Pune, Jan. 28, 2021 (GLOBE NEWSWIRE) -- The global geochemical services market is likely to derive growth form recent advancements in hydrocarbon exploration. According to a report by Fortune Business Insights, titled “Geochemical Services Market Size, Share and Global Trend by Method (Laboratory Based & In-field Based), By End User (Mineral and Mining, Oil and Gas, Archaeological Survey and Others), and Geography Forecast till 2026,” the market will benefit from growing company collaborations.
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Geochemical surveys are conducted to study the temperature and pressure of a geochemical environment. This helps to locate the resources as well as determine the chemical components. Additionally, it can also be used to determine stability of various minerals and fluids present in the geochemical environment. Geochemical services possess the ability to determine the probabilities of minerals and hydrocarbons, which in turn help save a lot of time as well as money. The report encompasses several factors that create opportunities for the growth of the global geochemical services market, in addition to factors that have a direct impact on market growth. Geochemical services provide accurate data that aids in selecting the proper site for exploration of metals, oil and gas, and other minerals. The growing demand for ores, minerals, oil and gas, and other resources will create a greater adoption of geochemical services across the world.
Growing Inter-country Agreements Will Enable Market Growth
The growing awareness regarding geochemical exploration has opened the doors for growth of the companies operating in the geochemical services market. Resulting from the high demand for minerals, several countries have collaborated to enhance hydrocarbon exploration. In April 2018, India and Morocco signed a Memorandum of Understanding (MoU) to promote geochemical activities in order to explore the untapped resources. The MoU was signed with the aim of development of geological resources and enhance the infrastructure of geoscience. Additionally, the MoU will enable the countries to strengthen geological research sources. The MoU further states that it will conduct geological research and related studies with the help of investments and funding through public as well as private sector. The report focuses on key collaborations as well as mergers and acquisitions (M&As) that have helped companies generate a substantial amount of geochemical services market value in recent years.
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Asia Pacific is Dominating the Global Market Backed by its Immense Production Capability
The report provides segmentation of the global geochemical services market based on method, end users, and regional demographics. Among all regions, Fortune Business Insights predicts that the geochemical services market in the Asia Pacific is likely to witness considerable growth in the coming years due to its huge repository of minerals, oil and gas, ores, and other resources. Additionally, the heft budget allocations towards the research and development of geochemical resources will favor the growth of the market in the Asia Pacific. Additionally, the exceptional advancements in the field of construction, aviation, and automobile have created a huge demand several types of metals as well as hydrocarbons in this region. The aforementioned factors will aid the growth of the geochemical services market in the Asia Pacific in the forthcoming years.
Fortune Business Insights profiles a few of the prominent geochemical services market companies that have contributed to significant market growth in recent years. Some of the leading companies that are operating in the global geochemical services market are Intertek Group, Infineum International, SGS SA, ALS Global, Weatherford International, Shiva Analyticals, Actlabs Group, Alex Stewart International, Agat Laboratories, Strother Services, Enviros Group, GeoMark Research, and Premier Oilfield Laboratories.
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Key Industry Developments
- In March 2019, SGS SA pleased to announce the launching of FAST (Field Analytical Services and Testing) solutions for the metal and mining industry. Fast provides real-time data acquisition in the field by pairing portable instrumentation and machine learning. It will provide the data within 24-48 hours and enable real-time decision-making capabilities for operators.
- In September 2018, Leading Indian laboratory company Shiva Analytics has been acquired by Cotecna Inspection S.A. Shiva Analytics provides a range of services in numerous sectors including food & beverages, minerals & ores, fuel & oils and industrial hygiene.
- In April 2018, A MoU (Memorandum of Understanding) has been signed between India and Morocco to promote cooperation in the field of mining and geology for a period of 5 years. The main focus of MoU would be on the development and geological infrastructure for geoscience maps and geochemical maps.
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Some of the leading companies that are operating in the global geochemical services market are
- Intertek Group
- Infineum International
- SGS SA
- ALS Global
- Weatherford International
- Shiva Analyticals
- Actlabs Group
- Alex Stewart International
- Agat Laboratories
- Strother Services
- Enviros Group
- GeoMark Research
- Premier Oilfield Laboratories
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