The global geophysical services market size was valued at $16.2 billion in 2023, and is estimated to reach $24.5 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
The global market for industrial raw materials and key minerals has seen remarkable growth in recent years due to escalating demands, particularly from the energy sector. In 2022, according to IEA, “The market value for essential energy transition minerals, such as those used in battery production and renewable technologies, doubled over five years, reaching an impressive $320 billion”. According to the World Economic Forum, “By 2023, the momentum continued as evidenced by a 10% rise in the World Bank’s metals and minerals price index in just the first quarter”. The surge in demand for key minerals will drive the mining sector, which has a positive impact on the utilization of exploration tools that will further drive the growth of the geophysical services market during the forecast period,
According to IEA, “From 2017 to 2022, demand for lithium tripled, driven mainly by the energy sector, while demand for cobalt and nickel also increased significantly by 70% and 40%, respectively”. This boosted demand spurred further investments in critical mineral development, which grew by 30% in 2022, following a substantial 20% increase in 2021. The increase in the investment of the firm in mineral development will increase the demand for seismic, magnetic, electromagnetic, gravity, and LIDAR tools, which drive the demand for the geophysical services market.
Economic fluctuations significantly impact the geophysical services market by affecting investment levels in industries such as oil and gas exploration, which is a major end-user of these services. During periods of economic downturn or when commodity prices are low, exploration and production companies may scale back on investments, including cutting budgets for exploration and consequently for geophysical services. This reduction in spending directly leads to decreased demand for geophysical surveys and data analysis services. The cyclic nature of many commodity markets, including oil, gas, and minerals, means that geophysical service providers often face periods of prosperity and decline, which makes planning and sustaining business growth challenging.
Developing regions often contain vast, unexplored areas rich in natural resources, presenting an ideal environment for the growth of the geophysical services market. These regions, including parts of Africa, Asia, and South America, have historically seen limited exploration activity, due to political, economic, or technological constraints. As these constraints gradually diminish, and as local economies grow and stabilize, there is an increased willingness and capability to invest in thorough exploration. Geophysical service providers can capitalize on these untapped markets by offering advanced technologies and expertise, thus expanding their global footprint and contributing to the economic development of these areas.
The expansion of geophysical applications into civil engineering and environmental assessments offers new growth avenues for the geophysical services market. In civil engineering, geophysical surveys are crucial for the safe design and construction of infrastructure such as bridges, dams, and skyscrapers, providing detailed insights into the subsurface conditions. Similarly, in environmental assessments, these services help in evaluating soil contamination, groundwater characteristics, and other environmental factors critical for sustainable development. As global emphasis on infrastructure safety and environmental sustainability increases, the demand for geophysical services in these sectors is expected to rise, thereby broadening the market scope and diversifying its revenue streams.
Seismic technology dominates the geophysical services market. It is primarily used in oil and gas exploration for its detailed subsurface images. Magnetic and electromagnetic methods are crucial in mineral exploration, helping identify ore deposits. Gravity surveys, which are less common, are applied in oil, gas, and mineral exploration to detect density variations. LiDAR technology is increasingly used in civil engineering for its accurate topographical data. Other technologies cater to specialized applications, highlighting the market's adaptability to diverse geological and industrial requirements.
Aerial-based surveys are growing at a fast pace during the forecast period and offer rapid data collection and accessibility in challenging terrains, with drones increasingly favored for their precision and lower operational costs. Marine-based surveys are crucial for offshore resource exploration, benefiting from advancements in underwater geotechnical methods. Land-based surveys remain fundamental in mining and construction, where detailed subsurface information is essential. Each segment's growth is influenced by technological innovations and the expanding scope of applications across various industries.
The global geophysical services market serves a diverse range of end-use sectors, each with distinct requirements and growth trajectories. The oil & gas sector remains a dominant user, leveraging these services for exploration and extraction activities, though the shift towards renewable energies is influencing growth in the wind energy segment. Minerals & mining continue to demand geophysical insights for resource identification and extraction. Water exploration and archaeological research are smaller but steadily growing segments, with increasing relevance due to environmental concerns and historical discoveries, respectively. The others category captures a mix of niche applications, each contributing to incremental market expansion.
Asia-Pacific is witnessing rapid expansion due to increased infrastructure development and energy demands in China and India, boosting demand for geophysical surveys for oil and gas resources. Lastly, LAMEA regions, particularly Brazil and Saudi Arabia, are leveraging their rich natural resources through enhanced exploration activities, while South Africa focuses on mineral exploration and environmental geophysics.
The major companies profiled in this report include Schlumberger, CGG, Petroleum Geo-service, TGS, Shearwater Services, Dawson Geophysical Company, Fugro, SGS SA, EON Geosciences, Ramboll Group A/S, Getech, NUVIA Dynamics Inc., Spectrum Geophysics, Abitibi Geophysics, and Xcalibur Multiphysics. Additional growth strategies such as the expansion of production capacities, acquisition, partnership, and research & innovation in the type of geophysical services have led to key developments in the global geophysical services market trends.
The European Patent Office (EPO), Russian Federation, and the U.S. each accounted for 9.1% of the filings. This distribution points to a diversified but still highly concentrated innovation landscape where key regions are focusing on developing and securing advanced geophysical technologies.
The 2023 patent filings reflect a strategic focus on securing and enhancing technological capabilities within the geophysical services sector. The high level of activity by Chinese firms is indicative of the country's push towards becoming a leader in energy and geophysical technologies. Moreover, the broad range of applicants - from service companies such as Schlumberger and Halliburton to national corporations such as ExxonMobil, and BHP, and educational institutions such as Colorado School of Mines, and University of Western Australia - highlights the sector's multidimensional innovation ecosystem.
The diversity in patent filings across different jurisdictions also points to the global nature of the market, where companies must protect their innovations not only in their home countries but also in other key markets worldwide. This is particularly important in a sector where the deployment of technologies can be as critical as their development.
Introduction
Geophysical services locate and measure the extent of subsurface resources such as oil, gas, and minerals, and also conduct surveys for construction purposes. Magnetic surveys, gravity surveys, seismic surveys, and electrical and electromagnetic surveys are used in the geophysical services market. Geophysical services are carried out on land, marine, and aerial. Land survey is the science of reinforcing land corners, lines, borders, and landmarks based on documented documents and historical data. Geophysical services use different technologies such as seismic, magnetic, gravity, electromagnetic, LiDAR, ground penetration, and others, which are used in various applications such as roads, rail, ports, airports, pipelines, and others. It is also widely used in agriculture, environment, minerals & mining, oil & gas, water exploration, archaeological research, and others.Market Dynamics
The geophysical services market is positively influenced by the rising demand for precious minerals and metals due to their extensive use in various industries including electronics, jewelry, and manufacturing. Geophysical services, which include seismic, magnetic, and other surveying techniques, play a crucial role in identifying and delineating underground mineral deposits. As the demand for these resources grows, there is a corresponding increase in exploration activities. This surge in exploration efforts necessitates the deployment of sophisticated geophysical services to efficiently locate and evaluate potential mining sites, thus driving growth in the market.The global market for industrial raw materials and key minerals has seen remarkable growth in recent years due to escalating demands, particularly from the energy sector. In 2022, according to IEA, “The market value for essential energy transition minerals, such as those used in battery production and renewable technologies, doubled over five years, reaching an impressive $320 billion”. According to the World Economic Forum, “By 2023, the momentum continued as evidenced by a 10% rise in the World Bank’s metals and minerals price index in just the first quarter”. The surge in demand for key minerals will drive the mining sector, which has a positive impact on the utilization of exploration tools that will further drive the growth of the geophysical services market during the forecast period,
According to IEA, “From 2017 to 2022, demand for lithium tripled, driven mainly by the energy sector, while demand for cobalt and nickel also increased significantly by 70% and 40%, respectively”. This boosted demand spurred further investments in critical mineral development, which grew by 30% in 2022, following a substantial 20% increase in 2021. The increase in the investment of the firm in mineral development will increase the demand for seismic, magnetic, electromagnetic, gravity, and LIDAR tools, which drive the demand for the geophysical services market.
Economic fluctuations significantly impact the geophysical services market by affecting investment levels in industries such as oil and gas exploration, which is a major end-user of these services. During periods of economic downturn or when commodity prices are low, exploration and production companies may scale back on investments, including cutting budgets for exploration and consequently for geophysical services. This reduction in spending directly leads to decreased demand for geophysical surveys and data analysis services. The cyclic nature of many commodity markets, including oil, gas, and minerals, means that geophysical service providers often face periods of prosperity and decline, which makes planning and sustaining business growth challenging.
Developing regions often contain vast, unexplored areas rich in natural resources, presenting an ideal environment for the growth of the geophysical services market. These regions, including parts of Africa, Asia, and South America, have historically seen limited exploration activity, due to political, economic, or technological constraints. As these constraints gradually diminish, and as local economies grow and stabilize, there is an increased willingness and capability to invest in thorough exploration. Geophysical service providers can capitalize on these untapped markets by offering advanced technologies and expertise, thus expanding their global footprint and contributing to the economic development of these areas.
The expansion of geophysical applications into civil engineering and environmental assessments offers new growth avenues for the geophysical services market. In civil engineering, geophysical surveys are crucial for the safe design and construction of infrastructure such as bridges, dams, and skyscrapers, providing detailed insights into the subsurface conditions. Similarly, in environmental assessments, these services help in evaluating soil contamination, groundwater characteristics, and other environmental factors critical for sustainable development. As global emphasis on infrastructure safety and environmental sustainability increases, the demand for geophysical services in these sectors is expected to rise, thereby broadening the market scope and diversifying its revenue streams.
Segments Overview
The geophysical service market is segmented on the basis of technology, type, end-use, and region. On the basis of technology, it is segmented into seismic, magnetic, electromagnetic, gravity, LiDAR, and others. On the basis of type, the market is segmented into aerial-based survey, marine-based survey, and land-based survey. In addition, on the basis of end-use, the global geophysical service market is segmented into minerals & mining, oil & gas, wind energy, water exploration, archaeological research, and others.Seismic technology dominates the geophysical services market. It is primarily used in oil and gas exploration for its detailed subsurface images. Magnetic and electromagnetic methods are crucial in mineral exploration, helping identify ore deposits. Gravity surveys, which are less common, are applied in oil, gas, and mineral exploration to detect density variations. LiDAR technology is increasingly used in civil engineering for its accurate topographical data. Other technologies cater to specialized applications, highlighting the market's adaptability to diverse geological and industrial requirements.
Aerial-based surveys are growing at a fast pace during the forecast period and offer rapid data collection and accessibility in challenging terrains, with drones increasingly favored for their precision and lower operational costs. Marine-based surveys are crucial for offshore resource exploration, benefiting from advancements in underwater geotechnical methods. Land-based surveys remain fundamental in mining and construction, where detailed subsurface information is essential. Each segment's growth is influenced by technological innovations and the expanding scope of applications across various industries.
The global geophysical services market serves a diverse range of end-use sectors, each with distinct requirements and growth trajectories. The oil & gas sector remains a dominant user, leveraging these services for exploration and extraction activities, though the shift towards renewable energies is influencing growth in the wind energy segment. Minerals & mining continue to demand geophysical insights for resource identification and extraction. Water exploration and archaeological research are smaller but steadily growing segments, with increasing relevance due to environmental concerns and historical discoveries, respectively. The others category captures a mix of niche applications, each contributing to incremental market expansion.
Region Analysis
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe, and Asia-Pacific. The geophysical services market exhibits distinct regional dynamics. In North America, robust exploration activities in the U.S. oil and gas sector and advanced technological integration drive the market growth. Europe’s focus is more on environmental assessments and renewable energy projects, with countries such as Germany and the UK leading in sustainable practices such as enhanced oil recovery (EOR).Asia-Pacific is witnessing rapid expansion due to increased infrastructure development and energy demands in China and India, boosting demand for geophysical surveys for oil and gas resources. Lastly, LAMEA regions, particularly Brazil and Saudi Arabia, are leveraging their rich natural resources through enhanced exploration activities, while South Africa focuses on mineral exploration and environmental geophysics.
The major companies profiled in this report include Schlumberger, CGG, Petroleum Geo-service, TGS, Shearwater Services, Dawson Geophysical Company, Fugro, SGS SA, EON Geosciences, Ramboll Group A/S, Getech, NUVIA Dynamics Inc., Spectrum Geophysics, Abitibi Geophysics, and Xcalibur Multiphysics. Additional growth strategies such as the expansion of production capacities, acquisition, partnership, and research & innovation in the type of geophysical services have led to key developments in the global geophysical services market trends.
Patent Analysis:
In 2023, the patent landscape in the geophysical services sector was characterized by significant activity, notably dominated by major global players and a clear geographic concentration in patent filings.Geographic Distribution of Patent Filings
China emerged as the most active country in terms of patent filings, accounting for a substantial 45.5% of the total. This suggests a strong emphasis on innovation within China's geophysical services industry, which is driven by the government's support for energy and mineral exploration technologies. The Patent Cooperation Treaty (PCT) applications followed at 27.3%, indicating a strategic approach by companies to protect their inventions in multiple jurisdictions globally, which is crucial for companies looking to commercialize their technologies worldwide.The European Patent Office (EPO), Russian Federation, and the U.S. each accounted for 9.1% of the filings. This distribution points to a diversified but still highly concentrated innovation landscape where key regions are focusing on developing and securing advanced geophysical technologies.
Leading Applicants in Patent Filings
The patent filings were dominated by several key players, with three companies - China Oilfield Services Limited, Halliburton Energy Services Inc., and Services Petroliers Schlumberger - each holding 15.4% of the total patents filed. This indicates a competitive edge and a strong focus on securing intellectual property rights within core areas of geophysical services. Each of these companies is renowned for its technological advancements in the sector, underlining the importance of innovation as a competitive differentiator in the geophysical services market. Other notable applicants included Aramco Services Company and a range of Chinese entities such as Beijing Sikaiweike Geophysical Information Tech Co. Ltd., China Petroleum and Chemical Co., and China Railway Engineering Services Co. Ltd., each accounting for 7.7%. The presence of multiple Chinese companies in this list further underscores China's dominant role in the geophysical services innovation space.The 2023 patent filings reflect a strategic focus on securing and enhancing technological capabilities within the geophysical services sector. The high level of activity by Chinese firms is indicative of the country's push towards becoming a leader in energy and geophysical technologies. Moreover, the broad range of applicants - from service companies such as Schlumberger and Halliburton to national corporations such as ExxonMobil, and BHP, and educational institutions such as Colorado School of Mines, and University of Western Australia - highlights the sector's multidimensional innovation ecosystem.
The diversity in patent filings across different jurisdictions also points to the global nature of the market, where companies must protect their innovations not only in their home countries but also in other key markets worldwide. This is particularly important in a sector where the deployment of technologies can be as critical as their development.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the geophysical services market analysis from 2023 to 2033 to identify the prevailing geophysical services market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the geophysical services market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global geophysical services market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Technology
- Seismic
- Magnetic
- Electromagnetic
- Gravity
- LIDAR
- Others
By Type
- Aerial-based Survey
- Type
- Drone-Based
- Others
- Marine-based Survey
- Land-based Survey
By End-Use
- Minerals and Mining
- Oil and Gas
- Wind Energy
- Water Exploration
- Archaeological Research
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
- Schlumberger Limited
- CGG
- Petroleum Geo-service
- TGS
- Shearwater Services
- Dawson Geophysical Company
- Fugro
- SGS SA
- EON Geosciences
- Ramboll Group A/S
- Getech
- NUVIA Dynamics Inc.
- Spectrum Geophysics
- Abitibi Geophysics
- Xcalibur Multiphysics
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: GEOPHYSICAL SERVICES MARKET, BY TECHNOLOGY
CHAPTER 5: GEOPHYSICAL SERVICES MARKET, BY TYPE
CHAPTER 6: GEOPHYSICAL SERVICES MARKET, BY END-USE
CHAPTER 7: GEOPHYSICAL SERVICES MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Geophysical Services Market," the geophysical services market size was valued at $14.4 billion in 2021, and geophysical services industry is estimated to reach $21.4 billion by 2031, growing at a CAGR of 4.1% from 2022 to 2031.Geophysical services play a vital role in systematic compilation of geophysical data. Data acquisition in geophysical survey is done through various methods. A complete geophysical survey helps extract information about the topography and subsurface of the earth. It has wide range of application in exploration of oil & gas, minerals, water, archaeological research, and others. It is also used in the construction sector to compile the data of the ground for the construction of wind turbine and other manufacturing industries.
The demand for geophysical services in the oil & gas industries due to the decline in the known resources, owing to its technical application in oil & gas exploration, companies operating in the market are increasing their data base related to geophysics which can be used by many end use industries. Oil & gas and mining companies are investing significantly in procurement of geophysical data in order to discover new resources and cater the surge in the demand for raw materials due to growing urbanization.
The rapid industrialization and urbanization has led to increase in the demand for green energy. Owing to the demand for power from green resource led to the increase in the demand for wind energy. The government of various countries have invested in the development of onshore and offshore wind energy which needs strong support of geophysical data. Furthermore, the decline in the freshwater resource in the developed and developing countries have led to the increase in the exploration of underground water resources especially in LAMEA region. The increase in the utilization of geophysical services in the archaeological research to excavate the buried history of ancient civilization also has positive impact on the market. The presence of natural hazards such as earthquake, tsunami, and floods, has increased the demand for geophysical services market in mining and marine exploration.
The global geophysical services market forecast is segmented on the basis of by technology, type, end use and region.
On the basis of technology, it is segmented into seismic, magnetic, electromagnetic, gravity, LiDAR, and others. On the basis of type, the market is segmented into aerial based survey, marine based survey, and land based survey. Furthermore, aerial based survey is bifurcated into drone based and others. In addition, on the basis of end use, the global geophysical services market is segmented into minerals & mining, oil & gas, wind energy, water exploration, archaeological research and others.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest geophysical services market share, followed by Europe, and Asia-Pacific.
The major companies profiled in this report include Schlumberger, CGG, Petroleum Geo-service, TGS, Shearwater Services, Dawson Geophysical Company, Fugro, SGS SA, EON Geosciences, Ramboll Group A/S, Getech, NUVIA Dynamics Inc., Spectrum Geophysics, Abitibi Geophysics, and Xcalibur Multiphysics. Due to rapidly development of industrialisation has led to the development of demand for heavy manufacturing industries, and light manufacturing industries which in-turn has fuelled the demand for geophysical services as the raw materials used in these industries are declining at a rapid pace. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the detection technologies have led to attain key developments in the global geophysical services market trends.
Key Findings of the Study
- North America would exhibit CAGR of 4.1% during 2022-2031.
- As per global geophysical services market analysis, by technology, the seismic segment accounted for the largest share in 2021.
- By type, marine based survey was the leading segment in 2021.
- By end-use, oil & gas segment has largest market share in 2021.
- Covid-19 Impact
- The global COVID-19 pandemic has negative impact on the geophysical services market growth. This market has experienced lower than anticipated demand across all regions compared to pre pandemic levels. The global market has exhibited a decline about 20% in 2020 compared to 2019.
- In recent years, the market has shown gradual growth due to the demand for petroleum related products which led to the demand for oil & gas industry; hence leading to the demand for exploration of oil wells. The government and private entities are extensively investing their funds for locating untapped hydrocarbon reserves to meet the increasing demand for oil & gas, further creating geophysical services market opportunities. For instance, on October 2021, Asian Energy Services has signed a MoU with Russian Joint Stock Company Rosgeologia which focuses on long-term cooperation in seismic and geographical surveys in India and other Asian countries.
Companies Mentioned
Key Market Players in the Geophysical Services Market include:- Schlumberger Limited
- CGG
- Petroleum Geo-service
- TGS
- Shearwater Services
- Dawson Geophysical Company
- Fugro
- SGS SA
- EON Geosciences
- Ramboll Group A/S
- Getech
- NUVIA Dynamics Inc.
- Spectrum Geophysics
- Abitibi Geophysics
- Xcalibur Multiphysics
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 330 |
| Published | April 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 16.2 billion |
| Forecasted Market Value ( USD | $ 24.5 billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
