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Asia Pacific Geophysical Services Market Trends

Report ID: GMI8766
Published Date: Mar 2024
Report Format: PDF

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Asia Pacific Geophysical Services Market Trends

The Asia Pacific geophysical services industry is set to grow at a substantial rate in the coming years owing to heightened exploration activities driven by demand for energy and mineral resources, technological advancements such as remote sensing and seismic imaging, and increasing investment in infrastructure projects. Additionally, there's a growing focus on sustainability and environmental regulations, prompting the adoption of eco-friendly geophysical solutions.

Moreover, partnerships and collaborations between service providers and industry stakeholders are facilitating innovation and expanding market reach in the region. For instance, in August 2022, AAM partnered with EGS Australia to provide high-quality hydrographic services for the Australian Hydrographic Office's HydroScheme Industry Partnership Program, which is anticipated to drive the market growth across the country.

Authors: Ankit Gupta , Vishal Saini

Frequently Asked Questions (FAQ) :

The market size for geophysical services in Asia Pacific reached USD 3.5 billion in 2023 and is set to witness 7.2% CAGR from 2024 to 2032, owing to the increasing exploration activities in the oil and gas sector, coupled with rising demand for mineral resources worldwide.

Asia Pacific geophysical services industry from the seismic technology segment is expected to exceed USD 3 billion by 2032, due to its benefits in resource exploration, offering precise imaging, detection of potential hydrocarbon reservoirs, and evaluation of geological formations.

China market is expected to cross USD 2.4 billion by 2032, attributed to rapid urbanization, infrastructure development, and the need for energy and mineral resource exploration in the country.

CGG, EGS (International) Ltd, Fugro, GeoSiam Geophysical Services Co., Ltd., Getech Group plc, GSL, Halliburton, PGS, Ramboll Group A/S, SAExploration, Sinopec Oilfield Service Corporation, SLB, TGS, and Weatherford, are some of the major geophysical services companies in Asia Pacific.