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Geophysical Services Market Trends

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

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Geophysical Services Market Trends

The geophysical services industry is experiencing a robust growth in demand owing to a growing emphasis on environmentally responsible practices, which in turn is driving demand for eco-friendly geophysical survey methods and technologies that minimize environmental impact. The industry is witnessing a surge in digitalization, with advanced geospatial data analytics and machine learning playing a pivotal role in improving the accuracy and efficiency of subsurface mapping and resource exploration. Furthermore, offshore exploration activities are expanding, especially in deepwater and remote areas, necessitating advanced geophysical solutions for offshore seismic surveys and exploration.

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.