Geophysical Services Market Share to Register a Growth of USD 2.52 billion| Rising Multi-client Survey Approach is a Key Driver | Technavio

Geophysical Services market report key highlights

• Estimated year-on-year growth rate: 2.00%
• Key market segments: Type (land, marine, and aerial) and geography (North America, Europe, APAC, MEA, and South America)
• Key Consumer Region & contribution: APAC at 45%

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Geophysical Services market trend

• 4D surveys increasingly using multi-sensors

The emergence of 4D for the identification of hydrocarbon reserves has benefitted E&P activities, and this technique is being used widely. Improvements in seismic technologies for analyzing the properties of the rock and for identifying hydrocarbon reserves will improve the efficiency of oil and gas extraction. The adoption of 4D technique is being adopted at a high rate owing to an increase in oil and gas exploration projects. This is expected to drive the market during the forecast period.

• Slowdown in investments in oil and gas industry

Volatility in the prices of oil and gas can affect the growth of the market. Upstream companies are adversely impacted by fluctuations in global crude oil prices. The selling price of crude oil is determined by the market, while production costs are largely fixed. Thus, investment decisions and profits are affected because of the capital-intensive nature of oil and gas operations, which results in slow growth or decline in oil and gas E&P activities, including delays and cancellations of oil and gas projects.

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Key market vendor insights

The geophysical services market is fragmented, and the vendors are deploying growth strategies such as constantly focusing on M&A activities to compete in the market. Some of the key market vendors are:

• CGG SA
• EON Geosciences Inc.
• Geophysical Survey Systems Inc.
• GeoTech
• Halliburton Co.
• ION Geophysical Corp.
• PGS ASA
• Phoenix Geophysics
• Schlumberger Ltd.
• TGS-NOPEC Geophysical Co. ASA

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Key Segment Analysis by Type

• Land: The land segment will have significant market share growth during the forecast period. Land-based survey plays an important role in the exploration and extraction of various mineral and oil fields. They include techniques such as seismic surveys, magnetic surveys, radiometric surveys, gravity surveys, induced polarity (IP) surveys, and electromagnetic (EM) surveys..
• Marine
• Aerial

Regional Market Analysis

APAC will contribute to 45% of the geophysical services market share growth during the forecast period. China is the major market for the market in APAC. Increasing investments in the oil and gas industry in China and a few countries in Southeast Asia, as well as the focus on optimizing oil and gas production, will spur the growth of the geophysical services market in the region.

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Table of Contents

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five force summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Type

• Market segments
• Comparison by Type
• Land - Market size and forecast 2019-2024
• Marine - Market size and forecast 2019-2024
• Aerial - Market size and forecast 2019-2024
• Market opportunity by Type

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• CGG SA
• EON Geosciences Inc.
• Geophysical Survey Systems Inc.
• GeoTech
• Halliburton Co.
• ION Geophysical Corp.
• PGS ASA
• Phoenix Geophysics
• Schlumberger Ltd.
• TGS-NOPEC Geophysical Co. ASA

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Technavio
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