North America to Continue its Dominance in Geophysical Services Market
Rising demand for precious
metals such as gold, platinum, titanium, and silver and matured hydrocarbon
reserves along with reduced rig count is expected to drive global geophysical
services market through 2024
According to
TechSci Research report, “Global Geophysical
Services Market By Technology, By Type, By
Services, By End User, By Region, Competition, Forecast & Opportunities,
2024”, the global geophysical services market is projected
to cross $ 16 billion by 2024. Geophysical services are witnessing increasing adoption
on account of growing investments in mineral & mining industries, rising
instability in crude oil prices and increasing demand of aerial-based
geophysical surveys. Moreover, the matured hydrocarbon reserves are impelling
the oil & gas exploration activities. Furthermore,
the improvement in crude oil prices are expected to bring new project, that are
likely to propel the demand for geophysical surveys, therefore driving the
global geophysical services market during the forecast period.
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The global geophysical services
market is segmented based on based on technology, type, services, end user,
region and company. Based on technology, the market can be fragmented into
Seismic, Magnetic, Gravity, Electromagnetics, LIDAR, Ground Penetrating, and Others. The Seismic technology segment is expected to
hold a significant market share during forecast period on account of its
widespread use in oil & gas industry for making critical exploration and
reservoir decisions. Based on type, the market can be bifurcated into Aerial
Based Survey and Land Based Survey. The land-based surveys are expected to
dominate the market during forecast period owing to the surging demand for
seismic surveys in the oil & gas industry. Based on end user, the market
can be categorized into Agriculture, Environment, Minerals & Mining, Oil
& Gas, Water Exploration and Others. The oil & gas segment is anticipated
to lead the market during the forecast period owing to increasing investments
in the mining industry.
Dawson Geophysical Inc., Geotech
Ltd., Compagnie Générale de Géophysique (CGG), TGS-NOPEC Geophysical Company
L.P., Spectrum Geo Inc., Geophysical
Survey Systems, Inc., Sea Geo Surveys Pvt Ltd, ION Geophysical Corporation,
Phoenix Geophysics Limited and others are some of the leading players operating in global geophysical
services market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share.
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“North America
is expected to be the largest and fastest growing market during the forecast
period, owing to rise in mineral exploration activities and a high number of
geophysical survey activities in the region. The US dominates the geophysical
services market for mineral & mining in North America, led by the high
number of geophysical survey activities in areas such as basins of Oakland,
Houston, Seattle, Florida, New York, and Philadelphia. Additionally, Canada is among
the largest exporters of minerals and metals, globally.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Geophysical Services Market By Technology, By Type, By Services, By End User, By
Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global geophysical
services market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global geophysical services market.
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