Geophysical Services Market Size, Share & Industry Analysis, By Technology (Seismic, Magnetic, Electromagnetic, Gradiometry, Gravity, Borehole logging, and Others) By Survey Type (Land-based, Marine-based, and Aerial-based), By End-user (Oil & Gas, Mining, Agriculture, Water Exploration, and Others) and Regional Forecast, 2024-2032

The global geophysical services market size was valued at USD 13.82 billion in 2023. The market is projected to grow from USD 14.62 billion in 2024 to USD 25.96 billion by 2032, exhibiting a CAGR of 7.44% during the forecast period. The geophysical services market in the U.S. is projected to grow significantly, reaching an estimated value of USD 11.72 billion by 2032, driven by the stringent environmental and regulatory requirement across all the industry verticals.

Geophysical services collect systematic data from subsurface or earth’s surface for site characterization, monitoring various electric magnetic fields, and exploring potential mining, oil & gas minerals. The services are widely carried out in oil & gas, mining, and other industries to exploit potential reserves. 

The global COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. In 2020, the exploration and production (E&P) industry was faced with demand deterioration due to the global effects of the COVID-19 pandemic. Market supply of increased production of oil and gases gas resulted in a significant decline in oil & gas prices. In addition to this, actions taken by governments and industries to limit the spread of virus have reduced economic activity, resulting in falling of oil prices.

Geophysical Services Market Trends

Increasing Infrastructure Development and Resource Exploration in Emerging Economies are Creating New Opportunities

Building new roads, bridges, tunnels, and other infrastructure projects requires a thorough understanding of the subsurface conditions, such as soil composition, bedrock depth, and potential hazards. This drives demand for geophysical surveys, such as seismic, ground penetrating radar, and electrical resistivity tomography. Rapid urbanization in emerging economies is leading to increased demand for geophysical services for site investigations, groundwater exploration, and environmental assessments. Many emerging economies are investing heavily in infrastructure development, often including dedicated budgets for geophysical surveys. This creates stable and significant market opportunities.

Emerging economies often have vast unexplored mineral and energy resources. Governments and private companies are increasingly investing in exploration activities, driving the demand for various geophysical services. Beyond traditional oil & gas exploration, there's growing interest in renewable energy sources, such as geothermal and lithium, requiring specialized geophysical surveys. Overall, increasing infrastructure development and resource exploration in emerging economies present exciting opportunities for the geophysical services market.

Increasing Hydrocarbons Exploration to Spur Market Opportunities for Market

The increasing demand for oil & gas has led to the search for hydrocarbon exploration, including oil and natural gas deposits underground by geologists and geophysicists. The most significant part of the process is a dependable estimate of the oil and gas volume in place and planning the field development and production of a reservoir oil or gas. Geophysical survey is one of the economic methods for discovering natural resources to meet the rising demand for energy and consumer goods.

The government and private entities are extensively diverging their fund for locating untapped hydrocarbon reserves to meet the increasing demand for oil & gas, further creating market opportunities. For instance, on October 13, 2021, Asian Energy Services (AESL) has signed a memorandum of understanding (MoU) with Russian Joint Stock Company Rosgeologia (RosGeo), which focuses on long-term cooperation in seismic and geophysical surveys in India and other countries.

Geophysical Services Market Growth Factors

Increasing Adoption of Geophysical Software to Aid Market Growth

The oil and gas industry has begun adopting digital technologies focusing on a better understanding of reservoir resources, the potential of production, improving health and safety, and boosting the operational efficiency at the oil fields. In addition, many companies are making incremental performance improvements through the selective use of business and digital technologies, which is likely aid the growth for this market.

The emergence of new techniques in geophysics coupled with the ability to process and analyze the data rapidly and support the real-time decision and execution has shifted the focus of various major players toward a sustainable energy future. For instance, On June 08, 2021, CGG launched the GeoSoftware 11.0 version for its extensive reservoir characterization and petrophysical interpretation software solutions. The software solution leverages enhanced machine learning capabilities, including WellGen, a new Hampson Russell application that facilitates deep learning marine linking geological and geophysical interpretations.

Progressive Demand for Geophysical Technologies from Petroleum Industries Drive Market Growth 

The exponential economic growth worldwide and rising urbanization increased the demand for fossil fuels. Many private entities and government organizations worldwide use geophysical services to determine the characteristics of the geological subsurface. It measures the difference between rock types and physical discontinuities without drilling or tunneling. Therefore, many giant companies worldwide invest in exploration and production activities to meet the growing demand for fuel and energy. For instance, on August 12, 2021, Kuwait Oil Company (KOC) has awarded Bureau of Geophysical Prospecting (BGP) with two contracts which includes 3D seismic survey and rig supply. The contract worth USD 221 million and will be carried out across the West Kuwait and Mutriba regions.

RESTRAINING FACTORS

Volatility in Crude Oil and Opposition to Mining by Local Community Hinders Market Growth

The oil and gas sector are the major contributor to the geophysical services market growth. However, the unstable prices of crude oil in the international market limit the industry as the production, demand & supply for oil & gases heavily depend upon its prices.  Oil prices can vary greatly, with a price near USD 115 per barrel in 2014 and USD 19 in 2020, which likely occurred due to the alteration in policies and increased oil and gas supply. This factor affects the services and operation of several oil & gas companies, leading to the adoption of services.

In addition to this, the paradigm shifts in clean energy technology and renewable energy sources will decrease the demand for oil & gas fossil fuels. Various countries around the globe have set their net-zero targets and cut dependency on oil, which acts as a restrain to the market's growth.

Geophysical Services Market Segmentation Analysis

By Technology Analysis

Seismic Technology Hold Dominant Geophysical Services Market Share Due to Low Cost

Based on technology, the market can be segmented across seismic, magnetic, electromagnetic, gradiometry, gravity, borehole logging and others.

 Among these, a seismic survey is the most commonly used method to acquire meaningful data of subsurface geology. It is widely used in the hydrocarbon and mining industry due to its ability to precisely discover natural resources at an economical cost.

Magnetic technology accounts for a significant share of the market. The magnetic technology is used to survey the magnetism of the rocks minerals to be identified beneath the surface. Subsequently, the electromagnetic (EM) surveys differ from magnetic surveys in that as opposed. They mostly rely on the signature of naturally high-intensity magnetic minerals, which induce an electromagnetic current into the ground and measures the resulting field.

In gravity technology, a gravimeter measures the gravity field to determine variations in rock density. These surveys are used to identify areas that have mineral or energy resource deposits.

The borehole logging technology records and analyzes physical properties made in wells or test holes.

The other segments include resistivity, hyperspectral, LiDAR, and vibration monitors.

By Survey Type Analysis

Land Survey Type to Hold Dominant Market Share due to Increasing Oil & Gas Exploration

The market is segmented into land, marine, and aerial-based on the survey type.

The land survey type holds a dominant share due to its extensive use in mining and increasing hydrocarbon exploration.

Additionally, the marine survey also accounts for a significant market share. Its use in obtaining physical properties data for understanding the seafloor and sub-seafloor geology can help identify subsurface conditions, which is expected to have an annual growth rate CAGR of 5.8%.

Furthermore, the aerial based survey is one of the most effective method to investigate large areas and land within short time and without harming and disturbing the local environment. The aerial-based geophysical services survey overcomes the difficulty issues of mapping large survey areas across remote location which drives the growth of segment during the forecast period.

By End-user Analysis

Oil & Gas to Hold Dominant Market Share Due Largely Due to Increasing Oil & Gas Demand

Based on end-user, the market can be divided into oil & gas, minerals & mining, agriculture, water exploration, and others.

The oil & gas industry holds the largest market share as oil & gas contribute a significant share in economic progress. With growing hydrocarbons exploration, the geophysical survey to exactly locate the reserves of oil, natural gas, and other energy essential to meet the increasing demand will likely result in dominating share in the oil & gas industry in the forecast period.

Similarly, minerals & mining accounts for a substantial market share due to the tremendous demand for minerals & metals from the chemicals and manufacturing industries.

Agriculture is one emerging segment as several countries adopt advanced technology for surveying land and are likely to grow in the forecast period. Water exploration is in the nascent stage. However, with the growing water scarcity in many countries, the segment is set to increase the demand for the services.

The other segments include infrastructure, environment, telecommunications.

REGIONAL INSIGHTS

Based on the regional analysis, the market is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America holds a dominating market share due to its extensive exploration and production activities in the U.S. and Canada. Enormous investments are made by government and private entities across the region to explore hydrocarbons and metals and the mining industry, which is expected to grow with a dominating share during the forecast period.

In Europe, fossil fuel accounts for a substantial share of total energy consumption. The growing hydrocarbons exploration activities drive the market to discover the untapped hydrocarbon reserves to meet the rising demand for energy countries like the U.K., Norway, and Russia invest in exploration activities to suffice the ever-growing demand for hydrocarbon.

Furthermore, the tremendous population growth in the Asia Pacific regions increased the demand for consumer goods. The exponential growth in several industry verticals is attributed to increased demand for metals & minerals.

Latin America houses some important oil-producing countries globally, including Brazil, Argentina, Chile, etc. By the end of 2020, Brazil was not only pumping the most oil in Latin America, an average of 3.03 million barrels daily, but finished ranked as the world's seventh-largest producer.

The Middle East & Africa possess a high potential for economic development as many countries are still deprived. However, the oil baron nations are likely to provide lucrative growth opportunities. With the presence of the Organization of the Petroleum Exporting Countries (OPEC), Saudi Aramco, the leading supplier of oil & gas, suffice the market growth for the oil & gas industry.

List of Key Companies in Geophysical Services Market

Exciting New Opportunities to be Lapped up by Market Players

The market is highly fragmented, due to the companies with a leading share such as, Schlumberger, CGG, PGS, and small players in a competitive landscape. Schlumberger is one of the top companies that provide comprehensive solutions for locating natural deposits. The company delivers expertise in seismic services, seismic data processing, and mapping of geological information. In addition, CGG and PGS are significant players in bringing unique solutions to their clients across the world.

The key players profiled in the geophysical services global market report are recognized for providing extremely precise data and images of the earth’s subsurface. On June 15, 2021, TGS and Earth Science Analytics announced their collaboration to expand their Seismic and Well Data offering and promote further data-driven geoscience innovations. The partnership focuses on delivering a new suite of seismic derivation products to provide enhanced exploration insights in the area from the E&P industry through artificial intelligence.

List of Key Companies Profiled:

• Schlumberger (U.S.)


• CGG (France)


• PGS (Norway)


• TGS (Norway)


• Halliburton (U.S.)


• Fugro (Netherlands)


• COSL- China Oilfield Services Limited (China)


• Weatherford International (U.S.)


• Gradline Limited (U.K.)


• SAExploration (Norway)


• Dawson Geophysical (U.S.)


• ION Geophysical (U.S.)


• Paradigm (U.S.)


• EGS Survey Pty Ltd (Australia)

KEY INDUSTRY DEVELOPMENTS:

• November 2023- PGS effectively secured a 4D seismic acquisition contract offshore West Africa, making a remarkable development in the company’s functioning. The contract, with a total time scale of around 60 days, is set to deploy in the fourth quarter of this year.


• June 2023- CGG declared that Sercel has committed to a crucial sale and the forthcoming delivery of a 60,000 channel 508XT land acquisition system and 25 VE464 modern digital vibrator control sets to some important North African geophysical service contributors. The equipment will be positioned on a 3D mega-crew project in desert conditions in North Africa and additionally build up Sercel’s firmly set existence in the region.


• May 2023- Worldwide Provider of energy data and intelligence TGS, in collaboration with Schlumberger and PGS, obtained capitalization for a 6,885 square kilometer multi-client 3D seismic survey offshore Malaysia in the North Luconia Province of the Sarawak Basin.


• November 2021 - Gazprom Neft has established an industry competency center in geophysical exploration to support in-field geophysical activities throughout regions in which the company operates.


• June 2021 - TGS has partnered up with PGS to commence the acquisition of the Cape Anguille 3D program, which covers the existing lease blocks and open acreage in the perspective of the Orphan Basin.  The Orphan Basin has potential Cretaceous and Tertiary infill depocenters and includes long offset acquisition between Kirchhoff 3D PSTM volume and PGS’s Reform Titan by utilizing the Geostreamer technology.

REPORT COVERAGE

The global geophysical services market research of geophysical services report presents a comprehensive industry assessment by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views to formulate the market research report. Furthermore, the report covers a detailed analysis of market segments, including applications and regions, helping our readers get a comprehensive overview of the global industry.

REPORT SCOPE & SEGMENTATION

ATTRIBUTE	DETAILS
Study Period	2019-2032
Base Year	2023
Estimated Year	2024
Forecast Period	2024-2032
Historical Period	2019-2022
Growth Rate	CAGR of 7.44% from 2024 to 2032
Unit	Value (USD billion)
Segmentation	By Technology Seismic Magnetic Electromagnetic Gradiometry Gravity Borehole logging Others
By Survey Type Land-based Marine-based Aerial-based
By End-user Oil & Gas Minerals & Mining Agriculture Water Exploration Others
By Geography North America (By Technology, By Survey Type, By End-user, and by Country) U.S. (By End-user) Canada (By End-user) Europe (By Technology, By Survey Type, By End-user, and by Country) U.K. (By End-user) Germany (By End-user) France (By End-user) Norway (By End-user) Russia (By End-user) Rest of Europe (By End-user) Asia Pacific (By Technology, By Survey Type, By End-user, and by Country) China (By End-user) Japan (By End-user) India (By End-user) Australia (By End-user) Southeast Asia (By End-user) Rest of Asia Pacific (By End-user) Latin America (By Technology, By Survey Type, By End-user, and by Country) Brazil (By End-user) Mexico (By End-user) Rest of Latin America (By End-user) The Middle East & Africa (By Technology, By Survey Type, By End-user, and by Country) Saudi Arabia (End-user) UAE (End-user Iraq (End-user) Iran (By End-user) South Africa (By End-user) Rest of Middle East & Africa (By End-user)