Global geophysical services market is forecast to grow to $ 16.2 billion by 2024 on account of increasing investments in mining and oil & gas exploration activities. Moreover, demand for geophysical services for mineral extraction is expected to increase on account of the environmental regulations imposed by governments of several countries. High demand for geophysical data acquisition services and increase in investments in the mining sector for geophysics are anticipated to propel the geophysical services market during the forecast period. Additionally, revival in crude oil prices would further fuel the growth of global geophysical services market over the next five years.
The global geophysical services market is segmented based on technology, type, services, end user, region and company. Based on technology, the market can be segmented into Seismic, Magnetic, Gravity, Electromagnetics, LIDAR, Ground Penetrating and Others. The Seismic technology segment is projected to register the highest CAGR during forecast period owing to its widespread use in oil & gas industry. Seismic services help the oil and gas companies to make critical exploration and reservoir decisions. Based on type, the market can be bifurcated into Aerial Based Survey and Land Based Survey. The land-based surveys are expected to dominate the market during forecast period attributable to the increase in demand for seismic surveys in the oil & gas industry. Additionally, land-based surveys play a vital role in exploration and extraction of various minerals. Based on end user, the market can be categorized into Agriculture, Environment, Minerals & Mining, Oil & Gas, Water Exploration and Others. The minerals & mining segment is expected to hold a substantial market share during the forecast period on account of increasing investments in the mining industry.
Regionally, the geophysical services market is gaining traction and expanding to various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America region is expected to dominate the overall geophysical services market followed by Asia-Pacific, Europe, Middle East and Africa, and South America.
The major players operating in the geophysical services market are EON Geosciences Inc., Dawson Geophysical Inc., Geotech Ltd., Compagnie G?n?rale de G?ophysique (CGG), TGS-NOPEC Geophysical Company L.P., Spectrum Geo Inc., Geophysical Survey Systems, Inc., Sea Geo Surveys Pvt Ltd, ION Geophysical Corporation, Phoenix Geophysics Limited and others. Major companies are developing advanced technologies in order to stay competitive in the market.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020–2024
Objective of the Study:
- To analyze and forecast the market size of global geophysical services market.
- To classify and forecast global geophysical services market based on technology, type, services, end user, and company and regional distribution.
- To identify drivers and challenges for global geophysical services market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global geophysical services market.
- To conduct pricing analysis for global geophysical services market.
- To identify and analyze the profile of leading players operating in global geophysical services market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of geophysical service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include geophysical service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the geophysical service providers, equipment manufacturers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global geophysical services market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Geophysical service providers and geophysical equipment manufacturers
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to geophysical services
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as geophysical service providers, equipment manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global geophysical services market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Technology:
o Ground Penetrating
- Market, By Type:
o Aerial-based Survey
o Land-based Survey
- Market, By Services:
o Data Processing
o Data Interpretation
o Data Acquisition
- Market, By End User Industry:
o Minerals & Mining
o Oil & Gas
o Water Exploration
- Market, By Region:
o North America
o Middle East & Africa
o South America
Company Profiles: Detailed analysis of the major companies present in global geophysical services market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).