Global Geophysical Services Market Report 2022 – Market Forecast, Trends And Strategies

The global geophysical services market is expected to grow from $12.80 billion in 2021 to $13.39 billion in 2022 at a compound annual growth rate (CAGR) of 4.6%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The geophysical services market is expected to reach $15.14 billion in 2026 at a CAGR of 3.1%.

What is the Global Geophysical Services Market?

The geophysical services market consists of the sales of geophysical services and related goods by entities (organizations, sole traders and partnerships) that locate and measure the extent of subsurface resources, such as oil, gas, and minerals, and also conduct surveys for engineering purposes. The surveying techniques include magnetic surveys, gravity surveys, seismic surveys, or electrical and electromagnetic surveys. Only goods and services traded between entities or sold to end consumers are included.

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What drives the Global Geophysical Services Market?

Growing exploration activities is contributing to the growth of the geophysical services market. Mineral exploration aims to discover deposits of minerals and rocks that can be used to meet the resource needs of society which could be fulfilled by geophysical services. According to the Australia Bureau of Statics, released in August 2020, in the first quarter of June 2020, mineral exploration expenditure rose 11.91%, or $72.7 million to $683.3 million. As per GoldHub of World Gold Council, the gold mine of Russia saw an 8% increase year-on-year (y-o-y) production in 2019. Total mine production of Australia rose by 3% y-o-y due to higher production at a few mines. Thus, the rise in production and exploration in different sectors by using geophysical devices is paving the growth for the geophysical services market.

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Global Geophysical Services Market Segments
The global geophysical services market is segmented:
By Survey Type: Land, Marine, Aerial
By Technology: Seismic, Magnetic, Gravity, Electromagnetic, Lidar, Ground Penetrating, Others
By Application: Road, Rail, Port, Airport, Pipeline, Others
By End User: Agriculture, Environment, Minerals And Mining, Oil And Gas, Water Exploration, Others
By Geography: The regions covered in the geophysical services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Geophysical Services Global Market Report 2022provides market size and growth forecasts for the global geophysical services market, global geophysical services market share, geophysical services market segments and geographies, geophysical services market competitive landscape including leading competitors’ revenues, profiles and market shares. The geophysical services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Geophysical Services Industry Playersinclude Schlumberger, TGS Geophysical Company (UK) Ltd, CGG Geoscience company, Ion Geophysical, Polarcus Ltd, Geokinetics, Halliburton Company, Dawson Geophysical Services, EON Geosciences Inc., Geophysical Survey Systems Inc., Phoenix Geophysics, Sea Geo Surveys Pvt Ltd., Spectrum Geophysics, Geotech Survey, P.G.S., BGP Inc., Fugro, SA Exploration, Seabird Exploration, EMGS, Geospace Technologies, COSL-China Oilfield Services Limited, New Resolution Geophysics (NRG), Paradigm, Ramboll Group AS, Sercel SA, IRIS Instruments, DMT Gmbh and Co.KG., Petroleum Geo Services, Geoex Ltd and IG Seismic Services. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.