Dublin, April 24, 2023 (GLOBE NEWSWIRE) -- The "Geophysical Services Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)" report has been added to ResearchAndMarkets.com's offering.
Up from the revenue of nearly US$13.2 Bn attained in 2022, the global geophysical services market is expected to reach the valuation of US$18.9 Bn by the end of 2029.
Increasing demand for gravity, seismic, magnetic, and electromagnetic analytical data is projected to drive the growth of geophysical services market. Oil and gas industry, and mineral and mining projects are likely to generate substantial demand for geophysical data that plays a crucial role in pre-assessment.
The latest report from the analyst suggests a promising growth outlook for the global geophysical services market. Between 2022 and 2029, the market will experience 5.2% growth, forecasts in the report. With geophysical data gaining traction in locating the potential mining reserves, the market will remain on an uptrend through 2029.
Seismic Technology Remains Preferred, Land-based Surveys Sought-after in Geophysical Services Market
Assessment of the geophysical services market by technology shows continued dominance of the seismic technology segment that accounts for more than 53% of revenue share in the market. 3D seismic will especially remain sought-after, says the report, attributing to its high-precision data offerings compared with that of the 2D technology.
The report highlights the other key technology segments besides seismic technology, including magnetic, electromagnetic, gravity, resistivity, gradiometry, radar, LIDAR, and hyperspectral. Based on the market analysis in terms of the end-use industry, the mineral and mining industry is likely to maintain a lion's share of more than 50% throughout the assessment period.
On the other hand, the upstream oil and gas sector is expected to retain a market share of more than 29%. Based on the type of survey, the land-based survey is likely to remain the most preferred category with a revenue share of more than 85%. Soaring demand for land-based survey from oil and gas, agriculture, and water exploration.
Shale Gas Explorations Underpin North America's Lead in Geophysical Services Market
While North America reigns supreme in global geophysical services market, the report attributes this lead to remarkable shale gas explorations.
Besides the US, the report marks significant geophysical survey activity across the basins of Seattle, Houston, Oakland, New York, Florida, and Philadelphia. The US however will continue to surge ahead of all as the nation generates massive demand for seismic services and analytical data. Europe is also a key market banking on the natural gas production leaders, CIS nations, and Russia.
Asia Pacific on the other side has been projected as an emerging lucrative market for geophysical service providers. China leads attributing to the rising expenditure on E&P activity. Moreover, increasing activity in oil and gas, and mineral industries will further strengthen the market attractiveness of China, in turn Asia Pacific.
The geophysical services market across the region will also benefit from rising metal explorations, especially in Australia, and the ASEAN countries.
Key Research Insights and Trends Across Geophysical Services Market
- Massive volume of worldwide oil production highlights the need for efficient geophysical services
- Demand for geophysical services continues to rise high with growing uncertainty hovering over water, energy, and food security
- Mineral and mining segment accounts for more than half the total demand
- Upstream oil and gas sector represents more than 29% value share
- Land-based surveys remain popular with more than 85% market share
- Multi-client data acquisition projects continue to trend geophysical services market
A selection of companies mentioned in this report includes
- Compagnie Generale de Geophysique (CGG)
- Dawson Geophysical Inc.
- EON Geosciences
- GEOTEC SURVEYS
- GSSI Geophysical Survey Systems, Inc.
- New Resolution Geophysics
- Phoenix Geophysics
- SEA GEO SURVEYS PVT LTD
- Spectrum Geophysics
- TGS
For more information about this report visit https://www.researchandmarkets.com/r/gs8bcp
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