Wilmington, Delaware, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Geophysical Services Market by Technology (Seismic, Magnetic, Electromagnetic, Gravity, LIDAR, Others), by Type (Aerial-based Survey, Marine-based Survey, Land-based Survey), by End Use (Minerals and Mining, Oil and Gas, Wind Energy, Water Exploration, Archaeological Research, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031."
As per the report, the global market for geophysical services is estimated to garner $21.4 billion by 2031, having experienced a revenue of $14.4 billion in 2021, with a noteworthy CAGR of 4.1% throughout the forecast timeframe of 2022 to 2031. The report provides a thorough examination of prominent segments, evolving market trends, prime areas for investment, competitive scenarios, value chains, and regional landscapes.
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Factors influencing the global geophysical services market:
The global geophysical services market is driven by factors such as surge in investment of the private as well as government entities and robust demand for oil & gas from several sectors. Similarly, most of the leading oil companies are shifting towards the use of digital technologies, which are estimated to provide ample growth opportunities in the upcoming years.
The seismic segment to continue its supremacy by 2031
On the basis of technology, the seismic segment held the highest share of around two-fifths of the global market for geophysical services in 2021 and is estimated to rule the roost throughout the forecast timeframe. The segment is driven by benefits of seismic survey services like reduction of portability of drilling dry wells. However, the LIDAR segment would display the fastest growth with 5.6% by 2031. The growth is attributed to the increase in adoption of LIDAR systems to detect and explore places and historic elements and surge in demand for 3D imaging technology among various application areas.
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The marine-based survey segment to rule the roost
Based on type, the marine-based survey segment generated the highest share of nearly half of the global geophysical services market in 2021 and is estimated to lead the trail from 2022 to 2031. The growth is attributed to the surge in foreign investment among all major manufacturing domains across developing nations like Southeast Asian countries, Brazil, India, and China. The aerial-based segment, on the other hand, is estimated to display the fastest growth with 4.7% CAGR throughout the forecast timeframe. The factors influencing the growth of the segment involve increasing demand for information in various industries, improved regulatory framework, and rise in use of drone services for industry-specific solutions.
The oil and gas segment to retain its dominance by 2031
In terms of end use, the oil and gas segment held the largest market share of nearly half of the overall market revenue and is estimated to retain its dominant status from 2022 to 2031. The surge in demand for oil & gas-based products from the power and transportation sector drives the growth of the segment. On the contrary, the others segment would manifest the fastest growth with 5.6% during the forecast period, due to the increase in government investment in emerging economies like India and China.
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North America held the largest share in 2021
Under the regional analysis, the market across North America generated the major share in 2021 accounting for more than two-fifths of the overall market revenue. The rising use of aerial-based geophysical surveys across the globe and surging instability in crude oil costs drives the growth of the market across the region. However, the Asia-Pacific region is estimated to display a noteworthy growth with 4.8% CAGR from 2022 to 2031. The limited availability of oil and gas resources in developing countries like India and China has prompted increased exploration efforts on their own territories. This, in turn, has resulted in a growing demand for geophysical services.
Leading market players:
- TGS
- Abitibi Geophysics
- Shearwater Services
- Spectrum Geophysics
- NUVIA Dynamics Inc.
- Getech
- Schlumberger
- Ramboll Group A/S
- Xcalibur Multiphysics
- EON Geosciences
- SGS SA
- Fugro
- Dawson Geophysical Company
- Petroleum Geo-service
- CGG
The report assesses the prominent players in the global geophysical services market. These companies have implemented diverse strategies, including expansion, the introduction of new products, forming partnerships, among others, to enhance their market reach and strengthen their standing in the industry. The report serves as a valuable resource for evaluating their operational segments, business performance, product portfolios, and more.
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