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

Geophysical Services Market

The global geophysical services market size was valued at $14.4 billion in 2021, and projected to reach $21.4 billion by 2031, with a CAGR of 4.1% from 2022 to 2031.

Geophysical services collect systematic data from earth surface for monitoring various electric magnetic fields, site characterization, and exploration of potential mines, oil & gas minerals. Geophysical services are widely carried out in oil & gas, mining, and other industries to exploit potential reserves. It is one of the most economic methods for discovering natural resources to meet the rising demand for energy and consumer goods.

Increasing demand for oil & gas has led to search for hydrocarbon exploration, which includes oil and natural gas deposits below surface by geophysicists. The major advantages of geophysical services is that  through various detection technologies it can estimate the oil and gas volume in place and the government or private individual can plan the field developed and production of a reservoir oil & gas.

The increase in the investment of the government and private entities are extensively diverging their funds for locating untapped hydrocarbon reserves to meet the increasing demand for oil & gas products. The presence of ongoing exploration and extraction of fossil fuel resources will provide ample opportunities for the development of the market. For instance, in 2021 Asian Energy Services signed MoU with Russian Joint Stock Company Rosgeologia, on long term cooperation in seismic and geophysical surveys in India and other countries.

Most of the industries across the globe started to use internet of things (IoT) in the sector to improve the efficiency of the production. The oil & gas industries have begun to adopt digital technologies which focus on the understanding of reservoir resources, improve the health and safety standards, and improve the efficiency of the production at the oil fields. Most of the oil giants are moving toward utilization of digital technologies in the oil wells which led to the demand for detection technology equipment, which will drive the geophysical services market growth.

The global geophysical services market forecast is segmented on the basis of by technology, type, end use and region. On the basis of technology, it is segmented into seismic, magnetic, electromagnetic, gravity, LiDAR, and others. On the basis of type, the market is segmented into aerial based survey, marine based survey, and land based survey. Furthermore, aerial based survey is bifurcated into drone based and others. In addition, on the basis of end use, the global geophysical services market is segmented into minerals & mining, oil & gas, wind energy, water exploration, archaeological research and others.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest geophysical services market share, followed by Europe, and Asia-Pacific.

The major companies profiled in this report include Schlumberger, CGG, Petroleum Geo-service, TGS, Shearwater Services, Dawson Geophysical Company, Fugro, SGS SA, EON Geosciences, Ramboll Group A/S, Getech, NUVIA Dynamics Inc., Spectrum Geophysics, Abitibi Geophysics, and Xcalibur Multiphysics. The gradual change in lifestyle among the people in the developing countries and surge in the personal income among the middle class people have led to increase in the investment toward residential and commercial buildings. The increase in the investment among the people and government to build various infrastructures will have positive impact on the demand for the geophysical services in the construction sectors. Furthermore, innovation and investment in the type of geophysical services such as drone and unmanned aerial vehicles in the mapping of the geophysical qualities will provide ample opportunities for the development of the market during the forecast period.

The seismic segment dominates the global geophysical services market. Seismic survey is a method used to investigate geological properties of earth and is majorly used to explore natural gas, petroleum, and mineral deposits. This technique determines the time interval between the initiation of waves at a shot point and the arrival of reflected or refracted waves by the seismic detectors. Increase in demand for oil & gas is a major driving factor for growth of the global seismic survey. The presence of advantages of seismic survey services such as reduction of probability of drilling dry wells, hence preventing further drilling and minimizing environmental effects of oil & gas exploration is propelling the growth of seismic technology in geophysical services market. Furthermore, this technology has wide range of application in mining sector and in disaster management such as in earthquake, as this technology can save lives by giving early warning to the people living in the earthquake zone. The presence of these advantages and demand for minerals and oil & gas in the modern society will provide ample opportunities for the development of the market.

The marine based survey segment dominates the global geophysical services market. Marine survey is also known as hydrographic survey. It is the process of measuring several factors under the surface of water. The survey can be performed on still water as well as running water. The scope of application of marine based survey is in the construction of sea defense works and harbors. The rise in the industrial hubs and growing foreign direct investment in all major manufacturing sectors across emerging economies such as China, India, Brazil, and Southeast Asian countries are projected to fuel the demand for various mineral resources. The decline in land surface resource has led to increase in the exploration of mineral resources in the marine areas. The increase in investment from government and top mineral giants for marine exploration has driven the demand for marine based survey. The presence of above mentioned advantages will drive the growth of the market.

The oil & gas segment dominates the global geophysical services market. In oil & gas industries geophysics play a critical role where data are used by geophysical scientists to understand the presence, nature and size of subsurface rock layers and potential reservoirs with oil wells. This industry has huge demand for geophysical methods such as gravity, magnetics, and 2D seismic. These technologies are used for subsurface geohazards characterization, leak location and monitoring and other related data. The presence of the increase in the demand for the oil & gas industries based products in the power and transportation sector will drive the demand for geophysical services market. The decline in the resource on the surface of landmass has led to the exploration of oil resources in the marine seabed which led to the increase in the demand for marine based geophysical services. The presence of the demand of oil & gas products in various sectors power generation, as a fuel for engine in transporting vehicles; owing to the above mentioned demand will provide ample opportunities for the development for the geophysical services market.

North America is analyzed across the U.S., Canada, and Mexico U.S. and Canada are the major players in this region. The North America geophysical services market revenue is estimated to surpass USD 8.6 billion by 2031. The availability of abundant & affordable natural gas along with a shifting focus toward clean energy generation will foster the market outlook. The adoption of geophysical services on account of growing investments in mineral & mining industries, rising instability in crude oil prices and increasing usage of aerial based geophysical surveys. Moreover, minerals are being excavated at a faster rate in order to meet the needs for the rising population. Mining of precious metals such as gold, copper, silver and iron is further fueling the market for geophysical services in this region. The above mentioned are major factors driving the growth of the market in this region during the forecast period.