Geophysical Equipment Market to be Led by Seismic Technology Segment Through 2028
Growing demand for oil/gas
and the development of geophysical techniques are the factors propelling the Global
Geophysical Equipment Market in the forecast period.
According to TechSci Research report, “Geophysical Equipment Market - By Region,
Competition Forecast & Opportunities, 2018-2028,”
the Global Geophysical Equipment Market is expected to register robust growth during the
forecast period, 2023-2028. Over the forecast period, the oil and gas industry will continue to
dominate the market. The recent slump in the oil and gas sector had a detrimental
impact on the geophysical equipment and market. The United States is
conducting more geophysical surveys, which is helping to expand the market
there. A projected plan for the fiscal year 2019 also predicts that the
country's geophysical survey budget would get USD 1.16 billion.
During the forecast period, North America
is anticipated to lead the market for geophysical equipment. This results mainly
from investments in exploration-related activities. In
the United States, more and more geophysical surveys are being conducted, which
helps the market in this country grow. According to a suggested plan for the
fiscal year 2019, the nation's geophysical survey budget is anticipated to
receive USD1.16 billion. The Mexican government has recently made
several blocks available for exploration. After multiple block offers, 70 oil
and gas operators entered the nation due to the upstream sector's deregulation.
This
increased the need for geophysical equipment to perform several tasks due to
which the market is expected to grow in the forecast period.
Companies now have a tough time producing hydrocarbons because
they must adhere to numerous government laws and regulations about toxicity and
environmental trade-offs. The oil exploration industry is becoming commercially
unviable due to these stricter laws.
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The Global Geophysical
Equipment Market is segmented based on equipment type, end user, service
type, survey, regional distribution and competitive landscape. Based on service type, the market is separated into multi-client
data acquisition, contractual data acquisition, and image processing.
The market is divided into electrical
resistivity, electromagnetic, seismic, and others based on equipment type. In comparison to other categories of geophysical
equipment, the need for seismic equipment is substantially larger. An increase
in seismic survey expenditure is driving demand for seismic equipment by
several end-user sectors, including mining and oil & gas. Seismic surveys
are also increasing demand for monitoring mining, hydraulic fracturing, waste
injection, waste storage, and reservoir life.
Based on end user, the market is divided into
mining, oil & gas exploration, geothermal exploration, groundwater
exploration, and others. Due to its enormous contribution to economic growth, the
oil and gas exploration industry controls the most significant portion of the
market. The geophysical survey to precisely discover the oil, natural gas, and
other energy sources required to fulfill the rising demand would probably
result in a dominating share in the oil & gas business in the forecast
period due to increased hydrocarbon exploration. The
enormous demand for minerals and metals from the manufacturing and chemical
sectors accounts for a sizeable portion of the market share for minerals and
mining.
Based on survey, the market is split into land-based,
marine-based, and aerial-based. Due to its broad usage in mining and rising
hydrocarbon exploration, the land-based survey held the dominant share. The
marine based survey also accounts for a sizeable portion of the market. Its
application in gathering physical property data to comprehend the geology of
the seabed and sub-seafloor might aid in identifying subsurface circumstances,
which are anticipated to expand each year rapidly.
Major market players in the Global Geophysical
Equipment Market are: -
- Phoenix Geophysics
- IRIS Instruments
- Geotech Ltd
- Sercel SA
- CSA Global
- Ramboll
Group A/S
- DMT
- Dawson Geophysical, Inc
- Geoex Ltd
- Schlumberger Limited
- BGP Inc
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"Finding new
sources of hydrocarbons is extremely important and valuable due to the rapidly
diminishing oil and gas reserves. As a result, the need for geophysical equipment
in the oil and gas sector is anticipated to rise. The expanding applications of
environmental geophysics are positively impacting the market for geophysical equipment.,"
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
Geophysical Equipment Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast. 2018-2028 Segmented By Equipment Type (Electrical
Resistivity, Electromagnetic, Seismic, Others), By End User (Mining, Oil &
Gas Exploration, Geothermal Exploration, Groundwater Exploration, Others), By
Service Type (Multi-client Data Acquisition, Contractual Data Acquisition, and
Image Processing), By Survey (Land-based, Marine-based, Aerial-based), By
Region,” has evaluated the future growth potential
of Geophysical Equipment 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 Geophysical Equipment Market .
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