The global geophysical services market size is expected to reach USD 24.56 billion by 2032, according to a new study by Polaris Market Research. The report “Geophysical Services Market Share, Size, Trends, Industry Analysis Report, By Survey Type (Land, Marine, Aerial); By Technology; By Application; By End User; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
Geologists and geophysicists are looking for hydrocarbon exploration, including oil and natural gas resources underground, as a result of the rising need for oil and gas. The most important steps in the process are planning the field development and production of a reservoir's oil or gas, as well as developing a reliable estimate of the volume of oil and gas already there. One economically viable way to find natural resources to satisfy the growing demand for energy and consumer products is through the geophysical survey.
In addition, to fulfill the rising need for oil and gas, the government and private organizations are heavily dividing their funds for finding undiscovered hydrocarbon deposits, and opening up new market potential. For instance, in May 2022, The largest oil and gas producer in India, ONGC, said that it will spend Rs 31,000 crore over the next three years searching for fuel reserves in the Indian sedimentary basin. This move is part of the country's effort to become energy independent. Also, in October 2021, Asian Energy Services & the RosGeo signed a MoU that focuses on collaboration in seismic & geophysical surveys in India and overseas operations.
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Additionally, the geophysical services require significant capital outlays and is at high risk due to unpredictably changing environmental factors. To function in the geophysical services industry, one needs geophysical experience and expertise.
Furthermore, investments in the renewable energy sector have increased due to growing worries about carbon emissions caused by the use of fossil fuels. These elements are probably going to reduce the need for geophysical services, which will hurt the geophysical services industry.
Geophysical Services Market Report Highlights
Polaris Market Research has segmented the geophysical services market report based on survey type, technology, application, end-user, and region:
Geophysical Services Market, Survey Type Outlook (Revenue - USD Billion, 2019 - 2032)
Geophysical Services Market, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Geophysical Services Market, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Geophysical Services Market, End User Outlook (Revenue - USD Billion, 2019 - 2032)
Geophysical Services Market, Regional Outlook (Revenue - USD Billion, 2019 - 2032)