Growing oil & gas industry to fuel global geophysical equipment market through 2024

According to a report published by TechSci Research on “Global Geophysical Equipment Market By Equipment Type, By End User, By Region, Competition, Forecast & Opportunities, 2024”, global geophysical equipment is predicted to grow at a healthy rate during forecast period on account of improvement in crude oil and gas price along with rising demand for energy across the developed and emerging regions. In terms of end user, global geophysical equipment market is categorized into mining, oil & gas exploration, geothermal exploration, groundwater exploration and others. Among these, mining industry accounted for the majority share in global geophysical equipment market in 2018 and is anticipated to maintain its position during forecast period as well on account of year-on-year growth in mining activities globally. Moreover, high demand for geophysical data acquisition services and increase in investments in the mining sector for geophysics are further anticipated to propel demand for geophysical equipment in the mining industry.

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In terms of region, global geophysical equipment market is categorized into North America, Europe, South America, Middle East & Africa and Asia-Pacific. Among these regions, North America accounted for a significant portion of global geophysical equipment market. The region is also predicted to grow at a healthy rate during forecast period owing to rising mineral exploration activities in the region. Among the countries, United States accounted for majority of North America geophysical market and is expected to remain as the largest market throughout the forecast period. United States mining industry is one of the largest in the world, led by high number of geophysical survey activities in areas such as basins of Oakland, Houston, Seattle, Florida, New York, and Philadelphia.

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“Global geophysical equipment market is predicted to witness a decent growth landscape over the course of next five years. The growth of the market is majorly attributable to the exponential rise in oil and gas exploration activities in different regions. Moreover, significant rise in demand for minerals and metals is resulting in increasing mining activities, which is further boosting the growth of global geophysical equipment market.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Geophysical Equipment Market By Equipment Type, By End User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global geophysical equipment market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global geophysical equipment market.

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