Major players in the geophysical service market are Schlumberger, TGS Geophysical Company (UK) Ltd, CGG Geoscience company, Ion Geophysical, Polarcus Ltd, Geokinetics, Halliburton Company, Dawson Geophysical Services, EON Geosciences Inc., Geophysical Survey Systems Inc., Phoenix Geophysics, Sea Geo Surveys Pvt Ltd., Spectrum Geophysics, Geotech Survey, P.G.S., BGP Inc., Fugro, SA Exploration, Seabird Exploration, EMGS, Geospace Technologies, COSL-China Oilfield Services Limited, New Resolution Geophysics (NRG), Paradigm, Ramboll Group AS, Sercel SA, IRIS Instruments, DMT Gmbh and Co.KG., Petroleum Geo Services, Geoex Ltd and IG Seismic Services.
The global geophysical services market will grow from $14.15 billion in 2022 to $14.67 billion in 2023 at a compound annual growth rate (CAGR) of 3.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The geophysical services market is expected to grow to $16.41 billion in 2027 at a CAGR of 2.8%.
The geophysical services market consists of revenue earned by entities by providing services such as locating and measuring the extent of subsurface resources, such as oil, gas, and minerals, and also conduct surveys for engineering purposes.The surveying techniques include magnetic surveys, gravity surveys, seismic surveys, or electrical and electromagnetic surveys.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The geophysical services specialize in locating and measuring the number of resources such as minerals, oil, and gas, assessing earthquake hazards, investigating subsurface for engineering structures, investigating archeological sites, and imaging the subsurface for environmental hazards.
North America was the largest region in the geophysical services market in 2022.Western Europe was the second largest region in the geophysical services market.
The regions covered in the geophysical service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of surveys in geophysical services are land, marine, and aerial.Land surveying is the art and science of creating or reinforcing real property (land) corners, lines, borders, and landmarks based on documented documents, historical data, and current practise standards.
The different technologies include seismic, magnetic, gravity, electromagnetic, lidar, ground penetrating, and others and are used in various applications such as roads, rails, ports, airports, pipelines, and others. The several sectors include agriculture, the environment, minerals and mining, oil and gas, water exploration and others.
Growing exploration activities are contributing to the growth of the geophysical services market.Mineral exploration aims to discover deposits of minerals and rocks that can be used to meet the resource needs of society, which could be fulfilled by geophysical services.
According to the Australia Bureau of Statics, released in August 2020, in the first quarter of June 2020, mineral exploration expenditure rose 11.91%, or $72.7 million, to $683.3 million. As per Gold Mining Report of the World Gold Council, the gold mines production of India could rise to 20 tonnes per year from 1.6 tonnes in 2020. Total mine production in Australia rose by 3% y-o-y due to higher production at a few mines. Thus, the rise in production and exploration in different sectors by using geophysical devices is paving the way for the growth of the geophysical services market.
Geohazards are one of the major challenges faced by the geophysical services market.Geohazards include earthquakes, landslides, collapses, debris flows, and ground collapses, which may lead to widespread damage or risk.
Mining activities sometimes lead to earthquakes, which can lead to the collapse of roofs in mines.At least 19 people died and many were injured due to the collapse of the marble mine at Zairat Ghar Mountain in Pakistan.
Similarly, in March 2022, 14 workers died in China’s Sanhe Shunxun coal mine due to a roof shaft collapse. Failure of geophysical devices such as microseismic monitoring devices can lead to geohazards and thus limit the growth of the geophysical services market.
Geophysical service providers are using drones to conduct aerial geophysical surveys.Estimating the variety of key physical or geochemical boundaries of the earth by means of air is conducted through aerial/airborne geophysical surveying.
Drones used for surveying are equipped with a magnetometer and other sensors such as electromagnetic, gamma-ray, spectrometry, magnetic, and gravity to get clear and productive results from the survey.In June 2020, Terremys, a startup company, launched a lightweight UAV (Unmanned Aerial Vehicles) magnetic survey technology which will allow multi-scale aeromagnetic surveys using a measuring system weighing less than 500 grams.
AeroVision Airborne Geophysics (Drone-MAG) is an innovative product of Abitibi Geophysics which provides low-altitude aeromagnetic surveys, creating high-resolution data at regular intervals at a fraction of the cost of the ground mag.
In September 2020, Liberty Oilfield Services, a US-based oilfield service company, acquired the hydraulic fracturing arm of Schlumberger Ltd. for $448 million. With the help of this deal, Liberty will gain the OneStim business unit of Schlumberger and expand its technology portfolio in geophysical services. Schlumberger is a US-based company providing services in oilfields, geophysics, and others.
The countries covered in the geophysical services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The geophysical services market research report is one of a series of new reports that provides geophysical services market statistics, including geophysical services industry global market size, regional shares, competitors with a geophysical services market share, detailed geophysical services market segments, market trends and opportunities, and any further data you may need to thrive in the geophysical services industry. This geophysical services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.