The geophysical services market has grown steadily, increasing from $14.55 billion in 2023 to $15.01 billion in 2024, with a CAGR of 3.1%. Growth has been driven by activities like oil and gas exploration, mining, and infrastructure projects. The market is expected to reach $16.97 billion by 2028, growing at a CAGR of 3.1%. Future growth will be fueled by the expansion of renewable energy sources and environmental impact studies. Trends will include climate change studies, urban infrastructure mapping, and the use of big data analytics.
Major Driver In The Geophysical Services Market
The growth of exploration activities is contributing to the expansion of the geophysical services market. Mineral exploration, aimed at discovering deposits to meet societal resource needs, relies on geophysical services. The Australia Bureau of Statistics reported a 21% increase in mineral exploration expenditure in and around known deposits, reaching $3,054.9 million in the 2022 calendar year. Additionally, the World Gold Council's Gold Mining Report in March 2022 indicated a potential rise in India's gold mines production to 20 tonnes per year from 1.6 tonnes in 2020. Australia also experienced a 3% year-on-year increase in total mine production. The surge in production and exploration activities across different sectors utilizing geophysical devices is paving the way for the growth of the geophysical services market, with anticipated expansion in 2023, 2024, and 2028.
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Geophysical Services Market Competitive Landscape
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
Key Geophysical Services Market Trend
Geophysical service providers are increasingly using drones for aerial geophysical surveys. These surveys estimate key physical or geochemical boundaries of the earth from the air. Drones equipped with magnetometers and other sensors—such as electromagnetic, gamma-ray, spectrometry, and gravity sensors—provide accurate survey results. In 2023, Mobile Geophysical Technologies (MGT) and GEM Systems launched fixed-wing UAVs designed to meet the demand for higher measurement accuracy in magnetic surveys.
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Geophysical Services Market Segmentation
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
By Geography:The regions covered in the geophysical services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the geophysical services market in 2023.
The Geophysical Services Global Market Report 2024 furnishes information about the global geophysical services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
