London, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The oil and gas industry has been a high-investment sector that contributes a mammoth share toward the world economy. With expanding industry, the need for seismic, gravity, magnetic, and electromagnetic analytical data also continues to rise high. While OFS companies provide the required data through the E&P stages, geophysicists serve the analysis and utilization of this data for generation of the accurate geologic models. Global geophysical services market is expected to grow strong in the next few years as worldwide demand for geophysical data exhibits spike for preassessment application. Fairfield Market Research in its latest published report suggests that the market for geophysical services will also receive tailwinds from the leading mineral and metal mining companies, besides those in the oil and gas industry. The market is all set for a promising rate of growth during 2022 – 2029, taking a leap from the revenue of US$13.2 Bn attained in 2022 to nearly US$18.9 Bn by the end of forecast year. Growing demand for geophysical services to effectively locate the potential reserves further drives the market forward, says the report.
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Key Research Insights
- Global geophysical services market revenue is poised for nearly 5.2% growth between 2022 and 2029
- The average global oil production volume reaches around 4 billion MT, which highlights critical need for geophysical services
- The upstream oil and gas sector accounted for over 29% market share, whereas the mineral and mining segment held over 50% share in 2021
- Land-based surveys continue to lead with over 85% market share
Insights into Segmental Analysis
The end-use industry analysis shows a dominant foothold of mineral and mining, and oil and gas industries. The former accounted for over half the market revenue in 2021 as the segment is responsible for creating a spike in demand for multi-client geophysical/seismic data. The upstream sector of oil and gas industry accounts for over 29% share of the global geophysical services market revenue. Based on the type, land-based geophysical survey remains sought-after and will maintain a lion’s share of over 85% in the market throughout the forecast period. While mineral and mining, and oil and gas industries remain the top end users of land-based surveys, the report also highlights measurable contribution from areas like agriculture, and water exploration. Based on market analysis by technology, seismic technology represents the leading segment on account of growing need for seismic data acquisition. The other key segments include gravity, magnetic, electromagnetic, gradiometry, resistivity, hyperspectral, radar, and LIDAR. The seismic technology category accounts for over 53% market share, says the report, followed by gravity, and magnetic technology.
Key Report Highlights
- Demand for geophysical services will continue to soar in line with the notable surge in annual spend on the risk minimization
- Shooting consumer interest in valued metals like gold, platinum, silver, and titanium will provide a heavy impetus to geophysical services
- The market will largely benefit from yearly rise in global energy demands. Increasing mining exploration budget further uphold market growth
Insights into Regional Analysis
The report reveals a dominant revenue share of North America in 2021 that exceeded 29%. North America will remain a highly lucrative market for geophysical service providers on account of voluminous shale gas explorations in the region, especially in the US. Greater geophysical survey activity across the basins of New York, Oakland, Seattle, Houston, Florida, and Philadelphia are expected to underpin the region’s lead in the global geophysical services market. The US market surges ahead on the back of substantial shale gas explorations that generates significant demand for analytical data, and seismic services. The report further sheds light on Europe’s geophysical services market, witnessing the lead of major natural gas producers, i.e., Russia, and CIS nations. The recent Russia-Ukraine unrest has however held a lasting impact on the overall investments, and other activity across the region’s mining industry. On the other hand, China remains at the forefront in Asia Pacific’s geophysical services market. The market here will benefit from surge in spending on E&P activities, as well as the pacing activity in oil and gas, mineral, and metal exploration, especially in Australia, and ASEAN countries.
Key Players in Global Geophysical Services Market Space
EON Geosciences, TGS, Phoenix Geophysics, Sea Geo Surveys Pvt. Ltd., New Resolution Geophysics, Compagnie Générale de Géophysique (CGG), Geotec Surveys Ltd., Dawson Geophysical Inc., GSSI Geophysical Survey Systems, Inc., Spectrum Geophysics
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2022 | US$13.2 Bn | |
| Estimated Market Size in 2029 | US$18.9 Bn | |
| CAGR | 5.2% | |
| Key Players | GSSI Geophysical Survey Systems, Inc., EON Geosciences, Phoenix Geophysics, TGS, Sea Geo Surveys Pvt. Ltd., Compagnie Générale de Géophysique (CGG), Geotec Surveys Ltd., New Resolution Geophysics, Dawson Geophysical Inc., Spectrum Geophysics | |
Market Segmentation
Global Geophysical Services Market is Segmented as Below:
By Type Coverage
- Aerial-based
- Land-based
By End-user Coverage
- Mineral & Mining
- Upstream Oil & Gas
- Agriculture
- Water Exploration
- Others
By Technology Coverage
- Magnetic
- Gradiometry
- Gravity
- Electromagnetic
- LIDAR
- Hyperspectral
- Ground Penetrating Radar
- Resistivity
- Seismic
- Others
By Geographical Coverage
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- India
- Australia
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Kuwait
- Qatar
- South Africa
- Rest of Middle East & Africa
Leading Companies
- TGS
- EON Geosciences
- Phoenix Geophysics
- New Resolution Geophysics
- SEA GEO SURVEYS PVT LTD
- Compagnie Générale de Géophysique (CGG)
- Dawson Geophysical Inc.
- GEOTEC SURVEYS
- Spectrum Geophysics
- GSSI Geophysical Survey Systems, Inc.
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Type-wise Analysis
- Technology-wise Analysis
- End User-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
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