Market Size of Geophysical Equipment and Services Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.80 % |
| Fastest Growing Market | North America |
| Largest Market | South America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Geophysical Equipment and Services Market Analysis
The market for geophysical equipment and services is expected to register a CAGR of about 2.8% during 2020-2025. The factors, such as the increasing applications in environmental geophysics and oil and gas exploration activities in the emerging countries (due to the increasing demand from the oil and gas industry), are expected to augment the growth of geophysical equipment and services market. Clean energy transition has driven the demand for metals and minerals, which is expected to boost the need for geophysical equipment and services. The decreasing investments in seismic surveys are expected to restrain the growth of the geophysical equipment and services market during the forecast period.
- The oil and gas sector accounted for the largest share in the geophysical equipment and services market, owing to the demand for seismic surveys that helps to obtain accurate and precise mappings of hydrocarbons.
- Then incorporation of advanced technologies for various geophysical studies is expected to present new avenues for the market studied.
- North America is expected to dominate the market, with majority of the demand from the countries, such as the United States and Mexico.
