Wilmington, Delaware, May 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Geophysical Services Market by Technology (Seismic, Magnetic, Electromagnetic, Gravity, LIDAR, and Others), Type (Aerial-based Survey, Marine-based Survey, and Land-based Survey), and End-Use (Minerals and Mining, Oil and Gas, Wind Energy, Water Exploration, Archaeological Research, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the geophysical services market was valued at $16.2 billion in 2023 and is estimated to reach $24.5 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
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Prime determinants of geophysical services market growth
The global geophysical services market is experiencing growth due to several factors such as increase in demand for precious minerals, growth in investments in oil & gas exploration, and growth in focus on renewable energy resources. However, the high cost of geophysical data acquisition and economic fluctuation affecting the investments hinder the market growth. Moreover, the offshore exploration activities and integration of AI and machine learning in geophysical services are expected to provide opportunities for expanding the geophysical services market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $16.2 billion |
| Market Size in 2033 | $24.5 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 330 |
| Segments Covered | Technology, Type, End-Use, and Region |
| Region Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Country Scope | U.S., Canada, Mexico; Germany; the UK; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Saudi Arabia; and South Africa. |
| Drivers |
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| Opportunity |
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| Restraint |
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The lidar segment is expected to grow faster throughout the forecast period.
By technology, the seismic segment held the highest market share in 2023, accounting for more than two-fifths of geophysical services market revenue. Seismic technology dominates the geophysical services market due to its unparalleled depth penetration and resolution, providing detailed insights into subsurface structures crucial for oil and gas exploration and production, ensuring high investment returns in these sectors. However, the lidar segment is projected to manifest the highest CAGR of 5.7% from 2024 to 2033. LiDAR technology is growing rapidly in the geophysical services market because of its ability to generate precise, high-resolution three-dimensional images of the Earth's surface, crucial for environmental monitoring, urban planning, and renewable energy projects. Its efficiency and accuracy in varied terrains support its increasing adoption.
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The aerial-based survey segment is expected to grow faster throughout the forecast period.
By type, the marine-based survey segment held the highest market share in 2023, accounting for more than two-fifths of the geophysical services market revenue.
Marine-based surveys dominate the geophysical services market due to the extensive exploration and production activities in offshore oil and gas sectors. These surveys are crucial for mapping seabed mineral deposits and understanding marine geology, which are essential for the development of underwater resources. However, the aerial-based survey is projected to manifest the highest CAGR of 4.8% from 2024 to 2033. Aerial-based surveys are growing rapidly in the geophysical services market because they provide a quick and comprehensive way to collect data over large and inaccessible areas. Advances in drone technology and aerial sensors have significantly reduced costs and improved the resolution and accuracy of data, making them increasingly popular for environmental and resource mapping.
The others segment is expected to grow faster throughout the forecast period.
By end-use, the oil & gas segment held the highest market share in 2023, accounting for more than two-fifths of the geophysical services market revenue. The oil & gas end-use dominates the geophysical services market due to the sector's high reliance on subsurface exploration to locate hydrocarbon reserves, necessitating extensive geophysical data to guide drilling decisions and optimize resource extraction. However, the others segment is projected to manifest the highest CAGR of 5.8% from 2024 to 2033. Other end-uses in the geophysical services market are growing rapidly as industries such as mineral mining, civil engineering, and environmental assessment increasingly require detailed underground mappings to support sustainable practices and ensure compliance with environmental regulations, thus driving the demand for advanced geophysical services.
North America is expected to dominate the market by 2033
By region, North America held the highest market share in 2022, accounting for more than two-fifths of the geophysical services market revenue, and is estimated to dominate during the forecast period. North America dominates the geophysical services market due to advanced technological infrastructure, substantial investments in mineral and oil exploration, and stringent environmental regulations driving the need for non-invasive exploration methods. However, Asia-Pacific is projected to manifest the highest CAGR of 5.0% from 2024 to 2033. Asia-Pacific is experiencing rapid growth in the geophysical services market because of increase in energy demands, extensive infrastructure development, and significant government initiatives to explore and exploit underground natural resources efficiently and sustainably.
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Leading Market Players: -
- Schlumberger
- CGG
- Petroleum Geo-service
- TGS
- Shearwater Services
- Dawson Geophysical Company
- Fugro
- SGS SA
- EON Geosciences
- Ramboll Group A/S
- Getech
- NUVIA Dynamics Inc.
- Spectrum Geophysics
- Abitibi Geophysics
- Xcalibur Multiphysics
The report provides a detailed analysis of these key players in the geophysical services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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