & Opportunities, 2028”, the global geophysical services market is projected to cross $ 16 billion by 2024. Geophysical services are witnessing increasing adoption on account of growing investments in mineral & mining industries, rising instability in crude oil prices and increasing demand of aerial-based geophysical surveys. Moreover, the matured hydrocarbon reserves are impelling the oil & gas exploration activities. Furthermore, the improvement in crude oil prices are expected to bring new project, that are likely to propel the demand for geophysical surveys, therefore driving the global geophysical services market during the forecast period.
Global Geophysical Services Market is expected to grow at impressive rate through 2028 owing to the rising usage of geophysical software and the expansion of exploratory operations, the global market for geophysical services is expected to expand during the course of the forecast period.
Geophysical services is defined as to collect systemic data of earth’s surface or subsurface for various factors including site characterization, monitoring of electric magnetic fields, exploring potential mining, oil & gas minerals.
Browse XX market data Tables and XX Figures spread through 110 Pages and an in-depth TOC on “ Global Geophysical Services Market”
The global geophysical services market is segmented based on based on technology, type, services, end user, region and company. Based on technology, the market can be fragmented into Seismic, Magnetic, Gravity, Electromagnetics, LIDAR, Ground Penetrating, and Others. The Seismic technology segment is expected to hold a significant market share during forecast period on account of its widespread use in oil & gas industry for making critical exploration and reservoir decisions. Based on type, the market can be bifurcated into Aerial Based Survey and Land Based Survey. The land-based surveys are expected to dominate the market during forecast period owing to the surging demand for seismic surveys in the oil & gas industry. Based on end user, the market can be categorized into Agriculture, Environment, Minerals & Mining, Oil & Gas, Water Exploration and Others. The oil & gas segment is anticipated to lead the market during the forecast period owing to increasing investments in the mining industry.
In the oil business, geophysical services are crucial to the discovery and identification of oil and gas resources. It gives comprehensive information about hydrocarbon reserves, which are frequently found at great depths, while also enable the proper placement of drilling. Additionally, as the world’s population has been growing at an increasingly rapid rate in this new era, there has been a progressive increase in the need for energy resources, particularly for gas and oil. Favourable government policies for conventional resources will influence the industry’s expansion, together with the rising demand for natural gas. Furthermore, increasing investment toward lease equipment and surface design with advanced technological innovations across the upstream sector will positively gain the oil & gas infrastructure industry. For instance, in March 2022, Enterprise Products announced to acquire a midstream company Navitas Midstream Partners from the private equity organization Warburg Pincus. The deal accounted for USD 3.25 billion which will accelerate the company’s natural gas pipeline network. Hence, with the rising demand for oil and gas, the demand for geophysical services is also expected to increase during the forecast period.
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 and others are some of the leading players operating in global geophysical services market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.
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“North America is expected to be the largest and fastest growing market during the forecast period, owing to rise in mineral exploration activities and a high number of geophysical survey activities in the region. The US dominates the geophysical services market for mineral & mining in North America, led by the high number of geophysical survey activities in areas such as basins of Oakland, Houston, Seattle, Florida, New York, and Philadelphia. Additionally, Canada is among the largest exporters of minerals and metals, globally.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Geophysical Services Market By Technology, By Type, By Services, By End User, By Region, Competition, Forecast & Opportunities, 2028” has evaluated the future growth potential of global geophysical services market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global geophysical services market.
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