The global geophysical services market revenue was around US$ 14.9 billion in 2021 and is estimated to reach US$ 21.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.1% during the forecast period from 2022 to 2031.

Geophysical services collect data from the earth's surface in a systematic manner for site assessment, monitoring different electric magnetic fields, and the investigation of possible mines, oil, and gas minerals. It is frequently used in the mining, oil & gas, and other industries to explore prospective reserves.

Factors Influencing Market Growth

An increase in exploration for minerals and metals as well as an increase in exploration operations in emerging nations boosted the market.

Major oil companies are converting their oil wells to use digital technologies, which has increased the demand for detection technology equipment and will continue to propel the expansion of the geophysical services market.

The continued extraction and exploration of fossil fuel resources will offer numerous prospects for the market's growth.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a negative impact on the geophysical services market. In comparison to pre-pandemic levels, demand for this market has been lower than anticipated in all regions. The market has gradually grown in recent years due to the demand for petroleum-related products, which in turn led to a demand for the oil & gas industry, which in turn led to a demand for oil well exploration. Government and industry groups are heavily investing their money into market research to find untapped hydrocarbon sources to fulfill the rising demand for oil and gas.

Regional Insights

North America dominated the market. The use of geophysical services has increased due to expanding investments in the mineral and mining industries, and rising crude oil price volatility. In addition, mining for minerals is progressing more quickly to keep up with population growth. The market in this region is further fueled by the mining of precious metals like copper, gold, silver, and iron. The aforementioned elements will likely play a significant role in the market's expansion in this region during the next years.

Leading Competitors
The leading competitors in the global geophysical services market are:
Schlumberger Limited
CGG
Petroleum Geo-service
TGS
Shearwater Services
Dawson Geophysical Company
Fugro
SGS SA
EON Geosciences
Ramboll Group A/S
Getech
NUVIA Dynamics Inc
Spectrum Geophysics
Abitibi Geophysics
Xcalibur Multiphysics
Others
Segmentation Analysis
The global geophysical services market segmentation focuses on Technology, Type, End Use and Region.
Segmentation based on Technology
Seismic
Magnetic
Electromagnetic
Gravity
LIDAR
Others
Segmentation based on Type
Aerial-based Survey
? Drone Based
? Others
Marine-based Survey
Land-based Survey
Segmentation based on End Use
Minerals and Mining
Oil and Gas
Wind Energy
Water Exploration
Archaeological Research
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America