Growing demand for oil/gas and the development of geophysical techniques are the factors propelling the Global Geophysical Equipment Market in the forecast period.
According to TechSci Research report, “Geophysical Equipment Market - By Region, Competition Forecast Opportunities, 2018-2028,” the Global Geophysical Equipment Market is expected to register robust growth during the forecast period, 2023-2028. Over the forecast period, the oil and gas industry will continue to dominate the market. The recent slump in the oil and gas sector had a detrimental impact on the geophysical equipment and market. The United States is conducting more geophysical surveys, which is helping to expand the market there. A projected plan for the fiscal year 2019 also predicts that the country's geophysical survey budget would get USD 1.16 billion.
During the forecast period, North America is anticipated to lead the market for geophysical equipment. This results mainly from investments in exploration-related activities. In the United States, more and more geophysical surveys are being conducted, which helps the market in this country grow. According to a suggested plan for the fiscal year 2019, the nation's geophysical survey budget is anticipated to receive USD1.16 billion. The Mexican government has recently made several blocks available for exploration. After multiple block offers, 70 oil and gas operators entered the nation due to the upstream sector's deregulation. This increased the need for geophysical equipment to perform several tasks due to which the market is expected to grow in the forecast period.
Companies now have a tough time producing hydrocarbons because they must adhere to numerous government laws and regulations about toxicity and environmental trade-offs. The oil exploration industry is becoming commercially unviable due to these stricter laws.
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The Global Geophysical Equipment Market is segmented based on equipment type, end user, service type, survey, regional distribution and competitive landscape. Based on service type, the market is separated into multi-client data acquisition, contractual data acquisition, and image processing.
The market is divided into electrical resistivity, electromagnetic, seismic, and others based on equipment type. In comparison to other categories of geophysical equipment, the need for seismic equipment is substantially larger. An increase in seismic survey expenditure is driving demand for seismic equipment by several end-user sectors, including mining and oil gas. Seismic surveys are also increasing demand for monitoring mining, hydraulic fracturing, waste injection, waste storage, and reservoir life.
Based on end user, the market is divided into mining, oil gas exploration, geothermal exploration, groundwater exploration, and others. Due to its enormous contribution to economic growth, the oil and gas exploration industry controls the most significant portion of the market. The geophysical survey to precisely discover the oil, natural gas, and other energy sources required to fulfill the rising demand would probably result in a dominating share in the oil gas business in the forecast period due to increased hydrocarbon exploration. The enormous demand for minerals and metals from the manufacturing and chemical sectors accounts for a sizeable portion of the market share for minerals and mining.
Based on survey, the market is split into land-based, marine-based, and aerial-based. Due to its broad usage in mining and rising hydrocarbon exploration, the land-based survey held the dominant share. The marine based survey also accounts for a sizeable portion of the market. Its application in gathering physical property data to comprehend the geology of the seabed and sub-seafloor might aid in identifying subsurface circumstances, which are anticipated to expand each year rapidly.
Major market players in the Global Geophysical Equipment Market are: -
- Phoenix Geophysics
- IRIS Instruments
- Geotech Ltd
- Sercel SA
- CSA Global
- Ramboll Group A/S
- DMT
- Dawson Geophysical, Inc
- Geoex Ltd
- Schlumberger Limited
- BGP Inc
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"Finding new sources of hydrocarbons is extremely important and valuable due to the rapidly diminishing oil and gas reserves. As a result, the need for geophysical equipment in the oil and gas sector is anticipated to rise. The expanding applications of environmental geophysics are positively impacting the market for geophysical equipment.," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Geophysical Equipment Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028 Segmented By Equipment Type (Electrical Resistivity, Electromagnetic, Seismic, Others), By End User (Mining, Oil Gas Exploration, Geothermal Exploration, Groundwater Exploration, Others), By Service Type (Multi-client Data Acquisition, Contractual Data Acquisition, and Image Processing), By Survey (Land-based, Marine-based, Aerial-based), By Region,” has evaluated the future growth potential of Geophysical Equipment Market and provides statistics 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 Geophysical Equipment Market .
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