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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"Geophysical Services Market "
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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