Geophysical Services Market to Grow Rapidly at a CAGR of 6.6% During Forecast; Factors such as Rising Exploration of Hydrocarbons & Rising Adoption of Geophysical Software to Aid Growth

The global geophysical services market size reached USD 12.65 billion in 2021. The market value is estimated to increase from USD 13.12 billion in 2022 to USD 20.55 billion in 2029 at a CAGR of 6.6% in 2022-2029. This information is published by Fortune Business Insights™, in its report, titled, “Geophysical Services Market Size, Share & COVID-19 Impact Analysis, By Technology (Seismic, Magnetic, Electromagnetic, Gradiometry, Gravity, Borehole logging, and Others) By Survey Type (Land-based, Marine-based, Aerial-based), By End-user (Oil & Gas, Mining, Agriculture, Water Exploration, Others) and Regional Forecasts, 2022-2029”

A Slowdown in Mining Activities & Economic Disruptions to Limit Market Growth During COVID-19

The global pandemic affected the E&P sector on a dual front; Causing disruption in the supply chains and deploying an excessive supply of oil, triggering a decrease in the price. Imposed lockdowns by various government bodies and creating restrictions on the general population further altered the course of the market towards a negative impact. The Brent Crude Oil prices indicated a drop of almost 66% during Q1 from a price of USD 66 to USD 23.

Volatility in price further forced manufacturers to decrease their budgets in order to survive and maintain operational revenue. Lockdowns created a vacuum in the demand-supply chain and a faltering transport system led to irregular deliveries. These factors hampered the growth of geophysical services to a certain extent.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/geophysical-service-market-100105

Halliburton & TGS Collaborate to Provide Advanced Monitoring Sensors

Halliburton & TGS announce a collaboration to further advance seismic imaging to fiber optic sensing. This collaboration is aimed at providing advanced insight capabilities for potentially identifying reservoirs for oil & gas production along with areas filled with rich carbon storage. The collaboration also integrates real-time monitoring of an entire field, which should allow their users to make an informed decision and ultimately increase production.

High-resolution reservoir images are expected to be produced from the process of the seismic wavefield. This solution will enable consumers to access the technology at a lower cost when compared to 4D seismic functionalities. The required work for delivering this combined solution is underway in terms of multiple onshore & offshore reservoir monitoring projects.

Rising Adoption of Geophysical Software, Rising Large Independent Drives, & Hydrocarbon Explorations to Aid Growth

Factors such as increased adoption of digital technologies by the oil & gas sector trigger increased potential for production and improve safety and health of the onboard workforce. Additionally, the emergency of new technology and the ability to analyze data in real-time boost the geophysical services market growth during the forecast period.

Rising urbanization and increasing investments from dominant organizations towards exploration & production activities will increase the footprint of the market. Increasing demand for fossil fuels and the requirement of identifying rock types without any physical testing further pushes geophysical services towards an extended growth.

Industry Development:

• June 2021: TGS announces its collaboration with Earth Science Analytics towards expanding its offering of Seismic & Well Data in order to promote data-driven innovations in technology. This collaboration will also focus on extending a new suite of seismic-derived products for providing enhanced exploration insights for the E&P industry with the aid of AI.

List of Players in the Market:

• Schlumberger (U.S.)


• CGG (France)


• PGS (Norway)


• TGS (Norway)


• Halliburton (U.S.)


• Fugro (Netherlands)


• COSL- China Oilfield Services Limited (China)


• Weatherford International (U.S.)


• Gradline Limited (U.K.)


• SAExploration (Norway)


• Dawson Geophysical (U.S.)


• ION Geophysical (U.S.)


• Paradigm (U.S.)


• EGS Survey Pty Ltd (Australia)

Further Report Findings:

• Seismic surveys are expected to hold dominance during the forecast period due to increasing application for exploring hydrocarbons & the mining industry due to its precise nature of discovering natural sources. Magnetic technology will occupy a substantial share owing to reliance on the signature of highly intense magnetic materials.


• North America will occupy the largest geophysical services market share during the forecast period owing to rising investments from government & private entities along with expanding metals & mineral sector. Additionally, the region invests heavily in exploration and production activities, which contributes to the growth in the market.  

Table of Segmentation: