Global Geophysical Data Collection Market Report 2023: Major Players Include Geotech, Geophysical Survey Systems, ION Geophysical and Phoenix Geophysics
Global Geophysical Data Collection Market
Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- The "Geophysical Data Collection Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global geophysical data collection market will grow from $7.3 billion in 2022 to $7.49 billion in 2023 at a compound annual growth rate (CAGR) of 2.5%. The geophysical data collection market is expected to grow to $8.01 billion in 2027 at a CAGR of 1.7%.
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Major players in the geophysical data collection market are Compagnie Generale De Geophysique (CGG), TGS-NOPEC Geophysical, Dawson Geophysical, Geotech, Geophysical Survey Systems, ION Geophysical Corporation, Phoenix Geophysics, Schlumberger - Westerngeco, Petroleum Geo-Services and CSA Global.
The geophysical data collection market consists of revenue earned by entities by providing services such as locating and measuring 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. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Geophysical data provides information on the surface and subsurface physical properties of the Earth. As a result, geophysical data can assist in identifying hydrocarbons, minerals, aggregate, and other natural resources.
North America was the largest region in the geophysical data collection market in 2022. Western Europe was the second largest region in the geophysical data collection market. The regions covered in the geophysical data collection report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main service types of geophysical data collection are data acquisition, data processing, and interpretation. Data acquisition refers to the process of sampling signals that measure real-world physical circumstances and transforming the resulting samples into digital numeric values that may be controlled by a computer. The various technologies include 2D imaging, 3D imaging, and 4D imaging and are used by several industries such as agriculture, the environment, minerals & mining, oil & gas, and water exploration.
The rise in demand for better understanding of reservoirs in production and design tasks to meet the world's current and future energy needs contributed to the growth of the geophysical data collection market. An increasing population, rising living standards, and continuing economic development will require a vast amount of energy.
According to the United Nations, the world population is projected to increase from 7.8 billion in 2020 to 9.9 billion in 2050. Fossil fuels are expected to meet more than 50% of primary energy demand as much of the world's energy is produced by burning fossil fuels such as oil, coal, and gas.
According to ET EnergyWorld, the demand for petrochemicals is estimated to double in the next 20 to 30 years, approximately, from 20 million barrels per day to 22 million barrels per day. Therefore, the increasing population combined with the increasing demand for resources is expected to have a positive impact on the geophysical data collection market.
Data migration is a challenge for smaller institutions and organisations that lack the necessary funds. A large volume of subsurface data gathered over the years using various techniques and equipment remained in paper format and on older media such as film or various forms of magnetic tape. Because the majority of data is now stored electronically, the old data is being transferred to digital medium.
However, data migration is a major challenge, as in this process, data can be lost because of obsolete formats, obsolete equipment, or physical degradation of the magnetic medium. Data migration is also time-consuming and cost-consuming in nature, especially for smaller institutions and organisations that lack the necessary funds.
Technology collaboration is a key trend in geophysical data acquisition. Technology collaborations are becoming necessary to keep pace with digital transformations. Artificial Intelligence and Machine Learning methods are being deployed and accepted in geophysical services.
In February 2022, Shearwater Geoservices Software Inc, is a subsidiary of Shearwater Geoservices Holding AS, a provider of marine geophysical services, entered in a strategic technology collaboration with ConocoPhillips, a petroleum refineries company which is focused on hydrocarbon exploration and production. In this collaboration, ConocoPhillips will become a user of Shearwater's industry leading Reveal seismic processing and imaging software.
Shearwater has committed to supporting the development and application of the CSI technology, as well as providing ConocoPhillips with future seismic acquisition and imaging services. CSI enables geoscientists to reconstruct seismic images more accurately and more efficiently with less data, allowing ConocoPhillips to improve decision quality, reduce costs, and increase efficiency. It will be commercialized for current and future customers.
The countries covered in the geophysical data collection market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
No. of Pages
2023 - 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Geophysical Data Collection Market Characteristics
3. Geophysical Data Collection Market Trends And Strategies
4. Geophysical Data Collection Market - Macro Economic Scenario
4.1 COVID-19 Impact On Geophysical Data Collection Market
4.2 Ukraine-Russia War Impact On Geophysical Data Collection Market
4.3 Impact Of High Inflation On Geophysical Data Collection Market
5. Geophysical Data Collection Market Size And Growth
5.1. Global Geophysical Data Collection Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Geophysical Data Collection Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Geophysical Data Collection Market Segmentation
6.1. Global Geophysical Data Collection Market, Segmentation By Service, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Geophysical Data Collection Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.3. Global Geophysical Data Collection Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Minerals & Mining
Oil & Gas
7. Geophysical Data Collection Market Regional And Country Analysis
7.1. Global Geophysical Data Collection Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Geophysical Data Collection Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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