Visiongain Publishes Aerial Geophysical Services Market Report 2022-2032
15 September 2022
Visiongain has published a new report entitled Aerial Geophysical Services Market Report 2022-2032: Forecasts by Aircraft (Fixed-Wing Aircraft, Helicopter, UAV), by End-users (Oil & Gas Sector, Mining & Minerals Sector, Agriculture Sector, Water Exploration Sector), by Technology (Seismic Technology, Magnetic & Electromagnetic Technology, Gradiometry Technology, Gravity Technology, Borehole Logging Technology, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global aerial geophysical service market was valued at US$4,741 million in 2021 and is projected to grow at a CAGR of 4.6% during the forecast period 2022-2032.
Exploration Demand Driving New Geophysical Technology Development
The Aerial geophysical service market is segmented into aircraft, technology, end-users, and region. The global Aerial geophysical service market is expected grow at a CAGR of 4.6% from 2022 to 2032. The major drivers for the growth of the aerial geophysical service market are exploration demand driving new geophysical technology development and the development of the software to optimize geophysical field oil and gas exploration. On the other hand, field acquisition issues is the main factor restraining the growth of this market.
How has COVID-19 had a significant negative impact on the Aerial Geophysical Service Market?
In particular for Geophysical Services, whose work is so dependent on international travel and the deployment of exploratory teams to the field for extended periods, the COVID-19 pandemic has had a significant impact on business and our day-to-day life. The worldwide oil & gas business was severely disrupted by the COVID-19 epidemic, the radical surge in crude supplies beginning in early March 2020, and the accompanying collapse in oil price. Oil and gas corporations have swiftly responded by cutting exploration and production budgets. The demand for geophysical equipment and service has decreased to previously unheard-of levels as a result of the expenditure restraints because the majority of the exploration business is supported by discretionary spending.
How will this Report Benefit you?
Visiongain’s 267-page report provides 127 tables and 138 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global aerial geophysical service market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Aerial Geophysical Service. Get financial analysis of the overall market and different segments including aircraft, technology. End-user, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing aerial geophysical service market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
The Development of the Software to Optimize Geophysical Field Oil and Gas Exploration
The effectiveness of exploratory research, the accuracy of static models, and eventually the effectiveness of operating oil and gas fields are significantly influenced by the planning and outcomes of geophysical oil and gas exploration. Utilizing specialist software during the planning stage of geophysical exploration is one method to enhance its quality. It is determined the need for developing the specified class of software on the basis of the Russian package after analysing the currently available software in the context of geophysical exploration planning. Numerous businesses around the world are investigating the best methods for creating software that will optimise geophysical field oil and gas exploration.
Airborne Platforms Also Offer the Advantage of Rapid Sampling Rates
The speed with which an airborne survey can be completed is demonstrated by a recent gravity survey of Gabon in western Africa. A mixture of mangrove swamp, shallow water, and jungle made up the survey area. In 50 flights spread over 55 days, an area of 150,000 km2, almost the size of Florida, was surveyed using aerial gravity measurements. The survey lines were spaced 6 km apart. Less than a month after the project began, the contracting petroleum company received the finished product—a thorough gravity map and geologic interpretation. In order to conduct the survey in areas with a range of vegetational cover, a similar land-based survey would have needed many more months of work and a big team of surface teams with different instruments and equipment.
Where are the Market Opportunities?
Advantages of Geotechnical Geophysics Are Related to Site Accessibility, Portability, Non-Invasiveness, and Operator Safety
Geophysical equipment can frequently be used in places that drill rigs or cone penetration test (CPT) rigs might find difficult to access, such as underneath bridges and power lines, in densely forested regions, at contaminated sites, in urban areas, on steeply dipping slopes, in marshy terrain, on pavement or rock, and in other situations. Additionally, unlike boring or trenching, the majority of surface-based or aerial geophysical equipment are non-invasive and have little to no environmental impact. When working in environmentally sensitive places, on contaminated land, or on private property, these factors can be extremely important. In addition, because there are fewer dangers involved with utility interactions and operations, geophysical surveys are typically regarded as less risky than drilling.
Geophysical Services Market Players Use Drones for Upgraded Aerial Surveys
According to market trends for geophysical service, providers are adopting drones to undertake aerial geophysical surveys. Aerial/airborne geophysical surveying is used to estimate the several important physical or geochemical limits of the earth from the air. To obtain accurate and useful survey results, surveying drones are outfitted with a magnetometer in addition to other sensors like electromagnetic, gamma-ray, spectrometer, magnetic, and gravity.
The major players operating in the aerial geophysical service market are Compagnie Générale de Géophysique (CGG), Dawson Geophysical, Fugro NV, Geophysical Survey Systems, Inc., Geotech Holdings Ltd, Halliburton, ION Geophysical Corp., McPhar International, Schlumberger Oilfield Service Company, Sea Geo Surveys Pvt Ltd, TGS -NOPEC Geophysical Company L.P., The Paradigm Group, and Weatherford International. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• 19 May 2022, CGG has announced that Sercel, its Sensing & Monitoring division, has acquired Geocomp Corporation, specialized in high-value service and products for geotechnical risk management and infrastructure monitoring.
• 23 May 2022, ION Geophysical Corporation announced that it has been awarded a contract for its Gemini Enhanced Frequency Source technology to be utilized in a proprietary, Wide Azimuth 3D acquisition in the Mediterranean Sea.
Notes for Editors
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