Home > Energy & Power > Oil and Gas > Upstream > Geophysical Services Market

Geophysical Services Market Size

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

Download Free Sample

Geophysical Services Market Size

Geophysical Services Market was valued at USD 14.9 billion in 2023 and is anticipated to grow at a CAGR of 6.4% from 2024 to 2032. Increasing demand for energy, particularly oil and gas, fuels the need for advanced exploration techniques to locate new reserves, thereby boosting the market. Technological advancements in geophysical equipment and software, such as 3D and 4D seismic imaging, enhance the accuracy and efficiency of subsurface mapping, attracting investment.

To get key market trends

Download Free Sample

Environmental concerns and regulations also necessitate geophysical surveys for renewable energy projects, such as geothermal and wind farms, contributing to market growth. Additionally, the rise in mining activities, driven by the demand for minerals and metals, further propels the need for geophysical services to identify and evaluate mineral deposits. Overall, these factors collectively stimulate the market expansion.

Geophysical Services Market Report Attributes
Report Attribute	Details
Base Year:	2023
Geophysical Services Market Size in 2023:	USD 14.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.4%
2032 Value Projection:	USD 26.1 Billion
Historical Data for:	2021 to 2023
No. of Pages:	110
Tables, Charts & Figures:	20
Segments covered:	Technology, Survey Type, End User and Region
Growth Drivers:	Growing metal and minerals demand Increasing E&P activities in developing nations Rising environmental monitoring activities
Pitfalls & Challenges:	High initial investment

Learn more about the key segments shaping this market

Download Free Sample

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.