Geophysical Services Market Expected To Reach $15Bn By 2026 With Multi-Client Business Models Among Other Trends
The Business Research Company's geophysical service market goes into detail on industry trends, market forecasts, and opportunities.
LONDON, March 31, 2022 /PRNewswire/ -- Geophysical service providers are building multi-client databases with 3D, 2D and reimaged datasets to assist the end-customers with up-to-date data and insights, which are used to make informed investment decisions. The multi-client data business model has evolved as a preferred means of seismic data for exploration companies across the globe. The geophysical service providers invest in capital and regulatory procedures and offer technological expertise to plan and execute surveying from inspection to delivery. The end product includes seismic images, regional interpretation, well data and literature highlighting the prospective play types.
The global geophysical services market size is expected to grow from $12.80 billion in 2021 to $13.39 billion in 2022 at a compound annual growth rate (CAGR) of 4.6%. Geophysical services industry growth analysis shows that it 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 market is expected to reach $15.14 billion in 2026 at a CAGR of 3.1%.
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Geophysical Services Market Segmentation
The geophysical services market is segmented by technology into seismic, magnetic, gravity, electromagnetic, gamma spectrometry, group penetrating, and others. The seismic market was the largest segment of the geophysical services market segmented by technology.
The global geophysical services market is also segmented by survey type into land, marine, aerial, 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.
Competitive Landscape
Major players with geophysical services market shares are Schlumberger, TGS Geophysical Company (UK) Ltd, CGG Geoscience company, Ion Geophysical, Polarcus Ltd, Geokinetics, Halliburton Company, Dawson Geophysical Services, EON Geosciences Inc., Geophysical Survey Systems Inc., Phoenix Geophysics, Sea Geo Surveys Pvt Ltd., Spectrum Geophysics, Geotech Survey, P.G.S., BGP Inc., Fugro, SA Exploration, Seabird Exploration, EMGS, Geospace Technologies, COSL-China Oilfield Services Limited, New Resolution Geophysics (NRG), Paradigm, Ramboll Group AS, Sercel SA, IRIS Instruments, DMT Gmbh and Co.KG., Petroleum Geo Services, Geoex Ltd and IG Seismic Services.
Market players are engaging in strategic collaborations and partnerships, as well as full mergers and acquisitions in order to enhance and expand their offerings.
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