Geophysical Services Market – Snapshot
Based on type, geophysical services can be categorized into aerial-based and land-based geophysical surveys. Land-based geophysical surveys play a vital role in the exploration of various minerals, hydrocarbon sources, oil and gas reserves, etc. These surveys also help understand geophysical conditions of the ground surface and sub-surface. Aerial-based surveys capture images by using fixed-wing aircraft and helicopters.
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Rise in Number of Multi-client Projects and Shale Gas Exploration in U.S. to Trigger Investments in Geophysical Services
The oil & gas industry has been focusing on increasing its exploration activities of onshore areas owing to the commercial viability of the existing proven onshore oil reserves at prices lower than offshore oil reserves. Rise in exploration of shale gas reserves in the U.S. has been a key factor driving investments in geophysical services in the country. The oil & gas industry requires seismic services and analytical data from providers of geophysical services. Thus, growth in exploration activities in developed countries is expected to boost the global geophysical services market during the forecast period. Multi-client project or multi-client data is seismic survey data that is acquired on non-exclusive basis. It is cost-effective and can be sold several times. From the perspective of end-user companies such as oil & gas companies, licensing non-exclusive multi-client seismic data is less expensive than acquiring data on a contract basis. From the perspective of geophysical-based data acquisition, multi-client seismic data is more cost-effective and offers the potential of high profit margins, as it can be sold several times to different companies. Companies providing geophysical services also engage in various multi-client data acquisition projects. End-user companies prefer multi-client geophysical/seismic data reports due to the lower investment involved. This is boosting the geophysical services market, especially in the seismic technology segment.
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Water Exploration, Agriculture, and Environment to Present Growth Opportunities
Besides oil & gas and mining, other end-user industries such as water exploration, agriculture, and environment are key consumers of geophysical data. Water exploration and agriculture industries have started exploring geophysical services in order to attain water and food security. The minimum daily requirement of water for domestic usage stands at 200 liters per person in developing countries such as India. This has paved the way for exploration of freshwater sites through geophysical services. Rise in investments related to geophysical services in water exploration and agriculture industries is estimated to augment the demand for magnetic, gravity, resistivity, and electromagnetic based geophysical services in the near future. The global water exploration industry is beginning to employ geophysical services prior to the commencement of groundwater drilling activities. Water/groundwater geophysical exploration methods provide a clear picture of underground formations to understand the hydrologic cycle and groundwater quality; and identify the nature, number, and type of aquifers.
Highly Competitive Market with Dominance of Top Players
The global geophysical services market is highly fragmented, with the presence of large numbers of local and international players. Leading players dominate the market. Key players operating in the geophysical services market are EON Geosciences Inc., Dawson Geophysical Inc., Geotech Surveys, Compagnie Générale de Géophysique (CGG), TGS, Spectrum Geophysics, Geophysical Survey Systems, Inc., SEA GEO SURVEYS PVT LTD., New Resolution Geophysics, ION Geophysical Corporation, and Phoenix Geophysics.