Geophysical Services Market - Snapshot
Geophysical survey plays an important role in the systematic collection of geophysical data for mineral extraction. Geophysical survey is essential in obtaining magnetic and gravitational fields of the Earth's interior and topography. Increase in investments in mining and exploration activities is a key factor boosting the demand for geophysical services across the globe. Rise in demand for precious metals such as gold, platinum, titanium, and silver is expected to drive the demand for geophysical services in the near future. Minerals are being excavated at a faster rate across the globe in order to meet the needs of the rising population.
Increase in Investments in Mineral & Mining Industry
Year-on-year growth in mining activities has triggered the demand for geophysical services. Demand for geophysical services for mineral extraction is anticipated to increase owing to the environmental regulations imposed by governments of several countries. Mining of precious metals such as gold, copper, silver, and iron is propelling demand for geophysical services. Increase in mining activities in the U.S. is a key factor responsible for the rise in investments in geophysical services for mineral and mining. High demand for geophysical data acquisition services and increase in investments in the mining sector for geophysics are anticipated to propel the geophysical services market for mineral & mining industry during the forecast period. Primary minerals excavated in the U.S. are copper, feldspar, lithium, silver, gold, iron ore, lead, nickel, beryllium, and molybdenum.
Rise in Usage of Aerial-based Geophysical Surveys
Increase in investment in aerial-based geophysical survey, such as magnetics, gravity, and resistivity, by various end-user industries, especially mineral & mining industry, is expected to boost the market in the next few years. The aerial-based survey segment dominated the market in 2017 owing to the high costs and compatibility with various applications. The purpose of the aerial-based survey is to define the vertical structure and horizontal extent of mineralized zones indicated in the previous soil in order to detect trenches and abnormal anomalies during the field program. Furthermore, governments of several countries are funding and supporting the development and adoption of the latest technologies in the geophysical services market for mineral & mining industry.
Developments & Innovations in Products and Technologies
In February 2017, CGG was awarded a contract by Brunei Shell Petroleum for the period of six months. CGG would provide processing services for 2D, 3D and 4D seismic data acquired onshore and offshore Brunei. It would ultimately enhance CGG’s business in the Asia Pacific region. In June 2018, CGG has completed pre-stack time migration (PSTM) of a 2,500-square-kilometer survey in Block 44 of the Porcupine Basin, west of Ireland. It would ultimately create business opportunities for various companies in untapped regions. In June 2018, Dawson Geophysical Inc. was added to the Russell 2000 and Russell 3000 Indices. The Russell 2000 Index measures performance of the small-cap segment of the U.S. equity market. In February 2015, Dawson Geophysical Inc. completed a strategic business collaboration with TGC Industries, Inc., a seismic data acquisition company with operations in the U.S. and Canada. This step would expand the business of Dawson Geophysical, Inc. in the next few years.
Geophysical Market for Mineral & Mining Industry in North America and Asia Pacific to Expand at Rapid Pace
In terms of region, North America dominated the global geophysical services market for mineral & mining industry in 2017. The U.S. dominates the geophysical services market for mineral & mining in North America, led by the high number of geophysical survey activities in areas such as basins of Oakland, Houston, Seattle, Florida, New York, and Philadelphia. Canada is one of the largest exporters of minerals and metals in the world. It supplies approximately 60 mineral commodities to more than 100 countries across the globe. North America and Asia Pacific are expected to be lucrative regions for geophysical service in the near future. Rise in mineral exploration activities is driving the demand for geophysical services in North America. Asia Pacific is likely to be a highly attractive region for geophysical services owing to the increase in demand for mineral excavation to meet the needs of the rising population.
Highly Competitive Market with Dominance of Leading Players
The global geophysical services market for mineral & mining industry market is highly competitive. Leading players dominate the market. Key players operating in the market include EON Geosciences, Dawson Geophysical Inc., Geotech Surveys, TGS, Phoenix Geophysics, SEA GEO SURVEYS PVT LTD, and Geophysical Survey Systems, Inc.
Geophysical Services Market - Overview
The global geophysical services market for mineral & mining industry is highly consolidated. Large numbers of geophysical survey-based data acquisition companies operate in the global geophysical services market for mineral & mining industry. Players that dominate the market account for significant market share. This leads to intense competition. Design, technology, and engineering of systems are key differentiating factors for different players. Scale of operations, range of data network, and capability to analyze and offer feasible solutions determine profitability and market share of players. Land-based geophysical services play a vital role in exploration and extraction of various minerals. These services also help understand geophysical conditions of the ground surface and sub-surface. Aerial-based survey captures images by using fixed-wing aircraft and helicopters. However, drones are expected to replace fixed-wing aircraft and helicopters in aerial-based geophysical surveys in the near future.
This report analyzes and forecasts the geophysical services market for mineral & mining industry at the global and regional level. The market has been forecast based on revenue (US$ Mn) from 2017 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global geophysical services market for mineral & mining industry. It also covers impact of these drivers and restraints on demand for geophysical services during the forecast period. The report also highlights opportunities in the market at the global and regional level.
The report includes detailed value chain analysis, which provides a comprehensive view of the global geophysical services market for mineral & mining industry. Porter’s Five Forces model for the geophysical services market for mineral & mining industry has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein products and applications are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global geophysical services market for mineral & mining industry by segmenting it in terms of technology, type, and region/country. In terms of technology, the market has been classified into magnetic, gradiometry, gravity, electromagnetics, LIDAR, hyperspectral, ground penetrating, resistivity, and others (induced polarization and magnetotellurics). In terms of type, the global geophysical services market for mineral & mining industry has been segregated into aerial-based survey and land-based survey. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for geophysical services for mineral & mining industry in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual size of the geophysical services market for mineral & mining industry for 2017 and estimated size for 2018 with forecast for the next eight years. The global geophysical services market for mineral & mining industry has been analyzed in terms of value. Market numbers have been estimated based on technology and type of geophysical services. Market value and size have been provided in terms of global, regional, and country level markets.
The report comprises profiles of major companies operating in the global geophysical services market for mineral & mining industry. Key players include EON Geosciences Inc., Dawson Geophysical Inc., Geotech Surveys, Compagnie Générale de Géophysique (CGG), TGS, Spectrum Geophysics, Geophysical Survey Systems, Inc., SEA GEO SURVEYS PVT LTD., New Resolution Geophysics, ION Geophysical Corporation, and Phoenix Geophysics. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The global geophysical services market for mineral & mining industry has been segmented as follows:
Global Geophysical Services Market for Mineral & Mining Industry, by Technology
- Ground Penetrating
- Others (Induced Polarization and Magneto-tellurics)
Global Geophysical Services Market for Mineral & Mining Industry, by Type
- Aerial-based Survey
- Land-based Survey
Global Geophysical Services Market for Mineral & Mining Industry, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America is the leading consumer of geophysical services for mineral & mining industry across the globe. The region constitutes around 25% to 30% share of the global geophysical services market for mineral & mining Industry. The market in the region is expected to expand at a moderate pace during the forecast period owing to the environmental regulations imposed by the U.S. and Canada governments.
- Costs of geophysical services are highly dependent on type of service (per mile) with respect to the equipment utilized
- The aerial-based survey segment is projected to expand at a faster pace in the mining sector vis-à-vis that in other sectors. Currently, the mining industry accounts for more than 70% share of aerial-based surveys.