Geophysical Services Market Report 2025

The geophysical services market size has grown steadily in recent years. It will grow from $13.96 billion in 2024 to $14.37 billion in 2025 at a compound annual growth rate (CAGR) of 3%. The growth in the historic period can be attributed to oil and gas exploration, mining sector growth, infrastructure development, environmental studies and remediation, seismic exploration advancements, geothermal energy development.

The geophysical services market size is expected to see steady growth in the next few years. It will grow to $16.25 billion in 2029 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to growing renewable energy expansion, mining exploration demand, environmental impact studies, hydrocarbon exploration, geothermal and alternative energy sources. Major trends in the forecast period include climate change studies, urban infrastructure mapping, multi-disciplinary approach, remote sensing and satellite technology, big data analytics integration.

The growth of the geophysical services market is being driven by expanding exploration activities. Mineral exploration seeks to identify deposits of minerals and rocks to meet society's resource needs, which geophysical services can support effectively. According to the Australian Bureau of Statistics, mineral exploration spending in and around known deposits in Australia reached $3.05 billion in 2022, marking a 21% increase from the prior year. Consequently, the increased production and exploration across various sectors using geophysical devices is facilitating the growth of the geophysical services market.

The rising demand in the oil and gas industry is expected to boost the growth of the geophysical services market in the coming years. The oil and gas industry encompasses the exploration, extraction, refining, and distribution of hydrocarbon-based resources, including crude oil and natural gas. Geophysical services play a crucial role in this sector by providing surveys, subsurface analysis, identification of potential drilling locations, optimization of exploration activities, and enhanced resource extraction efficiency. For example, in October 2023, the U.S. Energy Information Administration (EIA) projected that global liquid fuel production, including crude oil and other liquids, would increase by 1.3 million barrels per day in 2023 and by 0.9 million barrels per day in 2024. Thus, the growing demand in the oil and gas sector is fueling the expansion of the geophysical services market.

Geophysical service providers are increasingly leveraging drones for aerial surveys. Aerial geophysical surveying involves estimating key physical or geochemical boundaries of the Earth from the air. Drones equipped with various sensors, including magnetometers, electromagnetic sensors, gamma-ray detectors, spectrometry instruments, magnetic sensors, and gravity meters, enable efficient and accurate surveying. In 2023, Mobile Geophysical Technologies (MGT) and GEM Systems launched fixed-wing UAVs (Unmanned Aerial Vehicles) designed to enhance measurement accuracy in magnetic surveys. The utilization of drones in geophysical surveys helps achieve clearer and more productive results while addressing safety concerns associated with traditional survey methods.

Major players in the geophysical services market are actively concentrating on advancing their processing and imaging capabilities. Innovations in processing and imaging centers are key to enhancing geophysical services, involving the utilization of specialized facilities equipped with cutting-edge technology and software for analyzing, processing, and creating visual representations from raw data. In a notable example, Shearwater GeoServices, a Norwegian company specializing in modern fleet and software solutions, inaugurated its Kuala Lumpur processing and imaging center in May 2023. This center is equipped with state-of-the-art technology, including Shearwater Reveal and innovative seismic data processing software and services. The objective is to deliver unparalleled support to the oil and gas industry, particularly in the exploration and production of hydrocarbon resources. This strategic focus on technological advancements underscores the commitment of major companies to stay at the forefront of geophysical services.

In December 2023, PXGEO, a US-based provider of marine geophysical services, acquired AmpSeis for an undisclosed amount. This acquisition represents a key advancement in PXGEO's strategy to position itself as a technology leader within the ocean bottom seismic industry, strengthening its access to vital technologies for seismic data acquisition. AmpSeis is a Norway-based geophysical company specializing in seismic data acquisition.

Major companies operating in the geophysical services market include BGP Inc., Schlumberger Limited, Halliburton Company, Geotech Surveys International Limited, Sea Geo Surveys Pvt. Ltd., COSL China Oilfield Services Limited, Ramboll Group A/S, CGG SA, Polarcus Limited, Paradigm, TGS Geophysical Company Limited, Sercel SA, Geokinetics Inc., Dawson Geophysical Services Inc., Phoenix Geophysics Ltd., EMGS ASA, Geophysical Survey Systems Inc., IG Seismic Services Ltd., SeaBird Exploration ASA, SA Exploration Holdings Inc., Fugro N.V., GeoEx Ltd., Geospace Technologies Corporation, DMT GmbH & Co. KG, ION Geophysical Corporation, New Resolution Geophysics Inc., Petroleum Geo-Services ASA, EON Geosciences Inc., IRIS Instruments, Dolphin Geophysical AS, Geophysics Ltd., Geophysical Research Company LLC.

North America was the largest region in the geophysical services market in 2024. Western Europe was the second largest region in the global geophysical services market share. The regions covered in the geophysical services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the geophysical services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Geophysical services focus on locating and quantifying resources like minerals, oil, and gas, assessing earthquake risks, examining the subsurface for engineering structures, exploring archaeological sites, and imaging the subsurface to identify environmental hazards.

Surveys in geophysical services are categorized as land, marine, and aerial, involving seismic, magnetic, gravity, electromagnetic, lidar, and other technologies. These surveys serve sectors such as agriculture, environment, mining, oil, gas, water exploration, and infrastructure development.

The geophysical services market research report is one of a series of new reports that provides geophysical services market statistics, including geophysical services industry global market size, regional shares, competitors with a geophysical services market share, detailed geophysical services market segments, market trends and opportunities, and any further data you may need to thrive in the geophysical services industry. This 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 geophysical services 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 conducting 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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