Growing Exploration Activity In Various Industrial Sectors Drives The Geophysical Services Market

Geophysical Services Market Report 2021: COVID 19 Impact And Recovery To 2030

Geophysical Services Global Market Report 2021: COVID 19 Impact And Recovery To 2030

The Business Research Company’s Geophysical Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

LONDON, GREATER LONDON, UK, March 9, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact:
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Growing exploration activities is contributing to the growth of the geophysical services market. Mineral exploration aims to discover deposits of minerals and rocks that can be used to meet the resource needs of society which could be fulfilled by geophysical services. According to the Australia Bureau of Statics, released in August 2020, in the first quarter of June 2020, mineral exploration expenditure rose 11.91%, or $72.7 million to $683.3 million. As per GoldHub of World Gold Council, the gold mine of Russia saw an 8% increase year-on-year (y-o-y) production in 2019. Total mine production of Australia rose by 3% y-o-y due to higher production at a few mines. Thus, the rise in production and exploration in different sectors by using geophysical devices is paving the growth for the geophysical services market.

The major players covered in the geophysical services industry are Schlumberger, TGS Geophysical Company (UK) Ltd, CGG Geoscience company, Ion Geophysical, Polarcus Ltd, Geokinetics, Halliburton Company, Dawson Geophysical Services, EON Geosciences Inc., Geophysical Survey Systems Inc., Phoenix Geophysics, Sea Geo Surveys Pvt Ltd., Spectrum Geophysics, Geotech Surveys, P.G.S., BGP Inc., Fugro, SA Exploration, Seabird Exploration, EMGS, Geospace Technologies, COSL-China Oilfield Services Limited, New Resolution Geophysics (NRG), Paradigm, Ramboll Group AS, Sercel SA, IRIS Instruments, DMT Gmbh and Co.KG., Petroleum Geo Services, Geoex Ltd, IG Seismic Services.

The global geophysical services market size is expected to grow from $8.69 billion in 2020 to $9.38 billion in 2021 at a compound annual growth rate (CAGR) of 7.9%. Geophysical services market analysis shows that the growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $9.74 billion in 2025 at a CAGR of 0.9%.

The geophysical services market covered in this report is segmented by survey type into land, marine, aerial, by technology into seismic, magnetic, gravity, electromagnetic, lidar, ground penetrating, others, by application into road, rail, port, airport, pipeline, others, and by end user into agriculture, environment, minerals and mining, oil and gas, water exploration, others.

Geophysical Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides geophysical services market overview, forecast geophysical services market size and growth for the whole market, geophysical services market segments, and geographies, geophysical services market trends, geophysical services market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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