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Geophysical Services Market Projected to Surpass US$18.9 Billion by 2029 with a CAGR of 5.2%
The global geophysical services market, estimated to be worth over US$13.2 billion in 2022, is poised for substantial growth, with a projected CAGR of 5.2% through the end of 2029. By 2029, the market is expected to exceed a valuation of US$18.9 billion.
Rising Demand for Geophysical Data Drives Investments in Geophysical Services:
The global energy landscape is evolving, with the oil and gas industry playing a central role. This industry relies heavily on analytical data, including seismic, magnetic, gravity, and electromagnetic data, provided by oilfield service (OFS) companies during exploration and production (E&P). Geophysical services, offering essential data for pre-assessment and risk analysis, are witnessing increasing demand. Furthermore, the mining and mineral exploration sectors also require geophysical services to identify potential reserves, contributing to the growth of the market.
Increasing Expenditure for Risk Mitigation Boosts Geophysical Services Market:
Rising investments in mining and exploration, driven by the growing demand for precious metals like gold, platinum, titanium, and silver, are propelling the geophysical services market. Additionally, the focus on onshore areas, particularly for shale gas reserves, is increasing the demand for geophysical services. In the United States, the exploration of shale gas reserves is a significant driver of geophysical services, fostering market expansion.
Investments in Renewable Energy Impact Geophysical Services Market:
While the demand for energy continues to grow, concerns about carbon emissions and the transition to renewable energy sources have led to investments in the renewable energy sector. This transition may pose challenges to the geophysical services market, particularly in terms of demand from the oil and gas industry.
Dominant End-User Segments:
- Mineral and Mining, and Oil and Gas: The mineral and mining segment, along with the oil and gas industry, accounted for significant shares in the geophysical services market in 2021. The need for geophysical data acquisition is high in these sectors, contributing to their dominance.
- Land-Based Surveys Lead: Land-based surveys represent the majority of the geophysical services market, with applications in mineral exploration, hydrocarbon sources, oil and gas reserves, and environmental assessments. These surveys provide crucial data for understanding subsurface conditions.
Seismic Technology Dominates:
- Seismic Technology: Seismic technology is the leading segment in the geophysical services market, capturing more than 53% of the global market share. It plays a pivotal role in the oil and gas industry, offering essential data for exploration and risk assessment.
Asia Pacific Emerges as a Strong Market:
- North America: In 2021, North America dominated the global geophysical services market, with the United States leading due to extensive shale gas exploration. Investments in shale gas reserves have driven geophysical services in the region.
- Asia Pacific: China leads the geophysical services market in Asia Pacific, with increasing mining and exploration activities driving demand. The region is expected to witness significant growth, supported by mineral, oil and gas exploration activities.
Global Geophysical Services Market: Competitive Landscape:
Key players in the global geophysical services market include TGS, EON Geosciences, Phoenix Geophysics, New Resolution Geophysics, Sea Geo Surveys Pvt. Ltd., Compagnie Generale de Geophysique (CGG), Dawson Geophysical Inc., Geotec Surveys Ltd., Spectrum Geophysics, and GSSI Geophysical Survey Systems, Inc. The market is characterized by consolidation, with several geophysical survey-based data acquisition companies operating worldwide.
Browse Global Geophysical Services Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 (By Type Coverage, By End-user Coverage, By Technology Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/geophysical-services-market
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This press release first seen on Brilad