LONDON–(BUSINESS WIRE)–#GeophysicalServicesMarket–The geophysical services market is expected to grow by USD 2.52 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Most of the oil and gas E&P companies are focusing on multi-client based services. This is due to the increased cost of ownership of data. Also, in a multi-client approach, geophysical companies design surveys based on the requirements of oil and gas E&P companies. This reduces the cost of survey data for oil and gas E&P companies. For instance, in January 2020, ION Geophysical Corp. signed a multi-client agreement for 2D and 3D programs in offshore Colombia. Therefore, the increasing demand for multi-client surveys is expected to fuel the growth of the global geophysical services market during the forecast period.
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As per Technavio, the increase in oil and gas E&P activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Geophysical Services Market: Increase in Oil and Gas E&P Activities
Countries across the world are carrying out drilling activities to tap the unconventional reserves such as shale oil and gas and oil sands. Also, rising crude oil prices have significantly increased the use of onshore rigs over the years. Besides, technological advantages have helped oil and gas companies to engage in a greater number of deepwater and ultra-deepwater oil and gas fields. Geophysical surveys are generally performed in the early stages of oil and gas E&P activities to achieve cost savings and cover a larger area without disturbing the natural environment. Therefore, the increasing number of oil and gas E&P activities is expected to have a positive impact on the growth of the global geophysical services market during the forecast period.
“Increasing adoption of airborne seismic survey and rising investments in conventional onshore oil and gas upstream activities will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Geophysical Services Market: Segmentation Analysis
This market research report segments the geophysical services market by Type (Land, Marine, and Aerial) and Geography (North America, Europe, APAC, MEA, and South America).
The North America region led the geophysical services market in 2019, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, APAC is expected to register the highest incremental growth due to factors such as rapid industrialization and the increasing number of investments in the oil and gas industry in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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