Geophysical Services Market to Reach $21.4 Bn, Globally, by 2031 at 4.1% CAGR: Allied Market Research

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Sep 21, 2022, 07:30 ET

Increase in demand for oil & gas from several industries and rise in investment of the government and private entities drive the growth of the global geophysical services market.

PORTLAND, Ore., Sept. 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Geophysical Services Market by Technology (Seismic, Magnetic, Electromagnetic, Gravity, LIDAR, Others), by Type (Aerial-based Survey, Marine-based Survey, Land-based Survey), by End Use (Minerals and Mining, Oil and Gas, Wind Energy, Water Exploration, Archaeological Research, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global geophysical services industry was estimated at $14.4 billion in 2021, and is anticipated to hit $21.4 billion by 2031, registering a CAGR of 4.1% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chains, competitive scenarios, and regional landscapes.

Determinants of growth-

Increase in demand for oil & gas from several industries and rise in investment of the government and private entities drive the growth of the global geophysical services market. At the same time, most oil giants are moving toward utilization of digital technologies, which has paved the way for a number of opportunities in the industry.

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Covid-19 scenario-

The government and private entities have been extensively investing their funds in locating untapped hydrocarbon reserves to cater to the increasing demand for oil & gas, further creating lucrative market opportunities.
For instance, on October 2021, Asian Energy Services has signed an MoU with Russian Joint Stock Company Rosgeologia which focuses on long-term cooperation in seismic and geographical surveys in India and other Asian countries.

The seismic segment to maintain the lion's share-

By technology, the seismic segment contributed to around two-fifths of the global geophysical services market share in 2021, and is expected to lead the trail by 2031. This is attributed to advantages of seismic survey services such as reduction of probability of drilling dry wells. The LIDAR segment, however, is expected to exhibit the fastest CAGR of 5.6% from 2022 to 2031. Increase in demand for 3D imaging technology across various application areas and surge in adoption of aerial LIDAR systems to explore and detect places and historic details drive the segment growth.

The marine-based survey segment to dominate by 2031-

By type, the marine-based survey segment garnered nearly half of the global geophysical services market share in 2021, and is expected to retain its dominance by 2031. Rise in industrial hubs and growing foreign direct investment in all major manufacturing sectors across emerging economies such as China, India, Brazil, and Southeast Asian countries propel the segment growth. The aerial-based survey segment, simultaneously, would exhibit the fastest CAGR of 4.7% from 2022 to 2031. Surge in use of drone services for industry-specific solutions, improved regulatory framework, and rising demand for data in various industries fuel the growth of the segment.

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The oil and gas garnered the major share in 2021-

By end use, the oil and gas segment garnered nearly half of the global geophysical services market share in 2021, and is expected to retain its dominance by 2031. This is due to increase in demand for the oil & gas based products from the power and transportation sector. The others segment, on the other hand, is expected to exhibit the fastest CAGR of 5.6% from 2022 to 2031, owing to rise in government investment in emerging countries such as India and China.

North America grabbed the highest share-

Based on region, North America held the major share in 2021, generating more than two-fifths of the global geophysical services market. This is due to rising instability in crude oil prices and increasing usage of aerial-based geophysical surveys across the world. The Asia-Pacific region, however, would cite the fastest CAGR of 4.8% throughout the forecast period. The presence of low oil & gas resources in developing countries such as India and China has led to greater exploration of resources on mainland, thus giving way to the rising demand for geophysical services.

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Key players in the industry-

CGG
Petroleum Geo-service
Dawson Geophysical Company
Fugro
SGS SA
EON Geosciences
Xcalibur Multiphysics
Ramboll Group A/S
Schlumberger
Getech
NUVIA Dynamics Inc.
Spectrum Geophysics
Shearwater Services
Abitibi Geophysics
TGS

The report analyzes these key players in the global geophysical services market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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