From GlobeNewswire: 2024-05-08 09:13:00

Allied Market Research publishes a report on the global Geophysical Services Market, valued at $16.2 billion in 2023, projected to reach $24.5 billion by 2033, with a CAGR of 4.3% from 2024 to 2033. Factors driving growth include demand for minerals, oil & gas exploration, and renewable energy. Offshore exploration and AI integration offer opportunities. The lidar segment is expected to grow the fastest.

Seismic technology leads the geophysical services market, with significant market share in 2023 due to detailed subsurface insights for oil & gas sectors. However, the lidar segment is expected to have the highest CAGR of 5.7% from 2024 to 2033, offering precise three-dimensional imaging crucial for environmental and renewable energy projects.

Aerial-based surveys are on track to grow faster through the forecast period, with marine-based surveys dominating in 2023 for mapping seabed mineral deposits. Aerial surveys offer quick and comprehensive data collection over large areas due to advancements in drone technology. The oil & gas segment holds the highest market share, but others, like mineral mining and environmental assessment, show promising growth.

North America dominates the geophysical services market, with advancements in technology and regulatory requirements driving non-invasive exploration methods. However, Asia-Pacific is expected to exhibit the highest CAGR from 2024 to 2033, propelled by increased energy demands and infrastructure development. Key players in the market include Schlumberger, Petroleum Geo-service, and TGS.



Read more at GlobeNewswire: Geophysical Services Market to Reach $24.5 Billion,