Global Geophysical Data Collection Market Trends And Strategies Of Major Players In The Geophysical Data Collection Market 2021-2030
24 Sep, 2021
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.
Global Geophysical Data Collection Market Size And Drivers:
The global geophysical data collection market is expected to grow from $4.44 billion in 2020 to $4.79 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%. The growth 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 market is expected to reach $4.99 billion in 2025 at a CAGR of 1%. 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.
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Trends In The Global Geophysical Data Collection Market
Technology collaborations is a key trend in geophysical data acquisition. Technology collaborations are becoming necessary to keep pace with digital transformations. Artificial Intelligence and Machine Learning methods are being deployed and accepted in geophysical services. In September 2019, Tomlinson Geophysical Services (TGS), a multi-client provider of geoscience data for oil and gas company announced a technology collaboration with Quantico Energy Solutions (Quantico), an Artificial Intelligence (AI) company which is focused on providing subsurface solutions for exploration and production, (or) oil and gas companies. The collaboration is to leverage their respective offering in seismic data, AI-based wells logs, and AI-based seismic inversion. In this collaboration, TGS will use Analytics Ready LAS (ARLAS) solution. ARLAS uses machine learning algorithms to predict the missing curve. Quantico uses a QRes solution that combines physics-based with machine learning to map the subsurface within a fraction of the time as inversion software. The integration of QRes and ARLAS solution, the clients of TGS will have access to the comprehensive geoscience data and AI solutions.
Global Geophysical Data Collection Market Segments:
The global geophysical data collection market is further 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 global geophysical data collection market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/geophysical-data-collection-global-market-reportGeophysical Data Collection Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides geophysical data collection market overviews, analyzes and forecasts market size and growth for the global geophysical data collection market, geophysical data collection market share, geophysical data collection market players, geophysical data collection market segments and geographies, geophysical data collection market’s 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.