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Geophysical Services Market Trends

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

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Geophysical Services Market Trends

The geophysical services industry is experiencing significant growth, driven by advancements in technology, increasing demand for energy, and the need for more precise exploration techniques. Innovations in seismic imaging, remote sensing, and data analytics are enhancing the efficiency and accuracy of geophysical surveys, making them indispensable for oil and gas exploration, mining, and environmental studies. Additionally, the growing emphasis on renewable energy sources is boosting the demand for geophysical services in wind and solar energy site assessments.

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.