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New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Integrated Geophysical Services Global Market Report 2022' -
95 billion in 2021 to $2.08 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.56 billion in 2026 at a CAGR of 5.3%.
The integrated geophysical services market consists of the sales of integrated geophysical services and related goods by entities (organizations, sole traders, and partnerships) that locate and measure the extent of subsurface resources, such as oil, gas, and minerals, and also conduct surveys for engineering purposes.The surveying techniques include magnetic surveys, gravity surveys, seismic surveys, or electrical and electromagnetic surveys.
Only goods and services traded between entities or sold to end consumers are included.
The main methods of integrated geophysical services are vertical electrical sounding, electrical resistivity tomography (ERT), seismic refraction, microgravity survey with differential GPS, magnetic profiles, induced polarization, 2D seismic prospection (refraction tomography and reflection sections), ground penetrating radar (GPR).A vertical electrical sounding (VES) is a DC resistivity survey that offers information on how apparent resistivity changes with depth.
The parameters for the geoelectric section can be determined using a quantitative interpretation of the results of VES measurements. The various survey types include aerial-based and land-based and the services are used for infrastructure and building constructions, offshore wind farm surveys, offshore cable tracking surveys, mineral exploration and mining engineering, natural resources and energy, water resource, environment and waste management, and archaeological surveys.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing demand for oil and gas contributed to the growth of the integrated geophysical services market. In 2020, the transportation industry in the United States consumed 44.61 billion gallons (1.06 billion barrels) of distillate fuel, which is effectively diesel fuel, at a rate of around 122 million gallons per day. According to the US Energy Information Administration estimates, global consumption of petroleum and liquid fuel averaged 94.3 million barrels per day in 2019, and it is expected to increase by 3.3 million barrels per day in 2022. The increasing consumption of oil and gas is driving the demand for integrated geophysical services. This is because integration between different oil and gas exploration methods as archaeological surveys and remote sensing from aerial platforms and satellite obtain required geological information and evaluate core samples or cuttings. The sub-surface analysis is important for accurate reservoir and flow modelling leading to more informed production decisions and the ability to produce more energy. The increasing demand for oil and gas is therefore driving the integrated geophysical services market.
Drones are increasingly being used by integrated geophysical services companies to get precise information and to decrease the burden on people in the harsh environment.Total, the producer and supplier of oil, natural gas, and low-carbon electricity, announced the deployment of the first automated seismic acquisition system in Abu Dhabi in November 2019.
Total's Multiphysics Exploration Technology Integrated System (METIS) uses the autonomous drones and ground drop off vehicles which don't need human intervention. METIS is an automated technology which conducts seismic surveys in harsh environments like the desert that are tough on human and equipment.
The decreasing investments in seismic surveys are expected to limit the growth of the integrated geophysical services market.The sharp fall in oil prices is the major reason affecting the investments in seismic surveys.
The Brent crude oil slumped more than 60 percent from its high peak at the beginning of the year, 2020.The production of unconventional oil, weakening global demand, the unwinding of some geopolitical risks, and an appreciation of the US are some of the factors causing the oil price slump.
In March 2020, Polarcus Ltd, a company which operates ships that search for offshore oil and gas by using ships for collecting seismic data, announced the cancellation of two projects due to the effects of the oil price slump on the energy services sector. Therefore, decreasing investments in seismic surveys are negatively affecting the integrated geophysical services market.
The countries covered in the integrated geophysical services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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