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Geophysical services is a set of surveys used to detect and analyze geophysical data for spatial studies. Geophysical surveys service may use various types of sensing equipment such as magnetic, gravity, electromagnetic, resistivity, hyperspectral, LIDAR, etc and collect the data from above or below the earth surface. The market for geophysical service can be segmented on the basis of technology, survey type, end-use industry, and geography.
On the basis of technology, there are various techniques and equipment present in the industry of which following are most prevalent in the market are Seismic, Magnetic, Gradiometry, Gravity, Electromagnetic, Hyperspectral, Resistivity, LIDAR and many others. Among these, seismic survey accounts for major market share due to its wide application in oil & gas and mineral & mining industry.
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On the basis of survey type, geophysical service can be bifurcated into the aerial based survey and land based survey. Aerial based survey is the most preferred technique adopted by industry players owing to its ease in operation, quality analysis, and wide coverage, especially on mineral & mining exploration activities.
On the basis of end-use industry, the market can be segmented by oil & gas, mineral & mining, agriculture, water exploration, and others. Oil & Gas industry accounts for the majority of the market share due to increasing application of seismic survey to get an accurate mapping of hydrocarbon reservoirs. Followed by mineral & mining industry where mapping and analysis need to be done in a very large area.
The major market driver for geophysical service is the focus on increasing budget expenditure on exploration activities in each end-use industry. Demand for geophysical mapping has shown a significant increase from oil & gas and mining industry in the past few years. The most preferred method to conduct a survey is aerial-based. It provides accurate, wide coverage, and ease of control to the service providers. There are various equipment and tools available with service providers to conduct the geophysical survey which can be done either above or below the earth surface according to the requirement.
The factor that is expected to inhibit the growth of the market is the huge variety of equipment with a service provider and each requires a certain level of expertise to get accurate results. Also, the huge challenges faced by the service provider is the change is environment condition. Lots of companies are finding an innovating approach to overcome such challenges and maintain a high level of productivity & data integrity for their customer’s demand.
Some of the major companies that are present in the global geophysical services market are ION Geophysical Corporation, Fugro, Geophysical Survey Systems, Inc. Compagnie Générale de Géophysique, GEOTECH, Intertek Group plc, EON Geosciences, Phoenix Geophysics, Dawson Geophysical Inc., TGS, Spectrum Geophysics, Sea Geo Surveys Pvt Ltd, BTW Company, Polaris Seismic International, New-Sense Geophysics Ltd, Capstone Geo Consultants (India) Pvt. Ltd. SkyTEM Surveys ApS, Canadian Seabed Research Ltd, MMT Group, TerraSond, ECA Geophysics, Geophex, Ltd., BHF Environmental Ltd., PetRos EiKon Incorporated, Terraplus Inc, etc.
Segmentation of the Global Geophysical Service Market
By Survey Type
By End-use Industry
· Oil & Gas
· Minerals & Mining
· Water Exploration
· North America (USA and Canada)
· Europe (UK, Germany, France, Netherlands, Norway, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, Argentina, Venezuela, Chile and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, Nigeria and Rest of Middle East & Africa)
The global geophysical services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is going to dominate the geophysical services market owing to huge investment in exploration activities in shale oil play and it is also expected to account for a large proportion of the market in the forecast period as well. A per the proposed plan for FY 2019, U.S. geophysical survey budget is receiving a marginal increase by 1% over last year i.e. USD 1.16 billion. Asia Pacific countries such as China, Australia, and Indonesia are expected to gain the largest market opportunity owing to increasing focus on oil & gas and mineral & mining activities. Followed by European countries such as Russia, CIS countries, Norway and UK are also a major contributor to the global demand of geophysical service market.
Key Industry Developments
· In Feb 2019, Guyana Goldstrike Inc. has confirmed a large scale of mineralization at Mazoa Hill using airborne magnetic and radiometric surveys on its Maruti gold project located in Guyana Gold belt, Guyana, South America.
· In Feb 2019, Chase Mining Corporation Ltd. has signed a contract over two areas with in Zeus project for airborne electromagnetic geophysical survey in southwest Quebec, Canada.
· In Sep 2018, Cornerstone Capital Resources Inc. has signed a contract with New-Sense Geophysics Ltd to conduct high resolution airborne radiometric and magnetic surveys on its Espejo, Playa Rica and Rio Magdalena Blocks in Northwest Ecuador.