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Geophysical Data Sales Global Market Report 2022

·4-min read

Major players in the geophysical data sales market are Dawson Geophysical Company, EON Geosciences, Geotech Surveys, TGS Geophysical Company, Geophysical Survey Systems, Inc. , CGG SA, Fugro NV, Petroleum Geo-Services ASA, Phoenix Geophysics and Sea Geo Surveys Pvt.

New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Geophysical Data Sales Global Market Report 2022" -

The global geophysical data sales market is expected to grow from $2.54 billion in 2021 to $2.65 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.96 billion in 2026 at a CAGR of 2.8%.

The geophysical data sales market consists of the sales of geophysical data services and related goods by entities (organizations, sole traders, and partnerships) that locate and measure the extent of subsurface resources, such as oil, gas, and minerals, and also conduct surveys for engineering purposes.The surveying techniques include magnetic surveys, gravity surveys, seismic surveys, or electrical and electromagnetic surveys.

Only goods and services traded between entities or sold to end consumers are included.

The main types of geophysical data sales are aerial-based survey and land-based survey.The aerial-based survey is a means of collecting geomatics or other imagery using airplanes, helicopters, unmanned airborne vehicles (UAVs), balloons, or other aerial methods.

The different technologies include seismic, magnetic, gravity, electromagnetics, LIDAR, ground penetrating, others and the services provided include data processing, data interpretation, data acquisition. The services are used by agriculture, environment, minerals and mining, oil and gas, and water exploration.

Increased applications in oil and gas exploration activities in the emerging countries due to the increasing demand from the oil and gas industry, contributed to the growth of the global geophysical data sales market. For instance, according to U.S. Energy Information Administration, in 2020, The world consumed 92.2 million barrels of petroleum and other liquid fuels per day (b/d). Geophysical data sales are used in the oil and gas industry to obtain fast access to seismic data, state-of-the-art data center services, and robust networks and are also used to collect or evaluate core samples or cuttings. Thus, oil and gas exploration activities drove the demand for metals and minerals, which in turn propelled the revenues generated for the geophysical data sales market.

The launch of seismic technology has created immense demand in the geophysical data sales market.Seismic technology is used by oil and gas researchers to map and interpret potential hydrocarbon reserves.

But adding the time dimension, 4D seismic technology shows how a reservoir will change over time.As of 2019, the initial pre-interpretation processing of about 200 km2 of 3D seismic was completed in less than 24 hours.

In 2019, The Rice University seismologists have made a breakthrough using NASA’s InSight Lander on Mars, creating the first direct measurements of three subsurface boundaries from the crust to the core of Mars using seismic technology. The land-based surveys are expected to dominate the geophysical data sales market which attributes to the increase in demand for seismic technology.

The decreasing investments in seismic surveys are expected to restrain the growth of the global geophysical data sales market during the forecast period.In geophysical data sales, seismic surveys play the most significant role in supplying valuable data for oil and gas exploration.

As customers focus on cost, they overlook the fact that the value is worth the expense which would likely affect the new investments.For instance, the Rystad Energy analysis stated that offshore seismic revenues declined by 51% -77% in 2020, compared to levels seen in 2019.

In addition, exploration investment fell by more than 20% in 2020 compared to the previous year. Moreover, getting the permissions for conducting a seismic survey would also be a challenge because it is regarded as a controversial means of mapping the seabed which would cause potential harm to marine life subsequently affecting the new investments.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the geophysical data sales market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

Read the full report:

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