Key Companies Covered in Geochemical Services Market Research Report are Fugro (Netherlands), Schlumberger (United States), Bureau Veritas Group (France), SGS (Switzerland), ALS (Australia), Saudi Aramco (Saudi Arabia), Capital Limited (Mauritius), Intertek (United Kingdom), FLSmidth (Denmark), Chinook Consulting Services (Canada).
Pune, India, June 24, 2021 (GLOBE NEWSWIRE) -- The global geochemical services market is set to gain momentum from the surging investments by countries, such as Malaysia, Singapore, Australia, and India in the production of minerals. A study by the India Brand Equity Foundation (IBEF) declared that the country produced 729.10 million tons of minerals in 2019. It produces 95 minerals, including 55 minor minerals, 3 atomic minerals, 23 non-metallic minerals, 10 metallic minerals, and 4 fuel-related minerals. As per a report by Fortune Business Insights™, titled, “Geochemical Services Market, 2021-2028,” the market size was USD 0.95 billion in 2020. It is projected to grow from USD 1.01 billion in 2021 to USD 1.41 billion in 2028 at a CAGR of 4.9% during the forecast period.
COVID-19 Pandemic: Integration of Geotechnical Services to Surge Efficiency will Aid Growth
The sudden outbreak of the COVID-19 pandemic across the globe has severely affected this industry. Regulatory bodies of several countries have deployed strict norms to cope up with the ‘new normal.’ They are also trying to mitigate operational risks and maximize efficiency by integrating geotechnical services. Our reports will help you choose the right strategy to increase sales.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Mineral & Mining Segment Generated 41.0% Share in 2020: Fortune Business Insights™
Based on the end-user, the market is divided into oil & gas, mineral & mining, archeological survey, and others. Amongst them, the mineral & mining segment earned 41.0% in terms of the geochemical services market share in 2020. It is set to remain at the forefront because of the urgent need to identify ore deposits that are buried deep under the earth’s surface.
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Our analysts have conducted qualitative and quantitative research, as well as a mixture of primary and secondary resources to gather information about the market for pesticides carriers. They have taken data from press releases, paid databases, company journals, and other sources to offer a complete picture of the market. To collect information about the competitive landscape they have conducted interviews with renowned personalities present in this industry.
Drivers & Restraints-
Increasing Commercial Construction in Italy and U.K. to Bolster Growth
The rising construction activities across utility, industrial, infrastructural, commercial, and residential sectors, especially in Europe and North America would propel the demand for geochemical services. Developed countries, such as Russia, Canada, France, U.K., and Germany have planned multiple construction projects that are yet to take place in the near future. At the same time, these countries are experiencing an increasing number of ongoing construction works to strengthen their infrastructural base. Besides, governments of these countries are offering subsidies to encourage investments in the construction industry. The commercial construction in U.K., Italy, Spain, and Canada to surge tourism would also drive the geochemical services market growth in the upcoming years. However, the high cost of monitoring equipment and geochemical instrumentation may hamper growth.
Surging Investments in Oil & Gas and Mining Industries to Help Asia Pacific Lead
Regionally, Asia Pacific held USD 0.27 billion in 2020 in terms of revenue and is expected to dominate throughout the forthcoming years. This growth is attributable to the increasing norms put forward by government bodies to invest in mining and oil & gas sectors. In Europe, a large number of companies are supervising the deployment of effective geochemical services for various applications. Carbon Trust, for instance, issued new regulations for undertaking geotechnical surveying in April 2020. These norms would be able to streamline the operations of offshore wind farms by supporting the installation of subsea cables.
Key Players Focus on New Laboratory Development & Capacity Expansions to Compete in Market
The global market contains various geochemical service providers that are majorly focusing on expanding their sample processing capacities to cater to the high consumer demand worldwide. A few others are developing new facilities to broaden their geographic footprint. Below are the two significant industry developments:
July 2020: SGS opened its new commercial geochemistry laboratory in Ghana to process approximately 50,000 to 60,000 samples every month. It is set to replace the current facility to surge the sample processing capacity.
August 2019: SGS opened its unique geochemical laboratory in Townsville, Australia. It will provide in-house analysis, increased capacity, new analytical technologies, and improved client services for mining and metal groups.
A list of renowned providers of geochemical services present in the global market:
Schlumberger (United States)
Bureau Veritas Group (France)
Saudi Aramco (Saudi Arabia)
Capital Limited (Mauritius)
Intertek (United Kingdom)
Chinook Consulting Services (Canada)
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Detailed Table of Content
Definitions and Assumptions
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Geochemical Services Market
Steps Taken by the Government to Overcome the Impact
Key Developments in the Industry in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Geochemical Services Market Analysis (USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Type
Market Analysis, Insights and Forecast – By Service Type
Mixed Acid Digest
Aqua Regia Digest
Market Analysis, Insights and Forecast – By End-user
Mineral & Mining
Oil & Gas
Market Analysis, Insights and Forecast – By Region
Middle East & Africa
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