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Geophysical Services Market Analysis

  • Report ID: GMI6823
  • Published Date: Jun 2024
  • Report Format: PDF

Geophysical Services Market Analysis

Based on technology, the seismic segment is anticipated to reach over USD 14 billion by 2032, driven by the critical role of seismic surveys in resource exploration, especially for oil, gas, and mining. The rising global energy demand and the need for new hydrocarbon reserves propel the advancement of 3D and 4D seismic imaging. Additionally, seismic technology is increasingly used in environmental assessments, infrastructure planning, and disaster risk management. It also aids in identifying sites for renewable energy projects like geothermal and CCS.
 

Geophysical Services Market Share, By Survey Type, 2023

The market for land-based surveys is poised to grow at a CAGR of over 6% through 2032, driven by its capacity to provide critical subsurface data for diverse applications such as resource exploration, infrastructure development, environmental assessments, and geological studies. The expanding urban areas and infrastructure projects contribute to the rising demand for accurate subsurface information to ensure safe and efficient construction practices. Moreover, land-based surveys play a pivotal role in identifying optimal sites for renewable energy projects like wind and solar. As global sustainability initiatives gain momentum, this sector is expected to expand further, supported by technological advancements and heightened environmental consciousness driving informed decision-making across industries.
 

North America Geophysical Services Market, 2022 – 2032 (USD Billion)

North America geophysical services market is projected to exceed USD 9.5 billion by 2032, driven by robust activity in the region's oil and gas industry, ongoing exploration efforts, and advancements in shale gas extraction. In 2022, shale formations contributed about 28.6 trillion cubic feet (Tcf) to U.S. dry natural gas production, representing approximately 79% of the total output, as reported by the U.S. Energy Information Administration (EIA). Increasing environmental regulations and a focus on sustainability are further accelerating market growth, with geophysical surveys utilized for environmental assessments, groundwater monitoring, and land restoration initiatives. Land-based surveys are crucial in urban planning, construction, and transportation projects. Additionally, the integration of geospatial data analytics, artificial intelligence, and machine learning enhances North America's capabilities in subsurface mapping and resource exploration.
 

The growth of the U.S. geophysical services market is driven by the country's substantial shale gas reserves, ongoing exploration activities, and advancements in technology like 3D and 4D seismic imaging. Increasing environmental regulations also boost demand for geophysical surveys in assessments and monitoring. Additionally, infrastructure development and the integration of geospatial analytics further propel market expansion.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of geophysical services was worth USD 14.9 billion in 2023 and is projected to expand at 6.4% CAGR from 2024 to 2032, on account of the increasing demand for energy, particularly oil and gas.

The seismic technology segment in the geophysical services industry is projected to amass over USD 14 billion by 2032, owing to its critical role of seismic surveys in resource exploration, especially for oil, gas, and mining.

The land-based surveys segment in the geophysical services industry is projected to grow at over 6% CAGR between 2024 and 2032, due to its capacity to provide critical subsurface data for diverse applications, such as resource exploration, infrastructure development, environmental assessments, and geological studies.

North America geophysical services industry size is projected to garner more than USD 9.5 billion by 2032, led by the robust activity in the oil & gas industry, ongoing exploration efforts, and advancements in shale gas extraction.

Geophysical Services Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 18
  • Tables & Figures: 20
  • Countries covered: 16
  • Pages: 110
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