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Geophysical Services Market Size and Forecast 2024-2033|BGP Inc., Schlumberger Limited, Halliburton Company, Geotech Surveys International Limited, Sea Geo Surveys Pvt. Ltd

The Geophysical Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Geophysical Services Global Market Report 2024, The geophysical services market size has grown steadily in recent years. It will grow from $14.55 billion in 2023 to $15.01 billion in 2024 at a compound annual growth rate (CAGR) of 3.1%. The growth in the historic period can be attributed to oil and gas exploration, mining sector growth, infrastructure development, environmental studies and remediation, seismic exploration advancements, geothermal energy development.

The geophysical services market size is expected to see steady growth in the next few years. It will grow to $16.97 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to growing renewable energy expansion, mining exploration demand, environmental impact studies, hydrocarbon exploration, geothermal and alternative energy sources. Major trends in the forecast period include climate change studies, urban infrastructure mapping, multi-disciplinary approach, remote sensing and satellite technology, big data analytics integration.

Growing exploration activities are 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 2022, mineral exploration expenditure in and around known deposits was $3,054.9 million in the 2022 calendar year, which was a 21% increase from the previous year. In March 2022, as per Gold Mining Report of the World Gold Council, the gold mines production of India could rise to 20 tonnes per year from 1.6 tonnes in 2020. Total mine production in 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 way for the growth of the geophysical services market.

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The geophysical services market covered in this report is segmented –

1) By Survey Type: Land, Marine, Aerial

2) By Technology: Seismic, Magnetic, Gravity, Electromagnetic, Lidar, Ground Penetrating, Other Technologies

3) By Application: Road, Rail, Port, Airport, Pipeline, Other Applications

4) By End User: Agriculture, Environment, Minerals And Mining, Oil And Gas, Water Exploration, Other End Users

Geophysical service providers are using drones to conduct 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 from the survey. In 2023, Mobile Geophysical Technologies (MGT) and GEM Systems launched several fixed-wing UAVs to fulfill the requirement of higher measurement accuracy in magnetic surveys.

The geophysical services market report table of contents includes:

1. Executive Summary

2. Geophysical Services Market Characteristics

3. Geophysical Services Market Trends And Strategies

4. Geophysical Services Market – Macro Economic Scenario

5. Global Geophysical Services Market Size and Growth

26. South America Geophysical Services Market

27. Brazil Geophysical Services Market

28. Middle East Geophysical Services Market

29. Africa Geophysical Services Market

30. Geophysical Services Market Competitive Landscape And Company Profiles

Top Major Players: