New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Geophysical Data Collection Global Market Report 2022" - https://www.reportlinker.com/p06193713/?utm_source=GNW
The global geophysical data collection market is expected to grow from $6.61 billion in 2021 to $6.84 billion in 2022 at a compound annual growth rate (CAGR) of 3.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $7.35 billion in 2026 at a CAGR of 1.8%.
The geophysical data collection market consists of the sales of geophysical data collection services and related goods by entities (organizations, sole traders and partnerships) that locate and measure 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.
Only goods and services traded between entities or sold to end consumers are included.
The main service types of geophysical data collection are data acquisition, data processing, and interpretation.Data acquisition refers to the process of sampling signals that measure real-world physical circumstances and transforming the resulting samples into digital numeric values that may be controlled by a computer.
The various technologies include 2D imaging, 3D imaging, and 4D imaging and are used by several industries such as agriculture, environment, minerals & mining, oil & gas, and water exploration.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rise in need for better understanding of reservoirs in production, and design tasks to meet the world’s current and future energy needs contributed to the growth of geophysical data collection market.Increasing population, rising living standards, and continuing economic development will require a vast amount of energy.
According to Population Change, the world population is projected to increase from 7.8 billion in 2020 to 9.9 billion in 2050. Fossil fuels are expected to meet more than 50% of primary energy demand as much of the world’s energy is produced by burning fossil fuels such as oil, coal and gas. According to ET EnergyWorld, the demand for petrochemicals is estimated to double in the next 20 to 30 years approximately, from 20 million barrels per day to 22 million barrels per day. Therefore, the increasing population combined with the increasing demand for resources is expected to have a positive impact on the geophysical data collection market.
Technology collaborations is a key trend in geophysical data acquisition.Technology collaborations are becoming necessary to keep pace with digital transformations.
Artificial Intelligence and Machine Learning methods are being deployed and accepted in geophysical services.In September 2019, Tomlinson Geophysical Services (TGS), a multi-client provider of geoscience data for oil and gas company announced a technology collaboration with Quantico Energy Solutions (Quantico), an Artificial Intelligence (AI) company which is focused on providing subsurface solutions for exploration and production, (or) oil and gas companies.
The collaboration is to leverage their respective offering in seismic data, AI-based wells logs, and AI-based seismic inversion.In this collaboration, TGS will use Analytics Ready LAS (ARLAS) solution.
ARLAS uses machine learning algorithms to predict the missing curve. Quantico uses a QRes solution that combines physics-based with machine learning to map the subsurface within a fraction of the time as inversion software. The integration of QRes and ARLAS solution, the clients of TGS will have access to the comprehensive geoscience data and AI solutions.
Data migration is a challenge for smaller institutions and organizations that lack the necessary funds.A large volume of subsurface data gathered over the years using various techniques and equipment remained in paper format and on older media such as film or various forms of magnetic tape.
Now, since the majority of data is electronically stored, the old data is being transferred to digital medium.However, data migration is a major challenge as in this process, data can be lost because of obsolete formats, obsolete equipment, or physical degradation of the magnetic medium.
Data migration is also cost consuming and time consuming in nature, especially for smaller institutions and smaller organizations that lack the necessary funds.
In August 2019, Tomlinson Geophysical Services (TGS), a multi-client geoscience data provider for oil and gas exploration companies, acquired Spectrum ASA, which is also a multi-client geoscience data provider for, an undisclosed amount.The acquisition of Spectrum is expected to enhance the TGS position as a leading multi-client geophysical data provider covering all mature and frontier basins.
The combination of TGS and Spectrum will benefit the client from their comprehensive data library, quality, and services.
The countries covered in the geophysical data collection market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06193713/?utm_source=GNW
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