Geophysical Services Market Set to Surge at 4.5% CAGR, to Reach USD 30 billion by 2031 | Transparency Market Research, Inc.
Comparing geophysical surveys to other traditional techniques like soil testing and borehole logging, significant time and cost reductions may be realized.
Wilmington, Delaware, United States, Nov. 24, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global geophysical services market was estimated at a value of US$ 19.4 billion in 2021. It is anticipated to register a 4.5% CAGR from 2022 to 2031 and by 2031, the market is likely to attain US$ 30 billion by 2031.
There will likely be a global increase in demand for metals and minerals due to the fast pace of urbanization and industrialization. Numerous of the biggest, best-graded, and nearest-to-surface mineral resources have been exhausted or are in the process of being extracted. To meet the growing demand for metals and minerals, it is necessary to investigate new mines.
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The mining and mineral industries receive technological help from geophysical services. In order to reduce geological uncertainty in mining, geophysics is crucial. The financial advantages of employing geophysical services in mining operations are becoming apparent to small mining enterprises. This has increased the market for geophysical services by increasing the use of these services for site evaluation.
Key Findings of the Market Report
- In 2021, 49.3% of the global market was accounted for by the marine-based survey sector, which was a pretty substantial proportion.
- According to projections, the category will expand at a 3.5% CAGR in the next years.
- Subsurface investigation for offshore wind farms and offshore oil and gas development are the main uses for marine-based surveying.
- Critical habitat monitoring and environmental impact assessments can also be conducted using marine-based geophysical surveys.
- The aerial-based survey sector is anticipated to develop at a CAGR of more than 6%.
- An aerial survey may quickly cover a big region. Infrastructure development, mining, and the metal industry are using these studies more and more.
Market Trends for Geophysical Services
- With a 47.1% market share in 2021, the oil and gas category led the global geophysical services market in terms of end-use. Over the course of the projected period, the category is anticipated to record a noteworthy CAGR of 3.2%. The International Energy Agency estimates that in 2021, the oil and gas sector will be responsible for 56.8% of the world’s total energy consumption.
- Due to the fast rate of industrialization and population expansion, there will likely be an exponential increase in the need for energy. This is probably going to cause more people to explore for gas and oil. The United Kingdom government proposed in April 2022 an additional 25% tax on the earnings of oil and gas energy corporations.
- Businesses can receive exemption from the new tax of up to 90% if they reinvest their revenues in oil and gas exploration in the United Kingdom. The market for geophysical services will be driven by such government initiatives.
Global Market for Geophysical Services: Regional Outlook
Various reasons are propelling the growth of the geophysical services market throughout the region. These are:
- North America accounted for 34.3% of the global geophysical services market in terms of value in 2021. Throughout the course of the projected year, it is anticipated to be a very attractive segment of the global market. The surge in government and corporate investments in the mining and hydrocarbon exploration of the region can be attributed to the increase in demand for geophysical services in North America.
- Asia Pacific and Europe are significant areas in the geophysical services industry in terms of value. In 2021, these two areas accounted for 20.3% and 19.4%, respectively, of the global geophysical services market. Throughout the course of the projection period, the markets in Asia Pacific and Europe are anticipated to expand at CAGRs of 4.4% and 3.8%, respectively.
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Global Geophysical Services Market: Key Players
A number of major and minor service providers holds the majority of the market share in the global geophysical services industry. With thorough research and development, the majority of businesses are implementing new technologies and methods, mainly to expand their geophysical data, which can be obtained by numerous clients.
Key players have embraced mergers and acquisitions and product portfolio diversification as significant business strategy. The following companies are well-known participants in the global geophysical services market:
- Petroleum Geo-service
- Shearwater Services
- Dawson Geophysical Company
- SGS SA
- EON Geosciences
- Ramboll Group A/S
- NUVIA Dynamics Inc.
- Spectrum Geophysics
- Abitibi Geophysics
- Xcalibur Multiphysics
Few of key developments by the players in this market are:
Global Geophysical Services Market Segmentation
- Aerial-based Survey
- Drone Based
- Other Conventional
- Marine-based Survey
- Land-based Survey
- Minerals & Mining
- Oil & Gas
- Wind Energy
- Water Exploration
- Archaeological Research
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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