Geophysical Services Market

Geophysical Services Market Size

The global geophysical services market was valued at USD 15.8 billion in 2024 and is estimated to reach the value of USD 29.3 billion by 20234, growing at a CAGR 6.3% from 2025 to 2034, propelled by advances in exploration activities of petroleum and gas, mining, and renewable energy extraction.

The development of new technologies including seismic imaging and electromagnetic surveying allows more accurate data and high-quality imaging of the subsurface. Environment and infrastructure development government spending also helps in the development of the market. The ASCE attributed advancements over the past four years to the USD 1.2 trillion Infrastructure Investment and Jobs Act, enacted in 2021, which allocates USD 550 billion over five years to bridges, roads, broadband, water, and energy systems.

Oil price fluctuations affect exploration budgets and service demand. The integration of autonomous systems and AI in geophysical data processing improves operational efficiency and reduces operational costs. In 2023, the European Climate, Infrastructure, and Environment Executive Agency (CINEA) successfully selected 34 projects for grants under Horizon Europe Mission calls and budgeted USD 318.88 million, which complements the service adoption.

The strategic focus on sustainable resources exploration along with the development of offshore wind energy is opening new sectors in the market. Corporations are actively seeking new strategic partnerships, mergers, or new technology to solidify their market presence.

Geophysical Services Market Trends

• The geophysical services industry is experiencing transformation through technological advancements and industry requirements. Artificial intelligence and machine learning applications enhance the productivity and quality of work in processing geophysical data.
  
• The Indian government has planned expenditures of USD 2.30 billion in the name of Research and Development in Geospatial, Artificial Intelligence, and other initiatives for the year 2025. Such spending is aimed at nurturing and enhancing creativity, strengthening R&D efforts, and enabling the country to compete globally in various sectors of emerging technologies.
  
• Offshore wind, which is part of the renewable energy sector, is increasing the demand for geophysical surveys. The market is also expanding for near-surface geophysical applications due to environmental and infrastructure projects, which then add on to the traditional oil and gas exploration. REPowerEU aims to integrate renewables into grid infrastructure in 2024 with expected spending of USD 324.60 billion.
  
• The use of UAV and autonomous survey systems increase operational flexibility and reduce costs. Service offerings across the industry are affected by environmental regulations that have a more focus towards sustainable exploration practices.
  
• Furthermore, the use of cloud-based data analysis is classified as digital transformation and helps enhance workflow. Organizations are engaging in strategic partnerships and mergers to bolster their technical capabilities as well as market scope.
  
• In May 2021, Halliburton partnered with TGS-NOPEC to combine seismic imaging with fiber optic sensing for improved reservoir characterization for oil and gas production, as well as carbon capture and storage.
  

Geophysical Services Market Analysis

• Based on technology the market is segmented into seismic, magnetic, electromagnetic, gradiometric and others. The market was valued at USD 13.9 billion, USD 14.8 billion and USD 15.8 billion in 2022, 2023 and 2024 respectively. The seismic segment is forecasted to reach over USD 15 billion by 2034.
  
• The innovative developments in 3D and 4D imaging continue to strengthen the dominance of seismic technology in the market, especially for oil and gas, as well as renewable energy subsurface mapping. There is a growing interest in magnetic and gradiometric surveys in mineral exploration due to UAV systems which offer more coverage at lower costs.
  
• The advancements achieved in airborne EM technology allow for better deep subsurface imaging which accounts for the increasing use of EM methods in groundwater and environmental assessments. The Natural Resources Canada's (NRCan) CCAP (2022-2027) meets the budgeted USD 42.60 CAD and helps regions and sectors in Canada meet the challenges of a changing climate.
  
• Moreover, the market is growing in the field of geothermal energy and infrastructure development for additional survey techniques such as gravity and remote sensing surveys. The use of cloud computing and the integration of artificial intelligence in these technologies improves the interpretation of the data and the efficiency of operations, resulting in further market growth.
  
• In 2024, the EU’s Horizon Europe program set aside USD 53.92 million towards the development of geophysical techniques meant for responsible resource exploration towards sustainable development.
  

• The survey type segment in the geophysical services market highlights diverse trends across land based, marine based and aerial based segments. The land based segment held the market share of 53% in 2024 and is projected to grow at over 6% CAGR till 2034.
  
• Land-based surveys maintain their essential role in oil & gas, mining, and infrastructure projects, driven by the growing demand for high-resolution seismic and electromagnetic methods. The integration of AI-powered data processing and autonomous ground survey systems has improved operational efficiency.
  
• The Biden-Harris administration plans to spend USD 74 million for the advancement of water infrastructure, conservation, and climate resilience in the U.S. during June 2022.
  
• The expansion of oil and gas marine explorations and the expansion in offshore wind energy have led to an increase in the utilization of marine surveys. Subsurface imaging quality is Improved with the application of advanced deepwater seismic and electromagnetic techniques.
  
• The Bureau of Ocean Energy Management (BOEM) is stepping forward with the SouthCoast Wind project located off New England for a sail in January 2025. This initiative will augment offshore wind development and help achieve clean energy objectives in the U.S.
  
• Aerial-based surveys have increased in adoption, especially in mineral exploration and environmental studies, supported by UAV-mounted magnetic and electromagnetic systems. The combination of satellite-based remote sensing with aerial surveys has enhanced data acquisition capabilities while improving accuracy and reducing operational costs.
  

• The U.S. geophysical services market has experienced significant growth in 2022, 2023 and 2024 and was valued at USD 4.5 billion, USD 4.8 billion and USD 5.1 billion respectively. The U.S. market for geophysical services is projected to exceed USD 29.3 million by 2034.
  
• The expansion of U.S. geophysical services market stems from the exploration and extraction of oil and gas, mineral investigative surveys, and development of offshore wind farms. The application of artificial intelligence in automation of seismic imaging and drone surveying increases productivity.
  
• The use of satellite and aerial photography in infrastructure and environmental evaluation creates the need for more land and electromagnetic surveys, while the adoption of digital solutions and cloud computing enhances the performance of the sector.
  
• The European geophysical services market develops from the advancement of offshore wind energy, mineral prospecting, and ecological assessments. United Kingdom remains a leader in offshore seismic and electromagnetic surveys due to renewable energy investment and legislation.
  
• The Asia Pacific geophysical services market grows through industrialization, infrastructure development, and oil and gas exploration. China is positioned within the regional market as the main player with the greatest potential interest in having seismic and electromagnetic surveys done for energy and mineral appraisals.
  
• The combination of these factors is appreciated by the government in the case of sustainable exploration, the development of offshore wind energy and in technological advancements aid in complementing factors improving the market. In 2024, China had constructed and integrated over 39.1 million kilowatts capacity of offshore wind power into the national grid.
  
• The expansion of oil and gas exploration, mining activities, and groundwater evaluation drives growth in the geophysical services market of the Middle Eastern and Africa region. Leadership in the region is maintained by Saudi Arabia deploying considerable resources on seismic surveys in a bid to diversify its energy sources.
  
• Offshore oilfield development and mineral resource mapping increase service demand, supported by improvements in marine and airborne survey technologies. Saudi Aramco launched a USD 3.5 billion geophysical survey program in 2023 to enhance oil and gas exploration capabilities across the kingdom.
  

Geophysical Services Market Share

In geophysical services industry, the leading six firms are SLB, CGG, PGS, TGS, Fugro and China Oilfield Services Limited (COSL), collectively having a market share more than 40% for the year 2024. These companies serve the oil & gas, mining, and renewable energy industries with the services of seismic data acquisition, data processing, and geophysical surveying. Their market leadership stems from technological capabilities, global operations, and strategic collaborations.

SLB through its extensive geography, sophisticated seismic equipment, and existing clientele in oil and gas exploration industry, dominates the market for geophysical services. The company has focused on the areas of AI-based data processing, high-resolution seismic imaging, and comprehensive evaluation of subsurface resources. 

Such ongoing research, along with acquisitions and partnerships, help strengthen the company’s position in both conventional and new energy markets. In October 2024, SLB in conjunction with Viridien finished offshore data capture in Australia, which improved the quality of seismic imaging in regard to energy exploration.

Geophysical Services Market Companies

• CGG focuses on providing services in geoscience technology relating to seismic imaging, data processing and geophysical surveys. The company focuses on imaging subsurface structures for oil and gas, minerals, and renewable energy companies through the application of data analytics and cloud geophysical engineering to increase productivity. In 2021, CGG updated GeoSoftware and released version 11.0, which incorporates AI-powered workflow enhancements to model building for reservoir characterization and also improves the traditional methods of seismic interpretation.
  
• PGS works in the oil and gas industry, specializing in acquisition of offshore seismic data and other geology-related services. The company developed and operated a multi-client geo-streamer library. Imaging technologies developed by the company enable imaging subsurface formations. PGS has a substantial volume of seismic data and is actively working to improve more offshore geophysical capability. TGS and PGS update multi-client seismic offshore Brazil to improve energy exploration data in 2022.
  
• TGS serves the energy sector by providing multi-client geophysical data, seismic imaging, and geophysical interpretation services. The company also has a library of seismic and well data that caters to the oil and gas industry as well as the developing energy markets. TGS uses digital technologies including cloud analytics and automated seismic processing. In 2024, AWS adds MDIO seismic streaming to OSDU Data Platform for AI/ML services, which enhances the processing of the seismic data and subsurface imaging.
  
• Fugro undertakes offshore wind, oil and gas, infrastructure geophysical and geotechnical environmental surveys. The company carries out remote sensing, hydrographic surveys and marine geophysical surveying. To enhance project delivery, Fugro employs robotic survey systems with automated data interpretation. In July 2022, Fugro adds the Blue Prism to its fleet of USV’s, which increases the capability for autonomous, sustainable geophysical surveys of the United States.
  
• COSL is the main provider of geophysical services in China as well as the primary provider in seismic data collection, processing, and offshore service operations. The firm aids the marine energy industry in China by conducting marine seismic survey works and through government support. Automated systems are used by COSL in its provincial offshore geophysical survey activities. The company introduced three advanced drilling products in 2024 for higher productivity, safety, and environmental protection when exploring oil and gas.
  

Major players operating in the geophysical services market are:

• Abitibi Geophysics
• China Oilfield Services Limited
• CGG
• Dawson Geophysical Company
• EGS (International) Ltd
• Fugro
• Getech Group plc
• Gardline Limited
• HESP
• NUVIA Dynamics Inc.
• PGS
• Paradigm Group B.V.
• Ramboll Group A/S
• SLB
• SAExploration
• Spectrum Geophysics
• TGS
• Weatherford
  

Geophysical Services Industry News

• In January 2025, Amazon Web Services (AWS) has integrated MDIO seismic streaming from the OSDU Data Platform to improve AI and ML features. This allows for faster processing of seismic data and enhances subsurface imaging needed in energy exploration. The solution improves efficiency and scalability while providing real-time analytics to geophysical applications in the oil and gas industry.
  
• In September 2024, EGS and “K” Line Wind Service formed a partnership to enhance offshore geophysical surveys in Japan under a new company EKGS which they jointly own. The partnership brought along the Japanese-flagged geotechnical survey ship named EK HAYATE which aids in offshore wind energy development and improves marine data acquisition and infrastructure development for renewable energy in the country.
  
• In August 2024, China Oilfield Services Limited (COSL) introduced three high-end technologies like deepwater/high temperature/ high pressure drilling, infilled adjustment well drilling, and carbon dioxide re-injection drilling. Their goal is to improve operational efficiency while maintaining safety and reducing environmental impacts in oil and gas exploration and production activities.
  
• In January 2024, COSL achieved a historic milestone by winning its first geophysical surveying contract in North America. This framework agreement from Mexico is an important step towards the company’s market entry and improves COSL‘s regional strategic presence. This partnership reinforces COSL’s intentions to increase its global brand recognition and prove its dedication in providing value-added bespoke services.
  

This geophysical services market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034, for the following segments:

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Market, By Technology

• Seismic
• Magnetic
• Electromagnetic
• Gradiometric
• Others

Market, By Survey Type

• Land based
• Marine based
• Aerial based

Market, By End Use

• Oil & gas
• Mining
• Agriculture
• Others

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
  • Iran
  • Iraq
  • South Africa
• Latin America
  • Brazil
  • Argentina