Geophysical Services Market to Register 4.5% CAGR from 2022 to 2031, TMR Study

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Jun 13, 2022, 07:30 ET

Critical benefits of significant time and cost savings over conventional methods bolsters demand for geophysical services
Advancements in 2D/3D land seismic technology to find applications to discover titanium and molybdenum deposits gathers steam

ALBANY, N.Y., June 13, 2022 /PRNewswire/ -- Analysts at TMR estimate the geophysical services market to touch a valuation of US$ 30 Bn by 2031. Geophysical survey can accurately measure natural resources deposited underground to enable governments and energy companies undertake proper planning for utilization of available resources. Geophysical survey helps attain considerable time and financial savings as compared to other conventional methods such as soil testing and borehole logging.

The geophysical services market is fragmented with presence of several small and large-scale service providers. Leading players in the geophysical services market are adopting new technologies and strategies with comprehensive R&D to develop geophysical data for multiple clients, undergoing M&As, and diversifying product portfolio. For instance, some recent developments in the geophysical services market include deals bagged by Shearwater Geoservices for 3D seismic survey for Korea National Oil Corporation and seismic imaging project awarded to CGG by PXGEO in Brazil.

North America is a key region in the geophysical services market, and is anticipated to continue to remain attractive during the forecast period. Increasing investments by governments and public and private companies in the exploration of hydrocarbons and increasing mining activities fuels the growth of geophysical services market in the region.

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Geophysical Services Market – Key Findings of the Report

Initiatives undertaken by geophysical service providers to expand their data library to be used by multiple clients underpins future market demand for geophysical services. Oil & gas and mining companies are investing significantly to procure geophysical data and discover natural resources for the growing urbanization and industrialization.
Advantages of reliability, low cost, locate groundwater, and check foundation of roads and buildings makes seismic largest revenue generator in geophysical services market among types of technology
Estimations of continuous increase in demand for petroleum and gas to provide impetus to geophysical services market. According to estimations of the International Energy Agency, global demand for energy is estimated to increase by 2.2% in 2022. In particular, in the U.S., crude oil production touched a record high in 2021, while natural gas production is steered by increasing discovery of shale deposits.

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Increasing mobility in urban areas leading to rising demand for oil and gas is compelling oil & gas companies to invest in exploration of hydrocarbon deposits. For instance, in May 2022, ONGC- an Indian oil & gas company announced an investment of US$ 16 Bn for oil and gas exploration in the next three years. This is anticipated to boost demand for geophysical services.
Construction of large wind farms at offshore locations to generate electrical energy underscores demand for geophysical services. Insights of geophysical services helps in critical planning for the foundation of turbines, magnitude of ground disturbance, and geoengineering to lay the foundation of offshore wind farms.
Depleting high grade mineral deposits at the surface is compelling the mineral and mining sector to explore new mines. This is leading mining companies to engage in geophysical services to serve the growing demand for minerals and metals for rapid urbanization and industrialization in several parts of the world.
Wind energy application segment of geophysical services market is anticipated to expand at a CAGR of 17.5% between 2022 and 2030. Significance of geophysical services in the planning and installation of wind energy turbines is a recent development in the geophysical services market.
The oil & gas end-use segment held the leading 47.1% share of geophysical services market in 2021. Incessant increase in demand for oil and gas for the exploding population and industrialization necessitating rising oil and gas exploration activities influences geophysical services market.

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Geophysical Services Market – Growth Drivers

Investments for exploration of hydrocarbon deposits for incessantly increasing demand for oil and gas fuels growth of geophysical services market

Critical role in on site investigation for construction of commercial offshore wind farms for renewable energy production provides impetus to geophysical services market

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Geophysical Services Market

Some of the key players operating in the geophysical services market are;

Fugro
CGG
Rambol Group A/S
EON Geosciences
Schlumberger
SGA Sa
Shearwater Services

The geophysical services market is segmented as follows;

Geophysical Services Market, by Technology

Seismic
Magnetic
Gravity
LIDA
Electromagnetic
Others

Geophysical Services Market, by Type

Aerial-based Survey

Drone Based
Other Conventional

Marine-based Survey
Land-based Survey

Geophysical Services Market, by End-use

Minerals & Mining
Infrastructure
Water Exploration
Oil & Gas
Wind Energy
Archaeological Research
Others

Geophysical Services Market, by Region

North America
Asia Pacific
Europe
Latin America
Middle East & Africa

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