Geophysical Services Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032 is the recent addition to Polaris Market Research’s online repository, in which buyers will find the comprehension of business professionals’ opinions and insightful knowledge of business-related data, qualitative research, and concepts. The report provides a thorough overview of the most recent Geophysical Services Market trends and industry changes that are impacting market growth. This statistical research analyses and forecasts the global and regional markets.
According to the research report, the global geophysical services market was valued at USD 13.27 billion in 2022 and is expected to reach USD 24.56 billion by 2032, to grow at a CAGR of 6.4% during the forecast period.
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Geologists and geophysicists are looking for hydrocarbon exploration, including oil and natural gas resources underground, as a result of the rising need for oil and gas. The most important steps in the process are planning the field development and production of a reservoir’s oil or gas, as well as developing a reliable estimate of the volume of oil and gas already there. One economically viable way to find natural resources to satisfy the growing demand for energy and consumer products is through the geophysical survey.
In addition, to fulfill the rising need for oil and gas, the government and private organizations are heavily dividing their funds for finding undiscovered hydrocarbon deposits, and opening up new market potential. For instance, in May 2022, The largest oil and gas producer in India, ONGC, said that it will spend Rs 31,000 crore over the next three years searching for fuel reserves in the Indian sedimentary basin. This move is part of the country’s effort to become energy independent. Also, in October 2021, Asian Energy Services & the RosGeo signed a MoU that focuses on collaboration in seismic & geophysical surveys in India and overseas operations.
Additionally, the geophysical services require significant capital outlays and is at high risk due to unpredictably changing environmental factors. To function in the geophysical services industry, one needs geophysical experience and expertise.
Furthermore, investments in the renewable energy sector have increased due to growing worries about carbon emissions caused by the use of fossil fuels. These elements are probably going to reduce the need for geophysical services, which will hurt the geophysical services industry.
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Geophysical Services Market Report Highlights
- The Seismic segment is anticipated to register at high CAGR over the study period because of the increase in demand for the gathering of seismic data in the oil and gas sector.
- Oil & gas dominated the global market due to rising hydrocarbon exploration. End-use industries choose multi-client geophysical/seismic data reports for investments.
- North America holds a largest market share. Government and corporate organizations across the region have made enormous expenditures to explore metals, hydrocarbons, and the mining industry.
- The global players BGP Inc., CGG Geoscience company, COSL-China Oilfield Services Limited, Dawson Geophysical Services, DMT Gmbh, and Co.KG., EON Geosciences Inc., Geophysical Survey Systems Inc., Geotech Survey, Geospace Technologies, Halliburton Company, Ion Geophysical, IRIS Instruments, IG Seismic Services., New Resolution Geophysics, Petroleum Geo-Services, Polarcus Ltd., Phoenix Geophysics, Ramboll Group AS, Schlumberger, Sea Geo Surveys Pvt Ltd., and TGS Geophysical Company.
Polaris Market Research has segmented the geophysical services market report based on survey type, technology, application, and end-user:
Geophysical Services Market, Survey Type Outlook (Revenue – USD Billion, 2019 – 2032)
- Land
- Marine
- Aerial
Geophysical Services Market, Technology Outlook (Revenue – USD Billion, 2019 – 2032)
- Seismic
- Magnetic
- Gravity
- Electromagnetic
- Lidar
- Ground Penetrating
- Other
Geophysical Services Market, Application Outlook (Revenue – USD Billion, 2019 – 2032)
- Road
- Rail
- Port
- Airport
- Pipeline
- Other Applications
Geophysical Services Market, End User Outlook (Revenue – USD Billion, 2019 – 2032)
- Agriculture
- Environment
- Minerals And Mining
- Oil And Gas
- Water Exploration
- Other End Users
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