Dublin, June 22, 2021 (GLOBE NEWSWIRE) -- The "Geophysical Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global geophysical services market is expected to grow from $8.69 billion in 2020 to $9.38 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%. The market is expected to reach $9.74 billion in 2025 at a CAGR of 0.9%.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider geophysical services market, and compares it with other markets.
Major players in the geophysical services market are Schlumberger, TGS Geophysical Company (UK) Ltd, CGG Geoscience company, Ion Geophysical, Polarcus Ltd, Geokinetics, Halliburton Company, Dawson Geophysical Services, EON Geosciences Inc., and Geophysical Survey Systems, Inc.
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 geophysical services market consists of the sales of geophysical 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.
Geophysical service providers are using drones for conducting aerial geophysical surveys. Estimating the variety of key physical or geochemical boundaries of the earth by means of air is conducted through aerial/airborne geophysical surveying. Drones used for surveying are equipped with a magnetometer and other sensors such as electromagnetic, gamma-ray, spectrometry, magnetic, and gravity to get clear and productive results of the survey.
The geophysical services market covered in this report is segmented by service into geophysical data collection, geophysical data sales, integrated geophysical services and other geophysical services. It is also segmented by survey type into land, marine, aerial, by technology into seismic, magnetic, gravity, electromagnetic, LIDAR, ground penetrating, others, by application into road, rail, port, airport, pipeline, others, and by end user into agriculture, environment, minerals and mining, oil and gas, water exploration, others.
In September 2020, Liberty Oilfield Services, a US-based, oilfield service company, announced the acquisition of the hydraulic fracturing arm of Schlumberger Ltd for $448 M. With the help of this deal, Liberty will gain the OneStim business unit of Schlumberger and expand technology portfolio in geophysical services. Schlumberger is a US-based company providing services in oilfields, geophysics, and others. It was founded in 1926.
Growing exploration activities is contributing to the growth of the geophysical services market. Mineral exploration aims to discover deposits of minerals and rocks that can be used to meet the resource needs of society which could be fulfilled by geophysical services. According to the Australia Bureau of Statics, released in August 2020, in the first quarter of June 2020, mineral exploration expenditure rose 11.91%, or $72.7 million to $683.3 million.
As per GoldHub of World Gold Council, the gold mine of Russia saw an 8% increase year-on-year (y-o-y) production in 2019. Total mine production of Australia rose by 3% y-o-y due to higher production at a few mines. Thus, the rise in production and exploration in different sectors by using geophysical devices is paving the growth for the geophysical services market.
Geohazards is one of the major challenges faced by the geophysical services market. Geohazards include earthquakes, landslide, collapse, debris flow, a ground collapse which may lead to widespread damage or risk. Mining activities sometimes lead to earthquakes which can lead to the collapsing of roofs in mines.
Key Topics Covered:
1. Executive Summary
2. Geophysical Services Market Characteristics
3. Geophysical Services Market Trends and Strategies
4. Impact of COVID-19 on Geophysical Services
5. Geophysical Services Market Size and Growth
5.1. Global Geophysical Services Historic Market, 2015-2020, $ Billion
5.2. Global Geophysical Services Forecast Market, 2020-2025F, 2030F, $ Billion
6. Geophysical Services Market Segmentation
6.1. Global Geophysical Services Market, Segmentation by Survey Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Geophysical Services Market, Segmentation by Technology, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Geophysical Services Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.4. Global Geophysical Services Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Minerals and Mining
Oil and Gas
7. Geophysical Services Market Regional and Country Analysis
7.1. Global Geophysical Services Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Geophysical Services Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
TGS Geophysical Company (UK) Ltd
CGG Geoscience company
Dawson Geophysical Services
EON Geosciences Inc.
Geophysical Survey Systems Inc.
Sea Geo Surveys Pvt Ltd.
COSL-China Oilfield Services Limited
New Resolution Geophysics (NRG)
Ramboll Group AS
DMT Gmbh and Co.KG.
Petroleum Geo Services
IG Seismic Services
For more information about this report visit https://www.researchandmarkets.com/r/bovkpj
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