The Future of Geophysical Services

Reports by Allied Market Research estimate the geophysical services market to be worth $14.4 billion. The geophysical services industry will reach $21.4 billion by 2031, expanding at a CAGR of 4.1 percent from 2022 to 2031.

FREMONT, CA: In 2021, the global market for geophysical services was USD 12.65 billion. USD 13.12 billion in 2022 will grow to USD 20.55 billion by 2029 at a CAGR of 6.6 percent. COVID-19 has been a worldwide pandemic unlike ever experienced, and all regions reported lower demand than anticipated following the outbreak. 

Geophysical services collect systematic data from the subsurface or surface of the earth for site assessment, monitoring various electric magnetic fields, and exploration of possible mining and oil and gas minerals. A widely used method for extracting prospective reserves in oil and gas, mining, and other industries.

COVID-19 IMPACT

Oil and gas disruptions to slow growth

Globally, the COVID-19 pandemic led to a decline in demand for exploration and production (E&P) services in 2020. The drop in oil and gas prices was precipitated by the increased production of oil and gas on the market, which boosted the oil and gas supply. Government

Brent crude oil prices, for instance, fell 66 percent from USD 66 on January 2020 to USD 23 on March 2020. This unpredictability in commodity prices and the steep decrease during 2020 prompted E&P businesses to lower their budgets by about 25 percent. Collectively, these occurrences had a negative impact on the demand for oil and natural gas, geophysical services, and goods, as well as disturbing worldwide markets.

LATEST TRENDS

Increased hydrocarbons exploration to increase market opportunities

The rising need for oil and gas has prompted geologists and geophysicists to seek underground hydrocarbon resources, including oil and natural gas. Assessing the oil and gas volume in place depends on the development and production of a reservoir. A geophysical survey is one of the most cost-effective means of locating natural resources to meet the expanding demand for energy and consumer goods.

Government and corporate groups are investing heavily in discovering undeveloped hydrocarbon sources to meet increased demand for oil and gas.