Geophysical services involves an organized and efficient collection of geophysical data so as to analyze earth’s magnetic and gravitational fields. This analysis helps in finding data related to seismic activities and the earth’s internal structure. Geophysical service companies are mainly engaged in analyzing, collecting and mapping geophysical data. The companies in the global geophysical services industry use a wide array of surveying methods depending on the objective of the survey. Geophysical services helps in providing information related to subsurface, depth of bedrock, depth of groundwater, locate faults, mapping shallow stratigraphic units, locate voids, map underground utilities and many more. It includes companies doing seismic surveys, gravity surveys, magnetic surveys, and electromagnetic or electrical surveys. The geophysical services industry's heavy dependence on energy companies has caused extreme revenue fluctuations, with revenue rising considerably. However, the variation of oil prices and their eventual downfall has led to declining revenue.
The growing energy prices will push the demand for survey and exploration into onshore natural gas deposits and hence is expected to be the major driver of the global geophysical services market. Also the fluctuating crude oil prices are one the major restraints in the global geophysical services market. However the global geophysical services market is expected to grow during the forecast period mainly due to expected mergers and collaborations between exploration companies and key energy producers to drive down prices. Also all the major players in the global geophysical services market are trying to adopt latest available and most efficient techniques and technologies in order to boost their revenue and to increase overall market share.
The global geophysical services market can be categorized on the basis of type, service and region. On the basis of type segment, the global geophysical services market can again be categorized into aerial geophysical surveying services, geological surveying services, magnetic surveys, electromagnetic and electrical geophysical surveying services, seismic surveys, geophysical surveying for metal mining, gravity surveys, geophysical surveying for oil and gas fields, and geophysical surveying for nonmetallic minerals. On the basis of service segment, the global geophysical services market can again be categorized into data acquisition, data processing and data interpretation. Among the service segment in global geophysical services market, the data acquisition segment can further be classified into land based, marine based, and air-borne based. On the basis of geography, the global geophysical services market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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In the data acquisition segment, data is majorly collected with the help of latest survey equipment and software. Moreover the survey design has to be carefully monitored so as to avoid collection of unnecessary data, and to prevent misleading or inconclusive interpretations. North America is holding the largest market share in the global geophysical services market and is expected to have a steady growth over forecast period. Also among the regions in global geophysical services market, Middle East and Africa (MEA) regions is expected to grow at a higher rate during the forecast period mainly due to large number of hydrocarbons fields that are yet to be explored. This is creating a huge opportunity for exploration companies and hence will boost the overall global geophysical services market.
The major players in the global geophysical services market are UTEC, Geophysical Survey Systems, Schlumberger Limited, Geophex, Ltd., CSA Global, Dawson Geophysical, CGG, Geophysics Ltd, Inc., (GSSI), Pheonix Geophysics, Geotec Engineering & Environmental, Geotech among others. These companies are investing a lot in their R&D so as to incorporate new technologies and to procide cost effective solution to boost their overall market share in the global geophysical services market.
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