Major players in the market are 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.
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 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 market is expected to reach $15.14 billion in 2026 at a CAGR of 3.1%.
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.
The main types of survey in geophysical services are land, marine and aerial.Land surveying is the art and science of creating or reinforcing real property (land) corners, lines, borders, and landmarks based on documented documents, historical data, and current practise standards.
The different technologies include seismic, magnetic, gravity, electromagnetic, lidar, ground penetrating, others and is used in various applications such as road, rail, port, airport, pipeline, others. The several sectors include agriculture, environment, minerals and mining, oil and gas, water exploration and others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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.
Geophysical service providers are using drones for conducting aerial geophysical surveys.Estimating the variety of key physical or geochemical boundaries of the earth by means of air is conducted through aerial/airborne geophysical surveying.
Drones used for surveying are equipped with a magnetometer and other sensors such as electromagnetic, gamma-ray, spectrometry, magnetic, and gravity to get clear and productive results of the survey.In June 2020, Terremys, a startup company, launched a lightweight UAV (Unmanned Aerial Vehicles) magnetic survey technology which will allow multi-scale aeromagnetic surveys using a measuring system weighing less than 500 grams.
AeroVision Airborne Geophysics (Drone-MAG) is an innovative product of Abitibi Geophysics which provides low altitude aeromagnetic surveys, creating high-resolution data at regular intervals at a fraction of the cost of the ground mag.
Geohazards is one of the major challenges faced by the geophysical services market.Geohazards include earthquakes, landslide, collapse, debris flow, a ground collapse which may lead to widespread damage or risk.
Mining activities sometimes lead to earthquakes which can lead to the collapsing of roofs in mines.In September 2020, at least 19 people died and many injured due to the collapse of the marble mine of Zairat Ghar Mountain in Pakistan.
Similarly, in January 2019, twenty-one people died in China’s Shaanxi province due to a roof collapsed at a coal mine. Failure of geophysical devices such as microseismic monitoring devices can lead to geohazards and thus limits the growth of the geophysical services market.
In September 2020, Liberty Oilfield Services, a US-based oilfield service company acquired the hydraulic fracturing arm of Schlumberger Ltd for $448 million.With the help of this deal, Liberty will gain the OneStim business unit of Schlumberger and expand technology portfolio in geophysical services.
Schlumberger is a US-based company providing services in oilfields, geophysics, and others.
The countries covered in the geophysical services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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