PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1191468
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1191468
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 preassessment. The latest January report of Fairfield Market Research suggests a promising growth outlook for the global geophysical services market. Up from the revenue of nearly US$13.2 Bn attained in 2022, global geophysical services market is expected to reach the valuation of US$18.9 Bn by the end of 2029. Between 2022 and 2029, the market will experience 5.2% growth, forecasts the report. With geophysical data gaining traction in locating the potential mining reserves, the market will remain on an uptrend through 2029 end.
Assessment of the geophysical services market by technology shows continued dominance of seismic technology segment that accounts for more than 53% 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 analysis of market in terms of end-use industry, the mineral and mining industry is likely to maintain a lion's share of more than 50% throughout the period of assessment. On the other hand, the upstream oil and gas sector is expected to retain the market share of more than 29%. Based on the type of survey, land-based survey is likely to remain the most preferred category with revenue share of more than 85%. Soaring demand for land-based survey from oil and gas, agriculture, and water exploration.
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.
Phoenix Geophysics, EON Geosciences, TGS, Sea Geo Surveys Pvt. Ltd., Compagnie Generale de Geophysique (CGG), New Resolution Geophysics, Geotec Surveys Ltd., GSSI Geophysical Survey Systems, Inc., Dawson Geophysical Inc., and Spectrum Geophysics are some of the leading company names spearheading the competitive landscape of global geophysical services market.