Geophysical Services Market Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031

Geophysical Services Market Outlook 2031

•          The global geophysical services market was valued at US$ 19.4 Bn in 2021
•          It is anticipated to grow at a CAGR of 4.5% from 2022 to 2031
•          The global geophysical services market is expected to reach US$ 30.0 Bn by the end of 2031

Overview of Geophysical Services Market

Geophysical services play a vital role in systematic compilation of geophysical data. Various methods can be used in a geophysical survey for data acquisition. A detailed geophysical survey helps extract detailed information about the topography and subsurface of the earth. The geophysical services market is projected to grow significantly in the near future owing to the surge in activities such as mining and oil & gas exploration. Companies offering geophysical services are currently planning a transition from traditional oil & gas exploration services due to their high volatility to new renewable and allied services.

The global geophysical services market is projected to reach US$ 30.0 Bn by 2031, growing at a CAGR of 4.5% during the forecast period, owing to its technical application in oil & gas exploration. Companies operating in the geophysical services market are increasing their data library, which can be used by multiple clients. Oil & gas and mining companies are investing significantly in procurement of geophysical data in order to help discover new natural resources and cater to the ever-increasing demand of the growing urbanization trends. Developments and innovations in the geophysical services market include advancements in 2D/3D land seismic technology. This technology is being used to discover deposits of titanium and molybdenum.

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Rise in Usage of Geophysical Services in Energy-related Activities to Augment Market

According to the International Energy Agency, global demand for energy is expected to increase by 2.2% in 2022. Petroleum and gas are likely to remain the most used natural resources till 2050. Crude oil production in the U.S. touched a record high in 2021, while natural gas production is increasingly being driven by natural gas exports. This trend has been observed all over the world.

Increase in commodity prices and rise in demand for oil & gas have prompted oil & gas companies to invest more in exploration activities for underground hydrocarbon deposits. In May 2022, ONGC, an India-based oil & gas company, announced a US$ 16 Bn investment in oil & gas exploration for the next three years. This is expected to boost the geophysical services market.

Geophysical services are increasingly being used in site investigations of offshore wind farms. Construction of commercial-scale wind farms (especially off-shore) requires knowledge of the shape of the earth (morphology) and geologic makeup of the earth. These factors play a critical role in planning the foundation for turbines, magnitude of ground disturbance, and geoengineering that would be required to set that foundation. Companies are increasingly investing in R&D to analyze the presence of hazards for construction/maintenance activities and assess the specific layout of the field.

In terms of application, the wind energy segment of the geophysical services market grew at a CAGR of 13.61% from 2015 to 2021, and is expected to advance at a CAGR of 17.5% till 2030. Geophysical services are projected to gain traction due to their usage in exploration and planning activities for the installation of wind energy turbines. Thus, increase in the usage of geophysical services in the energy industry is expected to boost the geophysical services market in the near future.

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Growth in Mine Exploration Activities Benefits Service Providers

Rapid increase in urbanization and industrialization is expected to boost the demand for metals and minerals across the globe. Many of the largest, highest grade and closest to surface mineral deposits have been depleted or are currently under production. There exists a need to explore new mines to cater to the rising demand for metals and minerals.

Geophysical services provide technological support to mineral and mining sectors. Geophysics plays an important role in reducing geological uncertainty in mining. Small mining companies are realizing the financial benefits of using geophysical services in mining activities. This has boosted the adoption of geophysical services for site assessment, thereby propelling the geophysical services market.

Seismic Technology Gains Prominence in Oil & Gas Exploration

In terms of technology, the global geophysical services market has been classified into seismic, magnetic, electromagnetic, gravity, LiDAR, and others.

Seismic is the most commonly used technology in geophysical surveys in oil & gas exploration due to its reliability and low cost. Seismic surveys help locate groundwater and check foundations for roads and buildings. They also help locate potentially recoverable mineral & hydrocarbon resources. The seismic technology segment accounted for significant share of 43.4% of the global market in 2021. The segment is estimated to grow at a CAGR of 3.8% during the forecast period. Detailed information about topography and subsurface of the earth can be acquired using the seismic technology.

Technological Innovations in Aerial-based Surveys to Propel Market

Based on type, the geophysical services market can be split into aerial-based survey, marine-based survey, and land-based survey. Rise in usage of aerial-based geophysical surveys is propelling the market. Drone mapping, imagery survey, and aerial inspection services are important applications of aerial surveying services. Service providers are increasing the availability of land-based survey services and aerial-based survey services to broaden their revenue streams.

The marine-based survey segment accounted for a relatively large share of 49.3% of the global market in 2021. The segment is estimated to grow at a CAGR of 3.5% during the forecast period. Marine-based survey is primarily conducted for offshore oil & gas exploration and offshore wind farm subsurface investigation. Marine-based geophysical survey can also be used for environmental impact assessment or critical habitat monitoring.

The aerial-based survey segment is estimated to grow at a CAGR of more than 6% during the forecast period. Aerial-based survey can cover a large area in limited time. These surveys are increasingly used for metal, mining, and infrastructure development. Technological advancements in drones and UAVs (Unmanned Aerial Vehicles) have opened up new avenues for geophysical survey methods. Thus, the aerial-based survey segment is expected to expand significantly during the forecast year.

Government Support for Oil & Gas Industry to Boost Market

Based on end-use, the oil & gas segment dominated the global geophysical services market with 47.1% share in 2021. The segment is also expected to register a notable CAGR of 3.2% during the forecast period. According to the International Energy Agency, the oil & gas segment accounted for 56.8% share of the total global energy consumption in 2021. Demand for energy is anticipated to increase exponentially due to population growth and high rate of industrialization. This is likely to lead to a rise in exploration activities for oil and gas. In April 2022, the U.K Government announced an extra 25% tax on the profit of oil & gas energy companies; however, companies that reinvest their profits in oil and gas exploration in the U.K. can claim up to 90% off the new tax in relief. Such government measures are likely to drive the geophysical services market.

Investment in renewable energy sources has increased significantly over the last few years. Countries are adhering to the Paris Agreement to limit global warming to well below 2?C. Wind energy is gaining popularity in the renewable energy segment, as it is far more efficient than others. Several countries are considering the installation of offshore wind turbines. Geophysical services help plan the type of foundation for turbines, magnitude of ground disturbance, and many other activities. Thus, the usage of geophysical services in wind energy is expected to rise in the near future.

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Analysis of Key Players in Geophysical Services Market

The global geophysical services market comprises several small and large-scale service providers who control majority of the share. Most of the firms are adopting new technologies and strategies with comprehensive research & development, primarily to develop their geophysical data, which can be acquired by multiple clients. Diversification of product portfolios and mergers & acquisitions are important strategies adopted by key players. Fugro, Schlumberger, CGG, SGS Sa, Rambol Group A/S., Shearwater Services, and EON Geosciences are the prominent entities operating in the market.