Press Release

North America is Expected to Dominate the Geophysical Services Market until 2028

Increasing hydrocarbons explorations and increasing demand for geophysical technologies are expected to drive the Global Geophysical Services Market during the forecast period of 2024-2028.


According to TechSci Research report, Geophysical Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the Global Geophysical Services Market is anticipated to register a robust growth during the forecast period, 2024-2028” owing to factors such as wide variety of applications like mineral exploration, groundwater exploration, petroleum exploration, etc. and increasing demand for oil and gas are expected to augment the Global Geophysical Services Market.

Moreover, because of the environmental rules implemented by governments of various nations, it is expected that demand for geophysical services for mineral extraction will rise. The mining industry's increased investments in geophysics and the high demand for geophysical data acquisition services are expected to drive the geophysical services market over the forecast period. Over the following five years, a rise in crude oil prices is also expected to contribute to the expansion of the global geophysical services market.

Furthermore, geohazards are one of the major challenges faced by the geophysical services market. Earthquakes, landslides, collapses, debris flows, and ground collapses are examples of geohazards that can cause significant harm or risk. Sometimes, mining operations cause earthquakes, which can cause mine roofs to collapse. Failure of geophysical equipment, such as microseismic monitoring equipment, can result in geohazards, which will restrain the growth of the geophysical services market.

In addition, during the COVID-19 epidemic, the government and corporate organizations invested heavily in finding undiscovered hydrocarbon reserves to meet the rising demand for oil and gas, thus opening up profitable market prospects.


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Global Geophysical Services Market is segmented on the basis of technology, type, service, end user, and region.

On the basis of technology, seismic is the dominating segment in the Global Geophysical Services Market because the most typical geophysical techniques used in engineering investigations are seismic procedures. Engineers and geologists can obtain the most fundamental geology information from seismic refraction using straightforward processes and accessible tools. Additionally, seismic technology has many benefits, including the ability to directly identify hydrocarbons in some circumstances and detailed photographs of structural elements existing in the subsurface that can be used to designate stratigraphic and in some cases, depositional characteristics.

On the basis of regional analysis, North America is emerging as the global leader in the Global Geophysical Services Market owing to the increasing exploration activities in unconventional reserves are one of the major factors driving the market during the forecast period. Also, demand for high quality data using 4D for improved reservoir performance is expected to drive the market, as 4D seismic is a well-established technology, and it is making a valuable contribution to the production and development of hydrocarbons across the region. On the other hand, the sharp decline in oil prices, resulting in spending cuts and project delays across the region, especially in the oil and gas sector is expected to restrain market growth.

 

Major market players operating in the Global Geophysical Services Market are:

  • EON Geosciences Inc.
  • 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

 

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“The urbanization that has resulted from the fast industrialization of society has increased demand for manufacturing and electricity generation, which has increased demand for coal and mineral metals. Demand for geophysical services in the mining industry has been spurred by the existence of a market for coal and mineral metals. Another element influencing the need for geophysical services is the existence of the demand for wind turbines as a result of a rise in the demand for green energy in developing nations.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Geophysical Services Market - Global Industry Size, Share, Trends, Opportunities, and Forecast, 2018-2028, Segmented By Technology (Seismic, Magnetic, Gravity, Electromagnetics, LIDAR, Ground Penetrating, Others), By Type (Aerial Based Survey, Land Based Survey), By Services (Data Processing, Data Interpretation, Data Acquisition), By End User (Agriculture, Environment, Minerals & Mining, Oil & Gas, Water Exploration, Others), By Region, Competition”, 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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