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.


To gain more insights into the market with detailed table of content and figures, click here:
https://www.fortunebusinessinsights.com/industry-reports/geophysical-service-market-100105


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.


Request a Sample Copy: https://www.fortunebusinessinsights.com/enquiry/sample/geophysical-service-market-100105


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


Have Any Query? Ask Our Experts:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/geophysical-service-market-100105


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

Continued..!!!


Request for Customization:
https://www.fortunebusinessinsights.com/enquiry/customization/geophysical-service-market-100105


(Have a Look at Reports Trending in Energy & Power Industry)


Browse Related Reports:

Oilfield Services Market Size, Share and Industry Analysis By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026

Digital Oilfield Market Size, Share & Industry Analysis, By Process (Production Optimization, Reservoir Optimization, Drilling Optimization, Others), By Solution (Services, Software, Hardware), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026

Directional Drilling Services Market Size, Share and Industry Analysis By Location (Onshore, Offshore), By Type (Conventional, Rotary Steerable Systems (RSS)), By Service (Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable Systems (RSS), Mud Motors, Others) and Geography Forecast, 2019 - 2026

Hydraulic Fracturing Market Size, Share & Industry Analysis, By Well Type (Horizontal, and Vertical), By Technology (Plug & Perf, and Sliding Sleeve), and By Application (Onshore, and Offshore), Regional Forecast, 2019-2026.

Wireline Services Market Size, Share and Industry Analysis By Type (Electric line, Slick line), By Well Type (OpenHole, CasedHole), By Application (Wireline Logging, Wireline Intervention, Wireline Completion), By Location (Onshore, Offshore), and Regional Forecast 2019-2026

Hydraulic Fracturing Market Size, Share & Industry Analysis, By Well Type (Horizontal, and Vertical), By Technology (Plug & Perf, and Sliding Sleeve), and By Application (Onshore, and Offshore), Regional Forecast, 2019-2026.

About us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs