What Has Been the Progress and Growth of the Geophysical Services Market in Recent Years?
The geophysical services market has seen considerable growth due to a variety of factors.
• In recent times, there has been a consistent expansion in the size of the geophysical services market. It's forecasted to increase from $13.96 billion in 2024 to $14.37 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 3.0%.
Factors contributing to the growth during the historical period include oil and gas discovery, expansion in the mining sector, infrastructural advancements, environmental research and remediation, progress in seismic exploration, and the development of geothermal energy.
What Is The Forecast For The Geophysical Services Market By 2029?
The geophysical services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for geophysical services is predicted to enjoy consistent expansion in the succeeding years, estimated to reach $16.25 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 3.1%.
The upcoming growth is largely due to the surge in renewable energy, increasing demand in mining exploration, environmental impact analysis, hydrocarbon exploration, as well as geothermal and alternative energy sources. The forecast period will witness major market trends such as climate change research, urban infrastructure mapping, application of multi-disciplinary approach, the use of remote sensing and satellite technology, and integration of big data analytics.
Which Factors Are Boosting Growth In The Geophysical Services Market?
The geophysical services market is being significantly influenced by the escalating activities of exploration. Through geophysical services, the aim of mineral exploration is essentially to uncover deposits of rocks and minerals that can satisfy societal resource requirements. The Australia Bureau of Statistics has divulged that for the calendar year of 2022, the mineral exploration expenditure in Australia stood at $3,054.9 million within and around acknowledged deposits, marking a 21% boost from the last year. Therefore, increased production and activity in diverse sectors using geophysical tools is leading to expansion in the market for geophysical services.
How Is The Globa Geophysical Services Market Divided Into Key Segments?
The geophysical services market covered in this report is segmented –
1) By Survey Type: Land, Marine, Aerial
2) By Technology: Seismic, Magnetic, Gravity, Electromagnetic, Lidar, Ground Penetrating, Other Technologies
3) By Application: Road, Rail, Port, Airport, Pipeline, Other Applications
4) By End User: Agriculture, Environment, Minerals And Mining, Oil And Gas, Water Exploration, Other End Users
Subsegments:
1) By Land: Seismic Surveys, Ground Penetrating Radar (GPR) Surveys, Magnetic Surveys, Electrical Resistivity Surveys
2) By Marine: Seismic Surveys (2D And 3D), Sub-bottom Profiling, Magnetometer Surveys, Bathymetric Surveys
3) By Aerial: LiDAR Surveys, Aerial Photography And Photogrammetry, Hyperspectral Imaging, Remote Sensing
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What Trends Are Reshaping The Geophysical Services Market?
Companies providing geophysical services have started utilizing drones to carry out aerial geophysical surveys. By employing these airborne techniques, they are able to estimate a range of critical physical or geochemical borders within the earth. The drones used for these surveys come equipped with a magnetometer among other sensors such as electromagnetic, gamma-ray, spectrometry, magnetic, and gravity. These allow for highly specific and fruitful results from the survey. In 2023, Mobile Geophysical Technologies (MGT) and GEM Systems introduced several fixed-wing UAVs to meet the need for more accurate measurements in magnetic surveys.
Who Are the Key Players in the Geophysical Services Market?
Major companies operating in the geophysical services market include:
• BGP Inc.
• Schlumberger Limited
• Halliburton Company
• Geotech Surveys International Limited
• Sea Geo Surveys Pvt. Ltd.
• COSL China Oilfield Services Limited
• Ramboll Group A/S
• CGG SA
• Polarcus Limited
• Paradigm
• TGS Geophysical Company Limited
• Sercel SA
• Geokinetics Inc.
• Dawson Geophysical Services Inc.
• Phoenix Geophysics Ltd.
• EMGS ASA
• Geophysical Survey Systems Inc.
• IG Seismic Services Ltd.
• SeaBird Exploration ASA
• SA Exploration Holdings Inc.
• Fugro N.V.
• GeoEx Ltd.
• Geospace Technologies Corporation
• DMT GmbH & Co. KG
• ION Geophysical Corporation
• New Resolution Geophysics Inc.
• Petroleum Geo-Services ASA
• EON Geosciences Inc.
• IRIS Instruments
• Dolphin Geophysical AS
• Geophysics Ltd.
• Geophysical Research Company LLC
What are the Regional Insights into the Geophysical Services Market?
North America was the largest region in the geophysical services market in 2024. Western Europe was the second largest region in the global geophysical services market share. The regions covered in the geophysical services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
