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Geophysical Services Market Size, Share & Industry Analysis, By Technology (Seismic, Magnetic, Gradiometry, Gravity, Electromagnetic, Hyperspectral, Resistivity, and LIDAR), By End-User (Oil & Gas, Mineral & Mining, Agriculture, Water Exploration, and Others), By Survey Type (Aerial-based and Land-based) and Regional Forecast, 2019-2026

Region : Global | Format: PDF | Report ID: FBI100105

 

KEY MARKET INSIGHTS

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The global geophysical services market size was USD 14.43 Billion in 2018 and is projected to reach USD 20.59 Billion by 2026, exhibiting a CAGR of 4.6% during the forecast period.

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Energy is the heart of elevating economies and the development of the world. Clean, efficient, affordable, and reliable energy services are indispensable for global prosperity. Current energy systems are inadequate to meet the increasing demand for energy. For instance, the absence of clean energy will widen the gap of energy security that adversely affects economies. In order to ensure a continuous and reliable source of energy, government and private entities are investing in geophysical survey technologies for energy security. Geophysical survey is a very cost-effective method for discovering oil & gas as well as metals & minerals. It is a useful tool to investigate the subsurface of the earth. Geophysical surveying does not dispense with the need for drilling which can optimize exploration programs by maximizing the rate of ground coverage and minimizing the use of drilling requirements.


Several geophysical surveying methods can be used to get factual data beneath the earth for which there is an ‘operative’ physical property to which the process is sensitive. There are various technologies used to carry out geophysical surveys including seismic, magnetic, gradiometry, gravity, electromagnetic, hyperspectral, resistivity, and LIDAR among others. Seismic technology is commonly used to determine site geology, stratigraphy, and rock quality, which provide detailed information about subsurface layering and rock geomechanical properties using seismic acoustical waves. The survey may be carried out on ground surface or aerially to produce detailed mapping of an area. Geophysical survey is majorly used in oil & gas industry as well as metal & minerals to meet the growing demand for energy and metals, respectively. Hence, a geophysical survey is essential to discover valuable energy resources that may offer a lucrative market in the upcoming years.


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North America is undeniably the leader in the geophysical service market owing to the adoption of advanced technology for the extraction of natural deposits. The region is considered as the top producer of natural gas owing to the recent shale gas revolution in the United States. The country has changed the global natural gas outlook by innovation in shale gas extraction. The growing demand for hydrocarbons has led to increasing investment in exploration and production activities. Simultaneously, the minerals and mining industry is being tremendously invested in due to rising adoption of renewables and growing popularity of electric vehicles. Geophysical services are widely used to assess the precise location of hydrocarbon deposits beneath the earth. They not only provide reliable information about the whereabouts of natural deposits but also reduce the exploration cost. Also, the mining industry plays a crucial role in leveraging economic development that may fuel the market.


MARKET DRIVERS


“Increasing Demand for Technical Expertise For Discovering New Resources to Fuel the Market”


Fast-paced global economic development is resulting in an increasing demand for energy. Several companies seek technical expertise to precisely locate fossil fuel deposits. Geophysical services are being widely used in mining, oil & gas, agriculture, archaeology, and others to analyze the geological properties of the earth. The most important characteristic of geophysical service is that it is a non-destructive means and ideal for use in populated areas. The enormous population growth coupled with urbanization limits exploration activities. But with the help of geophysical service, detailed mapping of energy deposits can be carried out efficiently. It not only provides realistic information about the subsurface of the earth but also reduces the overall production cost by precisely locating minerals, metals, oil & gas, etc. Hence, substantial investment in the exploration of fossil fuel deposits may drive the geophysical services market growth.


 “Exponential Growth in Exploration of Hydrocarbon, Minerals and Mining to Favor Market Expansion”


Fundamentally, the world energy scenario is dominated by fossil fuels. They account for more than half of the total energy consumed in the world. Geophysical service plays an important role in the extraction of hydrocarbons, besides minerals & mining. Globally, the demand for energy, minerals & mining is increasing consistently due to the expansion of industries and thriving urbanization. Consequently, many countries are enormously investing in the hydrocarbon & mining industry for securing stable economic growth. Besides this, some of the developed countries are using geophysical surveys in agriculture, water exploration, environment, and archeology to get accurate information. This will not only reduce the extraction cost but also help to avoid any natural calamities. Henceforth, potential investment in the extraction of natural resources may exhibit robust growth for the geophysical service market.


SEGMENTATION


By Survey Type Analysis


“Land-based Survey Continues to Dominate the Market Segment”


The share of hydrocarbons in the world energy scenario is substantial as compared to other energy sources. The land-based survey is widely used in the hydrocarbon and mining industries. The world economy is dynamically driven by these two industries. The ground-based method provides detailed geological data, which helps to locate natural deposits precisely. The major players in the industry are using a land-based survey to acquire accurate information to minimize further exploration costs. Hydrocarbon exploration is dependent mainly on the ground-based survey. In this, seismic technology is majorly used to discover hydrocarbon, minerals & mining deposits. Therefore, the enormous demand for oil & gas besides minerals & mining in various industries may accelerate the growth of the land-based survey.


By Technology Analysis


“Multiple Benefits of Seismic Survey to Aid Its Adoption”


Seismic is one of the most commonly used geophysical techniques used to locate potential oil and natural gas deposits in the geologic structure of the earth. It is usually employed to accurately plan locations for fossil fuel deposits, which reduces further exploration and minimizing environmental impact. A seismic survey not only increases the exploration success, but it allows operators to monitor the reservoir through time. This technique provides detailed information about subsurface layering and geomechanical properties of the underlying rock using seismic acoustical waves.


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Advances in seismic imaging technology and data processing have dramatically improved the industry's ability to locate fossil fuel deposits. The demand for the seismic survey is driven by increasing minerals & metals exploration as well as exploration and production of oil and gas. In addition, the new offshore exploration opportunities may offer a lucrative market for the growth of the seismic survey.


By End-User Outlook


“Increasing Demand from Minerals & Mining and Oil & Gas Industries Will Propel the Market”


The global GDP growth of approximately 4% per year over the next five years, in addition to infrastructure growth in emerging economies, is expected to underpin continued demand for mineral, metals, and fossil fuels, among others. Ground-based geophysical services are widely used to get the geological structure of the earth to locate fossil fuel deposits. Though the countries are committed to reducing their dependence on conventional fuel, the demand for fossil fuel continues to dominate the global energy outlook. The major economies in the world, such as U.S. China, Russia, Germany, UK, India, and Japan, among others, are massively investing in energy security programs that may leverage the demand for oil and gas. The recent boom in renewable energy and production of electric vehicles has spiked the demand for various metals, which is fueling the mining industry. In addition, continuous population growth with growing urbanization is likely to increase the demand for energy in every aspect. This is anticipated to be a leading current in the geophysical services market trends.


REGIONAL ANALYSIS


Energy is essential for economic development and poverty reduction. It is an important input to all sectors of the economy, from the transportation of people and providing electricity to industry, agriculture, and social services such as health and education. However, some countries don’t have sufficient natural resources, or they don’t have advanced technology to satisfy their energy requirements. But, in recent times, geophysical services have opened the doors of speedy development for economically deprived countries. These services provide a detailed analysis of geology to recover valuable natural deposits. Oil & gas companies in North America are extensively using seismic surveys for the extraction of hydrocarbons. The recent shale gas revolution has changed the dynamics of the global natural gas outlook, making America the world’s top producer of crude oil and giving the region commanding holds on the geophysical services market share. According to the U.S. Geological Survey, U.S. mines produced an estimated 82.23 USD billion raw mineral materials in 2018 that fuel the U.S. economy. In addition, Canada is also playing a crucial role in the extraction of fossil fuels, which fuels the geophysical services in North America.


North America Geophysical Service Market Size, 2018

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Latin America produces the world’s three valuable metals namely iron ore, copper, and ubiquitous gold. Brazil is the leading country in the region that holds a substantial amount of natural deposits. The country is leading producer of precious metals such as gold. The mining and mineral industry accounts for 2% of Brazil’s GDP. Subsequently, Mexico, Argentina, and Chile are the significant countries in Latin America that produce hydrocarbon besides minerals & mining. Thus, the substantial potential in oil and gas as well as mining industry may boost the market in the region. European countries have a long tradition of mining and majorly contribute to economic progress of the region. UK, Germany, Norway, Italy, and Russia are crucial players in the overall energy outlook in Europe. They are the major producers of some of the essential metals such as copper, lead, zinc, and silver among others. Also, some countries are majorly investing in the exploration of oil and gas to reduce their dependency on foreign countries. These factors are likely to drive the geophysical services market in Europe.


Currently, Asia Pacific exhibits robust economic growth owing to rapid development in China, India, Japan, Indonesia, and Australia among others. China is consistently looking forward to gaining significance in the global economy. It is aiming to increase capital investment in oil and gas exploration to boost production two-fold to meet the domestic requirement. Also, it is the largest producer of coal, gold, and rarest earth minerals. Similarly, India has huge potential in mining, oil & gas, and other industry verticals. Rising industrialization and urbanization have increased the demand for crude oil. Therefore, the Indian government and conglomerate companies are persistently investing in energy sector that may uplift the geophysical services. The Middle East & Africa are primarily known for being the largest crude oil-producing region and a rich mining continent respectively. The Gulf countries such as Saudi Arabia, UAE, Iran, and Iraq among others are focusing on increasing their production of hydrocarbons. The economy of these countries is largely based on hydrocarbon industry. Thus, they are constantly striving to achieve sizeable amount of crude oil production. In Africa, South Africa is a big player as it holds some of the important metals required by various industry verticals. According to Mineral Council of South Africa, the mining industry contributed approximately 23 USD billion to the South African GDP. Henceforth, fossil fuels may offer a lucrative market for the growth of the geophysical service market.


INDUSTRY KEY PLAYERS


“Exciting New Opportunities to be Lapped up by Market Players”


The geophysical service market is highly dominated by Schlumberger, CGG, and PGS among others. Schlumberger is one of the leading companies that provide comprehensive solutions for locating natural deposits. The company delivers expertise in seismic services, seismic data processing, and mapping of geological information. In addition, CGG and PGS are significant players in the market for bringing unique solutions to their clients across the world. They are recognized for providing extremely precise data and images of the Earth’s subsurface.


LIST OF KEY COMPANIES COVERED:



  • Schlumberger

  • CGG

  • PGS

  • TGS

  • Halliburton

  • Fugro

  • COSL- China Oilfield Services Limited

  • Polarcus

  • Geokinetics, Inc.

  • SAExploration

  • Dawson Geophysical

  • Global Geophysical Services

  • ION Geophysical

  • Paradigm


REPORT COVERAGE


The world is changing faster than ever before, driven by population growth, urbanization, technological change, and climate change, among others. Geophysical services play an important role in creating a safer and more liveable world. It is used for specific problem setting such as bedrock condition before an underground construction, mapping of natural resources, risk analysis of landslides, and mapping of contaminated sites. Geophysical mapping provides a full representation of how the physical properties vary region by region for cost-effective exploration of oil & gas as well as minerals & materials. Hence, the geophysical survey is widely used by oil & gas operators, mining industries, and archaeologists to get more authentic data beneath the earth. The extensive population growth, underpinned by urbanization and growing industrialization, has increased the demand for energy. Government and private entities are massively investing in undiscovered regions to get ample amounts of hydrocarbons. In the forthcoming years, the global outlook for geophysical services seems to be very positive as some of the leading players are making big announcements for oil and gas exploration that is likely to drive the geophysical service market.


The report provides qualitative and quantitative insights on the geophysical service market and detailed analysis of the market size & growth rate for all possible segments in the market. The geophysical services market is segmented by technology, end-user, survey type, and region. By technology, the market is divided into seismic, magnetic, gradiometry, gravity, electromagnetic, hyperspectral, resistivity, and LIDAR. By the end-user, it is categorized into oil & gas, minerals & mining, agriculture, water exploration, and others. Based on the survey type, it is classified into aerial-based and land-based. Geographically, this market has been analyzed in North America, Latin America, Europe, Asia Pacific, and Europe


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Along with this, the report provides an elaborative analysis of the geophysical service market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments in this market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD Billion)



Segmentation



By Technology



  • Seismic

  • Magnetic

  • Gradiometry

  • Gravity

  • Electromagnetic

  • Hyperspectral

  • Resistivity

  • LIDAR



By End-User



  • Oil & Gas

  • Minerals & Mining

  • Agriculture

  • Water Exploration

  • Others



By Survey Type



  • Aerial-based

  • Land-based



By Region



  • North America (U.S. and Canada)

  • Latin America (Brazil, Mexico, Argentina, Chile, and Rest of Latin America)

  • Europe (UK, Germany, Norway, Italy, Russia, and Rest of Europe)

  • Asia Pacific (China, India, Indonesia, Malaysia, Australia, and Rest of Asia Pacific)

  • Middle East & Africa (Saudi Arabia, UAE, Iraq, Iran, South Africa, and Rest of Middle East & Africa)



INDUSTRY DEVELOPMENT:



  • In July 2019, Petroleum Geo-Services (PGS) is designing 2D Geo Streamer on a regional scale for exploration survey offshore South Africa, stretching 110000km from the Namibian border to Cape Agulhas.

  • In March 2019, National Mineral Development Corporation (NMDC) has signed an MoA with Geological Survey of India (GSI) for sharing Aero-Geophysical Data for exploration of mineral in Madhya Pradesh.

  • In September 2018, Fugro secured three contracts with BHP Petroleum Inc., for delivering a range of specialist services to underpin exploration and production operations in Trinidad and Tobago and the Gulf of Mexico. The company is providing geophysical and geotechnical services from dedicated vessels to support the development of the Ruby field.


Frequently Asked Questions

Fortune Business Insights says that the geophysical services market was valued at USD 14.43 billion in 2018.

The global geophysical service market is projected to reach USD 20.59 billion in 2026.

The geophysical service market is projected to grow at a CAGR of 4.6% in the forecast period.

The geophysical service market in North America was valued at USD 5.51 billion in 2018.

Based on technology, the seismic survey segment will dominate the market during the forecast period.

The geophysical service requisite to get reliable information for the exploration and production of natural resources. In addition to this, the increasing investment in oil & gas, as well as mining, is augmenting the industry. However, unstable prices of crude oil in the international market and opposition from the local community for mining is projected to hinder the growth of the market.

Schlumberger, CGS, PGS, TGS, Halliburton, and COSL- China Oilfield Services Limited, among others are some of the top companies in the geophysical service market.

The geophysical services provide reliable geological information to trace valuable natural deposits. It is a non-destructive process to study the subsurface of the earth, which reduces the overall exploration cost. Over the years, technology has developed that helps to discover fossil fuels and hydrocarbon with better feasibility.

Geophysical Service Market Size, Share and Global Industry Trend Forecast till 2026
  • Dec, 2019
  • 2018
  • 2015-2017
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