Global demand for geophysical services soars as a growing number of mineral and mining, and oil and gas projects require geo-analytical data for preassessment. Fairfield Market Research in its new report forecasts a promising growth outlook for the geophysical services market during 2022 – 2029. The market that attained an estimated revenue of US$13.2 Bn in 2022 is projected to reach nearly US$18.9 Bn toward the end of 2029. The report expects the market to exhibit approximately 5.2% growth between the years of assessment and majorly attributes the same to the increasing significance of geophysical data in locating the potential mining reserves. While aggravating concerns around food, water, and energy security remain the strongest push factor for geophysical services market, the uncertainty that hovers over mineral, oil, and water reserves also paves the way for demand generation. This will drive investments to the geophysical services market, says the report.
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Demand for Seismic Technology Higher, Land-based Survey Represents the Most Sought-after Category
Maintaining the revenue share of over 50%, the mineral and mining industry remains the leading end-use industry in global geophysical services market. The report further reveals over 29% market share of the upstream oil and gas sector. Based on technology, demand for seismic technology continues to be the highest, i.e., over 53%, says the report. The 3D survey technology has gradually come to the fore as a substitute for the 2D technology in the geophysical services market. The report attributes this to high-precision data offerings of 3D technology. Market analysis in terms of the type of survey shows continued dominance of land-based survey that currently accounts for over 85% revenue share in global geophysical services market. Besides oil and gas industry, the water exploration, and agriculture industries are highlighted as the key demand generators for land-based survey.
North America Reigns Supreme as Significant Geophysical Survey Activity Prevails
The exceptional pace of shale resource explorations keeps the buoyancy of market in the US. North America thus remains the top performing region in global geophysical services market. The report also attributes the lead of this region to the substantial geophysical survey activity across the basins of New York, Houston, Seattle, Oakland, Philadelphia, and Florida. The US is expected to reign supreme throughout the period of projection on account of the significant demand generated for seismic analytical data. On the other hand, Europe’s leading position in natural gas industry makes the region an important market for geophysical service providers. Led by China, Asia Pacific is also expected to emerge lucrative on the back of soaring E&P investments. Dynamic activity across oil and gas, mineral, and metal industries will also strengthen the case for Asia Pacific’s geophysical services market, projects the report.
Geophysical Services Market – Competitive Landscape Analysis
As most end users showcase preference for multi-client seismic/geophysical data reports, the leading geophysical service providers have been emphasizing multi-client data acquisition projects that let them enjoy improved profit margins against relatively low initial investments. The report has covered in the report some of the leading vendors in global geophysical services space with an intent to reveal the key strategic developments in industry, and growth strategies of leaders. A few of the players that have been considered for detailed company profiling include GSSI Geophysical Survey Systems, Inc., Phoenix Geophysics, EON Geosciences, TGS, Compagnie Générale de Géophysique (CGG), Sea Geo Surveys Pvt. Ltd., Geotec Surveys Ltd., Dawson Geophysical Inc., New Resolution Geophysics, and Spectrum Geophysics.
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