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North America Geophysical Services Market Size

Report ID: GMI8619
Published Date: Mar 2024
Report Format: PDF

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North America Geophysical Services Market

North America Geophysical Services Market size was valued at USD 5.6 billion in 2023 and is anticipated to grow at a CAGR of 6.1% between 2024 and 2032, driven by increasing exploration activities for oil and gas reserves, particularly in unconventional resource plays like shale gas and tight oil formations. In 2022, the U.S. Energy Information Administration (EIA) estimated shale formations contributed about 28.6 trillion cubic feet (Tcf) to U.S. dry natural gas production, comprising roughly 79% of the total output.

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Additionally, growing demand for environmental and infrastructure assessments, such as for renewable energy projects and construction planning, further stimulates market growth. Moreover, regulatory requirements for environmental compliance and resource management contribute to sustained demand for geophysical services in the region.

North America Geophysical Services Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Geophysical Services Market Size in 2023:	USD 5.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.1%
2032 Value Projection:	USD 9.6 Billion
Historical Data for:	2019 to 2023
No. of Pages:	130
Tables, Charts & Figures:	121
Segments covered:	Technology, Survey Type, End User
Growth Drivers:	Growing metal and minerals demand 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 for geophysical services in North America reached USD 5.6 billion in 2023 and is set to witness 6.1% CAGR from 2024 to 2032, owing to increasing exploration activities for oil and gas reserves, particularly in unconventional resources in the region.

North America geophysical services industry from the seismic technology segment is expected to surpass over USD 5.6 billion by 2032, due to offering crucial advantages in resource exploration, including accurate imaging of subsurface structures.

U.S. market is poised to cross USD 8 billion by 2032, attributed to expansion in the oil and gas sector, which fuels demand for advanced exploration technologies like seismic imaging, in the area.

CGG, Dawson Geophysical Company, Fugro, Getech Group plc, Halliburton, NUVIA Dynamics Inc., Paradigm Group B.V., PGS, Ramboll Group A/S, SAExploration, SLB, Spectrum Geophysics, TGS, and Weatherford, are some of the major geophysical services companies in North America.