Geochemical Services Market Report and Forecast 2023-2028

As per the report, the global geochemical services market attained a value of USD 1157.09 million in 2022. Aided by the increasing demand for raw materials in various industries and the growing need for environmental monitoring, the market is expected to grow at a CAGR of 4.5% between 2023 and 2028 to reach a value of USD 1512.02 million by 2028.

Geochemical services involve the application of chemical principles and techniques to the study of Earth's materials and systems. Geochemical analysis allows the identification of chemical elements in various samples, such as soil, water, and rock, which is essential for mineral exploration, environmental monitoring, and geological studies. The growing demand for raw materials in various industries, such as construction, energy, and manufacturing, has resulted in increased exploration activities, driving the demand for geochemical services.

The increasing need for environmental monitoring is another factor propelling the global geochemical services market growth. Governments and organisations are paying more attention to monitoring the quality of the air, water, and soil as environmental concerns continue to grow. Geochemical services can provide valuable data to assess the impact of human activities on the environment and help devise strategies for minimising these impacts.

The rapid expansion of the mining industry is also contributing to the geochemical services market expansion. Geochemical services play a vital role in identifying potential mineral deposits, determining the feasibility of extraction, and managing environmental risks associated with mining activities.

Moreover, advancements in analytical technology and methods have made it possible for geochemical service providers to offer more accurate and detailed analysis of samples, further driving the demand for these services. The use of cutting-edge analytical tools has improved the precision and effectiveness of geochemical analysis, making it more appealing to various industries. These tools include mass spectrometry, X-ray fluorescence, and inductively coupled plasma-optical emission spectrometry.

Also, the demand for renewable energy sources like solar and wind is growing, which has increased exploration for rare earth elements and other materials needed for renewable energy systems. Geochemical services play a crucial role in identifying these elements and determining their feasibility for extraction and use, further boosting geochemical services market growth.

Market Segmentation

The market can be divided based on type, application, service, and region.

Market Breakup by Type

• In-field Based
• Laboratory Based

Market Breakup by Application

• Scientific Research
• Industrial
• Statistical

Market Breakup by Service

• Sample Preparation
• Proficiency Testing
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global geochemical services companies. Some of the major key players explored in the report are as follows:

• Bureau Veritas Group
• SGS SA
• Actlabs Group
• Intertek Group plc
• ALS Limited
• Others

*The publisher always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.