WILMINGTON, DE / ACCESSWIRE / January 26, 2023 / Transparency Market Research Inc. - The global geophysical services market size was valued at US$ 19.4 Bn in 2021 and is projected to reach US$ 30.0 Bn by 2031. The market report estimates industry growth at a CAGR of 4.5% between 2022 and 2031. Most geological problems can be solved using a geophysical approach. Compared to other traditional procedures such as soil testing and borehole logging, geophysical surveys are more cost-effective and a time saving technique as well. These surveys can precisely assess the natural resources buried underneath, assisting governments or businesses in resource usage planning. These benefits are expected to bolster business opportunities in the global geophysical services market.

The booming industries of mining and oil & gas exploration are expected to contribute to the growth of the geophysical services market in the near future. Given their high volatility, conventional oil and gas exploration services are being replaced by new renewable and related services by firms providing geophysical services. Oil and gas industries and mining firms are investing significantly in acquisition of geophysical data to aid in the exploration and discovery of new resources and meet urbanization driven demands. Geophysical services are essential for the methodical collection of geophysical data. As such, rise in demand from the oil and gas industry is anticipated to drive market development.

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Key Findings of Market Report

• Based on end-use, the wind energy segment is projected to grow at a CAGR of 17.5% through 2030. Utilization of geophysical services in planning and exploration activities of deployment of wind energy turbines is expected to increase the demand for these services. Use of geophysical services is on the rise in the energy sector, which is expected to drive the global industry during the forecast period.
• Seismic technology is the most employed technique in geophysical surveys for oil and gas development due to its dependability and affordability. Groundwater can be identified and the foundations of buildings and roads can be examined using seismic surveys. Additionally, it assists in the discovery of mineral and hydrocarbon deposits that could be recoverable. By applying seismic technology, precise information on the subsurface of the earth and topography can be obtained.
• Based on type, the aerial-based geophysical survey segment dominate the market, driven by its increased usage. Aerial surveying has several applications, including aerial inspection services, imaging surveys, and drone mapping. Land-based and aerial survey services are becoming more widely available from service providers to diversify their revenue streams.

Global Geophysical Services Market: Growth Drivers

• Geophysical services offer technical assistance to mining and mineral industries. Geophysics is essential to minimize geological uncertainty in mining. Using geophysical services in mining operations has financial advantages that small mining businesses are beginning to understand. This has increased the usage of geophysical services for site evaluation, thereby driving market demand.
• In terms of end-use, the oil & gas segment held a 47.1% share of the global geophysical services market in 2021. The segment is anticipated to observe growth at a CAGR of 3.2% during the forecast period. It is predicted that the demand for energy would rise substantially due to rapid industrialization and growing population. This factor is expected to raise demand for exploration of oil and gas in the near future. Support from governments is also anticipated to assist expansion of the oil and gas industry.

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Global Geophysical Services Market: Regional Landscape

• Based on region, North America represented 34.3% of the market share in 2021. North America is estimated to present immense growth prospects to market players in the next few years. Increase in investments by companies and governments in exploration of mining, metals, and hydrocarbons is likely to drive the market in North America.

Global Geophysical Services Market: Key Players

Some of the key market players are

• Dawson Geophysical Company
• NUVIA Dynamics Inc.
• Ramboll Group A/S
• Spectrum Geophysics
• SGS SA
• Shearwater Services

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Global Geophysical Services Market: Segmentation

Technology

• Seismic
• Magnetic
• Electromagnetic
• Gravity
• LIDAR
• Others

Type

• Aerial-based Survey
• Marine-based Survey,
• Land-based Survey

End-use

• Minerals & Mining
• Oil & Gas
• Infrastructure
• Wind Energy
• Water Exploration
• Archaeological Research
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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