Albany, NY -- (SBWIRE) -- 10/01/2018 -- The global geophysical services market was valued at US$ 11 Bn in 2017 and is anticipated to expand at a CAGR of more than 4.0% from 2018 to 2026, according to a new report titled "Geophysical Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026" by Transparency Market Research (TMR). Various service providers for land-based geophysical surveys operate across the globe. However, aerial-based survey is expected to be a lucrative segment of the market in the near future. This is projected to boost the entry of several aerial-based geophysical service providers.
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Seismic Technology to Remain Dominant Segment
Based on technology, seismic survey constituted nearly 4% of the E&P expenditure in the upstream oil & gas industry in 2017. The seismic segment led the global market in 2017 owing to its extensive usage in the oil & gas industry. Usage of seismic survey in oil & gas and mining industries is expected to remain high throughout the forecast period. The overall costs of seismic survey per mile are relatively higher than that of other services such as magnetic, gravity, and electromagnetic. Moderate growth rate of other technologies, such as gravity, magnetic, electromagnetic, and LIDAR, is estimated to continue during the forecast period.
Sluggish Oil Production in Middle East and Europe to Adversely Impact Market Growth
Demand and consumption of oil has been rising gradually over the last decade. However, the oil & gas industry has been experiencing a major slowdown since 2014. The industry has been expanding at a sluggish pace since then. The Middle East and Europe have been prominent oil exploring and producing regions traditionally. However, oil exploration and production activities in these regions have decreased significantly over the last few years, due to the contraction in the oil & gas industry. Decline in oil prices can be primarily ascribed to overproduction and surplus supply of oil and gas across the world. Decrease in E&P activities in the Middle East and Europe has led to contraction of the geophysical services market.
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Oil & Gas Industry Dominates Global Geophysical Services Market
The oil & gas end-user industry segment dominated the global geophysical services market with more than 60% share in 2017. It was closely followed by medium wells. Requirement of geophysical services, especially land-based geophysical services, is high in the upstream oil & gas industry. The mineral & mining industry leads in terms of investments in aerial-based geophysical services. Thus, companies offering geophysical equipment and services are focusing more on oil & gas and mineral & mining industries.