Geophysical Data Collection Global Market Report 2024

The geophysical data collection market size has grown marginally in recent years. It will grow from $7.43 billion in 2023 to $7.57 billion in 2024 at a compound annual growth rate (CAGR) of 1.9%. The growth observed during the historical period can be attributed to several key factors, including the demands for resource exploration, the requirements of the energy sector, the need for infrastructure development, the expansion of scientific research, and government investments in geophysical data.

The geophysical data collection market size is expected to see steady growth in the next few years. It will grow to $8.2 billion in 2028 at a compound annual growth rate (CAGR) of 2.0%. The anticipated growth in the forecast period can be primarily attributed to factors such as the expansion of renewable energy sources, the integration of data analytics and AI, the utilization of remote sensing technologies, a focus on resilience and disaster management, and the application of geophysical data in smart agriculture and soil studies. Notable trends expected to shape this period include the use of unmanned aerial vehicles (UAVs) for data collection, the adoption of integrated multi-sensor systems, studies on climate-resilient infrastructure, advancements in geophysical data visualization technologies, and the integration of big data and cloud computing in geophysical data analysis.

The expansion of the geophysical data collection market is fundamentally tied to the increasing global demand for better reservoir comprehension in energy production and design tasks. As the world's energy needs grow, largely driven by factors such as population increase, elevated living standards, and ongoing economic development, there's a pressing requirement for a deeper understanding of reservoirs. Fossil fuels, including oil, coal, and gas, are anticipated to cater to over 50% of the primary energy demand, as stated by the United Nations projecting a rise from 9.8 billion in 2050 to 11.2 billion in 2100. ET EnergyWorld also forecasts a doubling of petrochemical demand from approximately 20 million to 22 million barrels per day over the next 20 to 30 years. This surge in population combined with escalating resource demand is anticipated to positively influence the growth of the geophysical data collection market.

The primary service categories for geophysical data collection encompass data acquisition, data processing, and interpretation. Data acquisition involves the collection of signals that measure real-world physical conditions and converting these measurements into digital numeric values that can be processed by a computer. Various technologies are employed, including 2D imaging, 3D imaging, and 4D imaging, and these services find applications in multiple industries, such as agriculture, environmental studies, minerals and mining, oil and gas exploration, and water resource assessment.

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

The burgeoning needs of the oil and gas industry are anticipated to be a pivotal driver propelling the expansion of the geophysical data collection market. This sector of the global economy, encompassing the exploration, extraction, refining, and distribution of hydrocarbon-based energy resources, relies heavily on geophysical data collection. This process is vital for subsurface mapping, identifying hydrocarbon reserves, and mitigating exploration risks. It significantly facilitates well-informed decision-making and cost-effective resource extraction. As reported by the U.S. Energy Information Administration in October 2023, the global liquid fuel production, including crude oil and other liquids, is expected to witness an increase by 1.3 million b/d in 2023 and a subsequent rise of 0.9 million b/d in 2024. Therefore, the mounting demand within the oil and gas industry continues to drive the growth of the geophysical data collection market.

Challenges loom for smaller institutions and organizations concerning the migration of data. A substantial volume of subsurface data collected over the years through diverse techniques and equipment remains in older formats like paper, film, or various magnetic tapes. The process of migrating this information to digital mediums is critical as most data is now stored electronically. However, data migration presents significant challenges due to potential losses resulting from obsolete formats, equipment, or the physical degradation of magnetic mediums. This process is time-intensive and financially taxing, particularly for smaller institutions and organizations lacking the necessary resources.

Technology collaborations have emerged as a prominent trend in geophysical data acquisition, driven by the imperative to keep up with digital transformations. Artificial Intelligence and Machine Learning methodologies are gaining traction in the geophysical services sector. In February 2022, Shearwater Geoservices Software Inc., a subsidiary of Shearwater Geoservices Holding AS, a provider of marine geophysical services, forged a strategic technology collaboration with ConocoPhillips, a petroleum refining company with a focus on hydrocarbon exploration and production. Under this partnership, ConocoPhillips will adopt Shearwater's cutting-edge Reveal seismic processing and imaging software. Shearwater has committed to facilitating the development and application of CSI technology and offering ConocoPhillips future seismic acquisition and imaging services. CSI technology enhances the accuracy and efficiency of seismic image reconstruction, enabling ConocoPhillips to elevate decision quality, lower costs, and enhance operational efficiency. This technology will be made available to both existing and prospective clients.

Major players operating in the geophysical data collection market are directing their efforts towards establishing advanced processing and imaging centers to advance the field of geophysics. A processing and imaging center, in this context, denotes a specialized facility equipped with advanced technology and software designed for processing, analyzing, and generating visual representations from raw data, particularly in the domain of geophysics. For instance, in May 2023, Shearwater GeoServices, a Norway-based company specializing in modern fleet and software solutions, inaugurated its Kuala Lumpur processing and imaging center. This center boasts state-of-the-art technology, including Shearwater Reveal and the company's advanced seismic data processing software and resources, aimed at providing unparalleled support to the oil and gas industry in the exploration and production of hydrocarbon resources.

In July 2021, Seequent, a business unit of Bentley Systems Incorporated, a US-based infrastructure engineering software company, completed the acquisition of Aarhus GeoSoftware for an undisclosed sum. This acquisition is poised to expand Seequent's capabilities in operational groundwater management and sustainability initiatives, encompassing activities related to exploration, contaminants, and infrastructure resilience. Aarhus GeoSoftware, based in Denmark, is a developer of professional software solutions.

Major companies operating in the geophysical data collection market include Compagnie Générale de Géophysique SA, TGS-NOPEC Geophysical Company ASA, Dawson Geophysical Company, Geotech Ltd., Geophysical Survey Systems Inc., ION Geophysical Corporation, Phoenix Geophysics Limited, WesternGeco LLC, Petroleum Geo-Services ASA, CSA Global Pty Ltd., United States Geological Survey, UTEC Survey Incorporated, Geotec Engineering & Environmental Inc., Geophysics Limited, Geophex Ltd., EON Geosciences Inc., Sea Geo Surveys Pte Ltd., Ramboll Group A/S, Sercel SA, IRIS Instruments S.A.S., Gesellschaft für Forschung und Prüfung mbH, CGG SA, BGP Inc., Polarcus Limited, Halliburton Company, IG Seismic Services plc, Dolphin Geophysical Pte Ltd., COSL Geophysical (Cayman) Limited, SAExploration Holdings Inc., Spectrum Geophysics Services Ltd., Foundation Technology & Soil Mechanics Inc.

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

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

The geophysical data collection market consists of revenue earned by entities by providing services such as locating and measuring 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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