Geophysical Services Market Size [2022-2029] worth USD 20.55 Billion by 2029 | Exhibiting a CAGR of 6.6%
According to Fortune Business Insights, the global geophysical services market size is projected to reach USD 20.55 billion from its value USD 13.12 billion in 2022, at CAGR of 6.66% during forecast period.
Pune, India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The geophysical services market size to hit USD 20.55 billion by 2029. The global market size was valued USD 12.65 billion in 2021 and USD 13.12 billion in 2022. Increasing adoption of geophysical software to augment the market growth globally.
June 2021: TGS announced a partnership with PGS towards commencing the acquisition of the Cape Anguille 3D program. This program covers opening access towards the Orphan Basin, which has potential Cretaceous and Tertiary infill depocenters and further includes long offset acquisition between Kirchhoff 3D PSTM volume and PGS’s Reform Titan.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf-pop/geophysical-service-market-100105
Geophysical Services Market Scope:
Forecast Period 2022 to 2029 CAGR
2029 Value Projection
USD 20.55 Billion
Market Size in 2021
USD 12.56 billion
Historical Data for
No. of Pages
By Technology, Survey Type, End-user, and Region
Increasing Adoption of Digital Transformation to Drive Geophysical Software Service Market
Rising Focus on Optimizing Cost of Process Drives Market Growth
Drivers & Restraints:
Rising Adoption of Technology & Technological Advancements to Bolster Market Growth
Factors such as the rising adoption of digital services by the oil & gas sector and rising performance improvement through integration of services will boost the geophysical services market growth during the forecast period. Additionally, the emergence of new technologies and the added functionality of analyzing data in real-time will further push the market towards a greater growth rate. Also, increasing urbanization and increasing investment towards exploration & production activities will fuel the growth of the market.
Disruptions in Supply Chains & Decreased Economic Slowdown Impede Market Growth During Pandemic
The ongoing pandemic severely affected the exploration & production (E&P) industry severely by crunching supply and disrupting supply chains. An increased supply of oil & gases resulted in a decline in pricing, which led to a decrease in the market. Additionally, rules imposed by various governments regarding lockdown and restricting people’s movement further put a dent in the growth rate of the market. Dominant players had to work minimal workforce or reduce budgets in order to stay operations in this demanding market. This further drained the demand for geophysical services during the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/geophysical-service-market-100105
Segmentation of Report:
Based on technology, the market can be divided into seismic, magnetic, electromagnetic, gradiometry, gravity, borehole logging, and others.
By survey type, the market can be broken down into land, marine, and aerial.
With respect to end-user, the market can be segmented across oil & gas, minerals & mining, agriculture, water exploration, and others.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America to Hold Dominance During Forecast due to Extensive Exploration Activities
North America will witness the largest geophysical services market share during the forecast period due to rising exploration & production activities and increasing investments from government and private entities. Additionally, an expanding mining industry, adds to the volume of the market.
Europe will occupy a substantial market share in terms of global contribution due to rising hydrocarbon exploration and increasing energy demand from emerging economies including the U.K., Norway, Russia, and others.
The Asia Pacific will hold significant market value due to rising demand for consumer goods and increasing demand for metals & minerals.
Quick Buy - Global Geophysical Services Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100105
Product Development & Mergers to Implore Dominant Players to Grab Lucrative Opportunities
The sector of geophysical services is extremely shattered with dominant players occupying the lion’s share. Product development remains at the forefront, as players are investing heavily towards R&D to attract a wider base of consumers. Smaller players are often trying to gain a competitive edge by launching a new category of products. For example, in January 2022, TGS announced a strategic collaboration with WesternGeco by continuing their ultra-long offset ocean-bottom node (OBN) in the Gulf of Mexico. Players are also focused on improving market share by integrating various strategic tactics such as mergers & acquisitions and collaborations with like-minded organizations.
List of Key Players Present in the Market
COSL- China Oilfield Services Limited (China)
Weatherford International (U.S.)
Gradline Limited (U.K.)
Dawson Geophysical (U.S.)
ION Geophysical (U.S.)
EGS Survey Pty Ltd (Australia)
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/geophysical-service-market-100105
Table of Content:
Definitions & Assumptions
Key Emerging Trends – For Major Countries
Key Industry Development
Insight on Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Geophysical 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 Geophysical Services Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029
Market Analysis, Insights and Forecast – By Technology
Market Analysis, Insights and Forecast – By Survey Type
Market Analysis, Insights and Forecast – By End-user
Oil & Gas
Mining & Minerals
Market Analysis, Insights and Forecast – By Region
Middle East & Africa
Company Market Share Analysis, 2021
Product Application, & Services
Financials (Based on Availability)
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/geophysical-service-market-100105
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.
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245