Pune, India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The geophysical services market size to hit USD 20.55 billion by 2029. The global market size was valued USD 12.65 billion in 2021 and USD 13.12 billion in 2022. Increasing adoption of geophysical software to augment the market growth globally.
Industry Development:
June 2021: TGS announced a partnership with PGS towards commencing the acquisition of the Cape Anguille 3D program. This program covers opening access towards the Orphan Basin, which has potential Cretaceous and Tertiary infill depocenters and further includes long offset acquisition between Kirchhoff 3D PSTM volume and PGS’s Reform Titan.
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Geophysical Services Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 6.6% |
| 2029 Value Projection | USD 20.55 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 12.56 billion |
| Historical Data for | 2015-2017 |
| No. of Pages | 300 |
| Segments covered | By Technology, Survey Type, End-user, and Region |
| Growth Drivers | Increasing Adoption of Digital Transformation to Drive Geophysical Software Service Market |
| Rising Focus on Optimizing Cost of Process Drives Market Growth |
Drivers & Restraints:
Rising Adoption of Technology & Technological Advancements to Bolster Market Growth
Factors such as the rising adoption of digital services by the oil & gas sector and rising performance improvement through integration of services will boost the geophysical services market growth during the forecast period. Additionally, the emergence of new technologies and the added functionality of analyzing data in real-time will further push the market towards a greater growth rate. Also, increasing urbanization and increasing investment towards exploration & production activities will fuel the growth of the market.
COVID-19 Impact
Disruptions in Supply Chains & Decreased Economic Slowdown Impede Market Growth During Pandemic
The ongoing pandemic severely affected the exploration & production (E&P) industry severely by crunching supply and disrupting supply chains. An increased supply of oil & gases resulted in a decline in pricing, which led to a decrease in the market. Additionally, rules imposed by various governments regarding lockdown and restricting people’s movement further put a dent in the growth rate of the market. Dominant players had to work minimal workforce or reduce budgets in order to stay operations in this demanding market. This further drained the demand for geophysical services during the forecast period.
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Segmentation of Report:
- Based on technology, the market can be divided into seismic, magnetic, electromagnetic, gradiometry, gravity, borehole logging, and others.
- By survey type, the market can be broken down into land, marine, and aerial.
- With respect to end-user, the market can be segmented across oil & gas, minerals & mining, agriculture, water exploration, and others.
- In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
Regional Insights
North America to Hold Dominance During Forecast due to Extensive Exploration Activities
North America will witness the largest geophysical services market share during the forecast period due to rising exploration & production activities and increasing investments from government and private entities. Additionally, an expanding mining industry, adds to the volume of the market.
Europe will occupy a substantial market share in terms of global contribution due to rising hydrocarbon exploration and increasing energy demand from emerging economies including the U.K., Norway, Russia, and others.
The Asia Pacific will hold significant market value due to rising demand for consumer goods and increasing demand for metals & minerals.
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Competitive Landscape
Product Development & Mergers to Implore Dominant Players to Grab Lucrative Opportunities
The sector of geophysical services is extremely shattered with dominant players occupying the lion’s share. Product development remains at the forefront, as players are investing heavily towards R&D to attract a wider base of consumers. Smaller players are often trying to gain a competitive edge by launching a new category of products. For example, in January 2022, TGS announced a strategic collaboration with WesternGeco by continuing their ultra-long offset ocean-bottom node (OBN) in the Gulf of Mexico. Players are also focused on improving market share by integrating various strategic tactics such as mergers & acquisitions and collaborations with like-minded organizations.
List of Key Players Present in the Market
- Schlumberger (U.S.)
- CGG (France)
- PGS (Norway)
- TGS (Norway)
- Halliburton (U.S.)
- Fugro (Netherlands)
- COSL- China Oilfield Services Limited (China)
- Weatherford International (U.S.)
- Gradline Limited (U.K.)
- SAExploration (Norway)
- Dawson Geophysical (U.S.)
- ION Geophysical (U.S.)
- Paradigm (U.S.)
- EGS Survey Pty Ltd (Australia)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Industry Development
- Insight on Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Geophysical Services Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Geophysical Services Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
- Key Findings
- Market Analysis, Insights and Forecast – By Technology
- Seismic
- Magnetic
- Electromagnetic
- Gradiometry
- Gravity
- Borehole logging
- Others
- Market Analysis, Insights and Forecast – By Survey Type
- Land
- Marine
- Aerial
- Market Analysis, Insights and Forecast – By End-user
- Oil & Gas
- Mining & Minerals
- Agriculture
- Water Exploration
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Company Market Share Analysis, 2021
- Company Profile
- Schlumberger
- Business Overview
- Product Application, & Services
- Financials (Based on Availability)
- Recent Developments
- Schlumberger
Continued…
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