Pune, Dec. 10, 2019 (GLOBE NEWSWIRE) -- The global Geophysical Service Market size was USD 14.43 billion in 2018 and is projected to reach USD 20.59 billion in 2026, exhibiting a CAGR of 4.6% during the forecast period. Rising demand for oil will be the key driver of growth for this market in the given period. According to the International Energy Agency (IEA), by 2023, the global oil demand will increase by 7% from current levels, with India and China contributing to 50% of this demand. The factor underpinning this rise is the stable growth of world economy. The International Monetary Fund (IMF) estimates that the global economy is set to grow at 3.9% till 2023, with almost all regions performing well. Oil being a key growth driver, especially for developing economies such as India, increasing demand for it is a strong indicator of healthy economic development. Thus, oil and gas exploration activities will gather momentum, creating the need for advanced geophysical service equipment for locating these resources as accurately as possible.
Fortune Business Insights, in its report, titled “Geophysical Service Market Size, Share & Industry Analysis, By Technology (Seismic, Magnetic, Gradiometry, Gravity, Electromagnetic, Hyperspectral, Resistivity, and LIDAR), By End-User (Oil & Gas, Mineral & Mining, Agriculture, Water Exploration, and Others), By Survey Type (Aerial-based and Land-based) and Regional Forecast, 2019-2026”, provides a broad overview of the industry trends and what impact they will have on the market. Besides this, the report also contains a microscopic and exhaustive analysis of the factors, drivers, and other dynamics that will shape the development of the market during the forecast period.
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Heightened Demand for Technical Expertise for Survey Activities to Fuel the Market
Detection of subsurface fossil fuel deposits requires specialized knowledge and expertise, which is becoming the focus of attention for most companies in this market. Increasing demand for energy as a result of rapid global economic development is expected to augment the demand for geophysical services. A distinct advantage that these services is that they are largely non-destructive in nature and are therefore, ideal for use in populated areas. Moreover, they are efficient in surveying widespread areas for mining, agriculture, and oil and gas, which is causing a rise in their adoption. Thus, growing investment in subsurface exploration activities will bode well for the Geophysical Service Market growth during the forecast period.
North America to Lead the Pack; Growth in Asia-Pacific to be Sturdy
With a revenue generation of USD 5.51 billion in 2018, North America is expected to lead the Geophysical Service Market share. This will be a result of increased hydrocarbon exploration and production activities in the US and Canada. In Asia-Pacific, growth will mainly be driven by rising investment by China in oil and gas production and by India in its mining and oil and gas industries. In the Middle East, rising focus on upscaling hydrocarbon production will propel the market in the region. Large-scale availability of crucial mineral ores and increasing extraction activities will favor the market in Latin America, says the Geophysical Service Market forecast of Fortune Business Insights.
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Intense Competition to Rule the Geophysical Service Market Trends
The market for geophysical services is diverse and offers ample opportunities for players to mark their presence. Two of the most preferred strategies that have been adopted by companies are acquisitions and strategic collaborations. These activities are anticipated to greatly intensify the competition in this market.
Key industry developments:
June 2018: SAExploration, Inc. acquired certain assets of the almost bankrupt Geokinetics, Inc. with the aim of enhancing their seismic data collection capacities and strengthening their logistical services. The acquisition will also increase SAExploration’s machinery and equipment stock.
November 2019: ION Geophysical Corporation was awarded a two-year contract by Saudi Arabia-based ARGAS for seabed nodal data collection and processing purposes. This will enable ION to enter the market in the Middle East and expand its operations in the region.
List of prominent players in the Geophysical Services Market include:
-
- Schlumberger
- CGG
- PGS
- TGS
- Halliburton
- Fugro
- COSL- China Oilfield Services Limited
- Polarcus
- Geokinetics, Inc.
- SAExploration
- Dawson Geophysical
- Global Geophysical Services
- Ion Geophysical
- Paradigm
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Global Geophysical Service Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Survey Type
- Aerial-based
- Land-based
- Market Analysis, Insights and Forecast – By Technology
- Seismic
- Magnetic
- Gradiometry
- Gravity
- Electromagnetic
- Hyperspectral
- Resistivity
- LIDAR
- Market Analysis, Insights and Forecast – By End-User
- Oil & Gas
- Minerals & Mining
- Agriculture
- Water Exploration
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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