Global Geophysical Data Collection Market Report 2022 – Market Forecast, Trends And Strategies

The global geophysical data collection market is expected to grow from $6.61 billion in 2021 to $6.84 billion in 2022 at a compound annual growth rate (CAGR) of 3.4%. The growth in the geophysical data collection market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The geophysical data collection market is expected to reach $7.35 billion in 2026 at a CAGR of 1.8%.

What is the Global Geophysical Data Collection Market?

The geophysical data collection market consists of the sales of geophysical data collection services and related goods by entities (organizations, sole traders and partnerships) that locate and measure the extent of subsurface resources, such as oil, gas, and minerals, and also conduct surveys for engineering purposes. The surveying techniques include magnetic surveys, gravity surveys, seismic surveys, or electrical and electromagnetic surveys. Only goods and services traded between entities or sold to end consumers are included.

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What drives the Global Geophysical Data Collection Market?

The rise in need for better understanding of reservoirs in production, and design tasks to meet the world’s current and future energy needs contributed to the growth of geophysical data collection market. Increasing population, rising living standards, and continuing economic development will require a vast amount of energy. According to Population Change, the world population is projected to increase from 7.8 billion in 2020 to 9.9 billion in 2050. Fossil fuels are expected to meet more than 50% of primary energy demand as much of the world's energy is produced by burning fossil fuels such as oil, coal and gas. According to ET EnergyWorld, the demand for petrochemicals is estimated to double in the next 20 to 30 years approximately, from 20 million barrels per day to 22 million barrels per day. Therefore, the increasing population combined with the increasing demand for resources is expected to have a positive impact on the geophysical data collection market.

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Global Geophysical Data Collection Market Segments
The global geophysical data collection market is segmented:
By Service: Data Acquisition, Data Processing, Interpretation
By Technology: 2D Imaging, 3D Imaging, 4D Imaging
By End User: Agriculture, Environment, Minerals & Mining, Oil & Gas, Water Exploration
By Geography: The regions covered in the geophysical data collection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Geophysical Data Collection Global Market Report 2022provides market size and growth forecasts for the global geophysical data collection market, global geophysical data collection market share, geophysical data collection market segments and geographies, geophysical data collection market competitive landscape including leading competitors’ revenues, profiles and market shares. The geophysical data collection market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Geophysical Data Collection Industry Playersinclude Compagnie Generale De Geophysique (CGG), TGS-NOPEC Geophysical, Dawson Geophysical, Geotech, Geophysical Survey Systems, ION Geophysical Corporation, Phoenix Geophysics, Schlumberger - Westerngeco, Petroleum Geo-Services and CSA Global. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.