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Geophysical Services Market Size

Report ID: GMI6823
Published Date: Sep 2023
Report Format: PDF

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Geophysical Services Market Size

Geophysical Services Market size was valued at over USD 14.9 billion in 2023 and is anticipated to grow at over 6.4% CAGR between 2024 and 2032. The continued demand for energy resources, particularly in the oil and gas sector, fuels the need for geophysical surveys to locate and assess hydrocarbon reserves. Environmental concerns and regulatory requirements are spurring the use of geophysical services for groundwater and environmental studies, contributing to market growth.

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Moreover, infrastructure development projects, including those related to transportation and construction, rely on geophysical surveys to assess subsurface conditions, enhancing safety and efficiency. The adoption of advanced technologies, such as 3D and 4D seismic imaging, is improving the accuracy and scope of geophysical surveys, further propelling market expansion. As economies continue to grow and environmental concerns persist, geophysical services are expected to remain essential tools across various industries, supporting the market's continued growth.

Geophysical Services Market Report Attributes
Report Attribute	Details
Base Year:	2023
Geophysical Services Market Size in 2023:	USD 14.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.4%
2032 Value Projection:	USD 26.1 Billion
Historical Data for:	2019 to 2023
No. of Pages:	325
Tables, Charts & Figures:	379
Segments covered:	Technology, Survey Type, End User and Region
Growth Drivers:	Growing metal and minerals demand Increasing E&P activities in developing nations Rising environmental monitoring activities
Pitfalls & Challenges:	High initial investment

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of geophysical services was worth USD 14.9 billion in 2023 and is anticipated to reach USD 26.1 billion by 2032, due to the continued demand for energy resources in the oil and gas sector.

Geophysical services market size from the seismic technology is poised to observe around 4% growth rate from 2023 to 2032, driven by the increasing global energy demand and the higher need to discover new hydrocarbon reserves.

Geophysical services market from the oil & gas end-user segment is anticipated to witness over 3% CAGR through 2032 driven by rising assistance in the discovery of hydrocarbon reserves, reservoir characterization, and well planning.

North America geophysical services industry size is expected to register over 2.5% CAGR up to 2032, owing to the ongoing exploration activities, shale gas developments, and the incessant need for efficient resource extraction.