Global Geophysical Services Market Research 2020

Posted June 21, 2020 by Aashi_K

The global geophysical services market size was USD 14.43 Billion in 2018 and is projected to reach USD 20.59 Billion by 2026, exhibiting a CAGR of 4.6% during the forecast period.

The survey may be carried out on ground surface or aerially to produce detailed mapping of an area. Geophysical survey is majorly used in oil & gas industry as well as metal & minerals to meet the growing demand for energy and metals, respectively. Hence, a geophysical survey is essential to discover valuable energy resources that may offer a lucrative market in the upcoming years.

COSL- China Oilfield Services Limited
Geokinetics, Inc.
Dawson Geophysical
Global Geophysical Services
ION Geophysical

“Increasing Demand for Technical Expertise For Discovering New Resources to Fuel the Market”

Fast-paced global economic development is resulting in an increasing demand for energy. Several companies seek technical expertise to precisely locate fossil fuel deposits. Geophysical services are being widely used in mining, oil & gas, agriculture, archaeology, and others to analyze the geological properties of the earth. The most important characteristic of geophysical service is that it is a non-destructive means and ideal for use in populated areas. The enormous population growth coupled with urbanization limits exploration activities. But with the help of geophysical service, detailed mapping of energy deposits can be carried out efficiently. It not only provides realistic information about the subsurface of the earth but also reduces the overall production cost by precisely locating minerals, metals, oil & gas, etc. Hence, substantial investment in the exploration of fossil fuel deposits may drive the geophysical services market growth.

The world is changing faster than ever before, driven by population growth, urbanization, technological change, and climate change, among others. Geophysical services play an important role in creating a safer and more liveable world. It is used for specific problem setting such as bedrock condition before an underground construction, mapping of natural resources, risk analysis of landslides, and mapping of contaminated sites. Geophysical mapping provides a full representation of how the physical properties vary region by region for cost-effective exploration of oil & gas as well as minerals & materials. Hence, the geophysical survey is widely used by oil & gas operators, mining industries, and archaeologists to get more authentic data beneath the earth.

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Tags market research , industry , Geophysical , Oil & Gas , energy
Last Updated June 21, 2020