Magnetic Geophysical Services Market Size - By Technology (Magnetometers, Gradiometers), By Survey Type (Land Based, Marine based, Aerial based), Regional Outlook & Forecast, 2024 – 2032

Magnetic Geophysical Services Market Size

Magnetic Geophysical Services Market was valued at USD 1.6 billion in 2023 and is projected to expand at a CAGR of 6.7% from 2024 to 2032. Increasing exploration activities in sectors such as oil and gas, mining, and environmental studies are driving demand for geophysical services.
 

Advancements in technology, such as improved sensing capabilities and data analytics, are enhancing the efficiency and accuracy of magnetic geophysical surveys, further fuelling market growth.
 

Magnetic Geophysical Services Market Trends

The magnetic geophysical services industry is witnessing a notable growth owing to several key trends. There is an increasing adoption of advanced technologies such as drone-based surveys and AI-driven data analysis, enhancing the efficiency and accuracy of exploration activities. Rising environmental concerns are driving demand for geophysical surveys for groundwater exploration and environmental monitoring. In addition, the market is experiencing growth in emerging economies, particularly in Asia-Pacific and Africa, fueled by infrastructure development and natural resource exploration initiatives.
 

Magnetic Geophysical Services Market Analysis

Based on technology, the magnetometers segment is anticipated to reach USD 1.9 billion by 2032, owing to their distinct advantages, including higher sensitivity, improved resolution, and greater depth penetration. By leveraging magnetometer technology, geophysical surveys can accurately detect subtle magnetic anomalies, leading to more precise delineation of subsurface structures and mineral deposits. Furthermore, the versatility and portability of modern magnetometers enable efficient data collection across various terrains and environments, facilitating comprehensive exploration campaigns. As industries increasingly recognize the value of detailed subsurface mapping, the demand for magnetic geophysical services utilizing advanced magnetometer technology continues to surge.
 

The magnetic geophysical services market is anticipated to witness about 6.5% CAGR through 2032, propelled by land-based surveys. The increasing demand for land-based surveys stems from their effectiveness in various industries, including oil and gas exploration, mineral exploration, and environmental studies. Additionally, advancements in surveying technologies, such as improved magnetometer sensitivity and data processing capabilities, enhance the accuracy and efficiency of land-based geophysical surveys. Moreover, the growing emphasis on sustainable development and resource conservation further drives the need for precise subsurface mapping provided by land-based geophysical services.
 

North America magnetic geophysical services market is projected to surpass USD 900 million by 2032. This growth is fueled by rising demand across industries such as oil and gas exploration, renewable energy projects, mining, and environmental monitoring. In 2024, the Bureau of Land Management (BLM) is assessing 67 large-scale clean energy projects proposed on public lands in the western U.S. This review is expected to synergize with the nationwide growth of the geophysical services market. Heightened environmental concerns and favorable economic conditions further contribute to this upward trajectory, positioning magnetic geophysical services as essential tools for various sectors in the region.
 

Magnetic Geophysical Services Market Share

CGG stands out as one of the largest players in the magnetic geophysical services industry. With its extensive expertise, advanced technology, and global presence, CGG has established a substantial market share. Its comprehensive range of geophysical solutions and strong track record in delivering high-quality services have positioned it as a key provider in the industry, attracting clients worldwide.
 

Magnetic Geophysical Services Market Companies

Some of the major key players operating across the magnetic geophysical services industry are:

• Abitibi Geophysics
• AKS Geoscience Inc.
• Applus+
• Atlas Geophysics Pty Ltd
• BainGeo
• CGG
• Dawson Geophysical Company
• Fugro
• Geotech Ltd.
• Getech Group plc.
• Magee Geophysical Services LLC
• PARSAN Overseas Private Ltd.
• PGS
• SENSYS GmbH
• SkyTEM
• Spectrem Air
• TGS
• Weatherford
   

Magnetic Geophysical Services Industry News

• In May 2023, CGG secured a contract with OMV, extending its dedicated center at OMV's Vienna headquarters for three years. This ensures OMV's access to CGG's advanced seismic imaging and reservoir characterization technology. The collaboration highlights CGG's commitment to supporting OMV's initiatives in key energy transition sectors, including mining & minerals, geothermal energy, and carbon capture, utilization & storage, through ongoing expert support.
   
• In November 2022, PGS, in partnership with the Egyptian Natural Gas Holding Company, secured a comprehensive imaging and 3D GeoStreamer data acquisition project in the West Mediterranean Sea of Egypt. The project encompasses over 24,000 square kilometers of data and involves the generation of a full-stack depth seismic volume using Kirchhoff Pre-Stack Depth Migration (KPSDM) methodology. This merged dataset included two pre-existing reprocessed overlapping Multi-Client 3D surveys, providing an extensive & updated seismic perspective of the region.
   

This magnetic geophysical services market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2019 to 2032, for the following segments:

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Market, By Technology

• Magnetometers
• Gradiometers
• Others

Market, By Survey Type

• Land Based
• Marine Based
• Aerial Based

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Norway
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Iraq
  • Iran
  • South Africa
• Latin America
  • Brazil
  • Argentina