Integrated Geophysical Services Global Market Report 2024

The integrated geophysical services market size has grown strongly in recent years. It will grow from $2.26 billion in 2023 to $2.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth experienced during the historical period can be ascribed to the demands of resource exploration, energy sector requirements, infrastructure development, government investments, as well as the necessity for risk mitigation and disaster preparedness.

The integrated geophysical services market size is expected to see steady growth in the next few years. It will grow to $2.89 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. Anticipated growth in the forecast period can be linked to advancements in data analytics, the expansion of renewable energy, the evolution of remote sensing technologies, the emphasis on resilience planning and disaster management, as well as increased investment in space exploration and planetary geophysics. Key trends to watch for in the forecast period involve the integration of advanced sensors, the rising utilization of unmanned aerial vehicles, the study of climate-resilient infrastructure, the continuous progress in data visualization technology, and the widespread adoption of big data and cloud technologies. computing.

The expansion in the demand for oil and gas has significantly influenced the integrated geophysical services market. As per the US Energy Information Administration's March 2023 report, the US witnessed a surge in crude oil output, escalating from 11.7 million Barrels per day (b/d) in 2022 to 12.4 million Barrels per day (b/d) in 2023. Similarly, in September 2022, the average daily consumption of natural gas in the US peaked at 86.6 billion cubic feet (Bcf/d) in 2022, marking the highest annual consumption compared to the previous year. The amplified consumption of oil and gas fuels the demand for integrated geophysical services as it facilitates the integration of diverse exploration techniques like archaeological surveys and remote sensing to gather crucial geological data. This information is vital for accurate sub-surface analysis, aiding in reservoir modeling and informed energy production decisions.

Key methods for integrated geophysical services encompass various technologies such as vertical electrical sounding, electrical resistivity tomography (ERT), seismic refraction, microgravity surveys with differential GPS, magnetic profiles, induced polarization, 2D seismic prospection (including refraction tomography and reflection sections), and ground-penetrating radar (GPR). Vertical electrical sounding (VES), for instance, is a direct current (DC) resistivity survey that provides insights into how apparent resistivity changes with depth. This information is instrumental in creating geoelectric profiles for different applications. These geophysical survey methods are utilized in a range of industries, including infrastructure and construction, offshore wind farm projects, mineral exploration and mining, natural resources and energy sectors, water resource management, environmental and waste management, as well as archaeological research. The adoption of integrated geophysical services allows businesses to optimize decision-making and resource allocation in these diverse fields.

The integrated geophysical services market research report is one of a series of new reports that provides integrated geophysical services market statistics, including integrated geophysical services industry global market size, regional shares, competitors with an integrated geophysical services market share, detailed integrated geophysical services market segments, market trends and opportunities, and any further data you may need to thrive in the integrated geophysical services industry. This integrated geophysical services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The anticipated surge in mining activities is poised to drive the growth of integrated geophysical services. Mining activities encompass the extraction of valuable minerals from the Earth's surface or underground deposits. Integrated geophysical services play a pivotal role in mining operations by collecting essential subsurface data, identifying mineral deposits, and assessing the geological attributes of a region. According to the Glacier Media Group's February 2023 report, US mines showcased a production of non-fuel mineral products valued at $98.2 billion in 2022, marking a $3.6 billion upturn from the revised 2021 total of $94.6 billion. The ascending trend in mining activities significantly propels the integrated geophysical services market.

A notable challenge impacting the integrated geophysical services market is the decline in investments in seismic surveys. The significant drop in oil prices acts as a primary deterrent affecting the investments in seismic surveys. For instance, by October 2023, Brent crude oil prices plummeted below $85 due to factors such as decreased unconventional oil production, weakening global demand, reduced geopolitical risks, and a stronger US dollar. This slump has prompted reductions in the energy services sector, as evidenced by Polarcus Ltd.'s March 2021 announcement of canceling two projects due to the oil price effects on seismic survey investments. The dwindling investments in seismic surveys adversely affect the integrated geophysical services market.

Drones are witnessing an increasing adoption by integrated geophysical service companies, serving as invaluable tools for acquiring precise information while alleviating the challenges faced by personnel operating in harsh environments. The Aerospace CH UAV Co. reported that in 2022, China employed the Caihong, or Rainbow drone, for geological resource exploration in the Qinghai-Xizang Plateau and polar regions. The Aero geophysical exploration method combines geophysical exploration with aviation, enabling the rapid and efficient acquisition of diverse geophysical field data. Drones offer numerous advantages in surveying, including their ability to operate swiftly, efficiently, and independently of terrain conditions and human factors.

Prominent players in the integrated geophysical services market are committed to product innovation, exemplified by the development of Chaser XR, aimed at delivering reliable services to customers. Chaser XR serves as an integrated geophysical services product designed for comprehensive geophysical surveying, consolidating the capabilities of multiple systems within a single device. IDS GeoRadar s.r.l.e., an Italy-based company specializing in geophysical solutions, introduced Chaser XR in September 2023. This compact and lightweight ground-penetrating radar solution is tailored for subsurface profiling across a wide spectrum of applications, encompassing utility mapping, environmental assessment, archaeology, and geotechnical investigations.

Major companies operating in the integrated geophysical services market include CGS, Halliburton Company, Polarcus Limited, Geokinetics Inc., Petroleum Geo-Services ASA, WesternGeco LLC (a subsidiary of Schlumberger Limited), TGS Geophysical Company (UK) Limited, La Compagnie Générale de Géophysique SA, Ion Geophysical Corporation, Dawson Geophysical Company, EON Geosciences Inc., Geophysical Survey Systems Inc., Phoenix Geophysics Limited, Sea Geo Surveys Pvt Ltd., Spectrum Geophysics Ltd., Geotech Survey Consultancy, BGP Inc., Foundation Technology & Soil Mechanics Inc., SAExploration Holdings Inc., SeaBird Exploration PLC, Education Malaysia Global Services, OYO Geospace Corporation, COSL-China Oilfield Services Ltd., New Resolution Geophysics LLC, Shearwater GeoServices AS, Sercel SA, Ramboll Group A/S, IRIS Instruments S.A.S., DMT GmbH & Co KG

North America was the largest region in the integrated geophysical services market in 2023. Western Europe was the second largest region in the integrated geophysical services market. The regions covered in the integrated geophysical services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the integrated geophysical services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The integrated geophysical services market consists of revenue earned by entities that locate and measure the extent of subsurface resources, such as oil, gas, and minerals, and also conduct surveys for engineering purposes. The surveying techniques include magnetic surveys, gravity surveys, seismic surveys, or electrical and electromagnetic surveys. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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