Increasing Demand For Oil And Gas Exploration Activities Fuels The Geophysical Data Sales Market Growth

The Business Research Company’s Geophysical Data Sales Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026

LONDON, GREATER LONDON , UK, February 18, 2022 /EINPresswire.com/ — Increased applications in oil and gas exploration activities in the emerging countries due to the increasing demand from the oil and gas industry, contributed to the growth of the global geophysical data sales market. For instance, according to U.S. Energy Information Administration, in 2020, The world consumed 92.2 million barrels of petroleum and other liquid fuels per day (b/d). Geophysical data sales are used in the oil and gas industry to obtain fast access to seismic data, state-of-the-art data center services, and robust networks and are also used to collect or evaluate core samples or cuttings. Thus, oil and gas exploration activities drove the demand for metals and minerals, which in turn propelled the revenues generated for the geophysical data sales market.

The global geophysical data sales market size is expected to grow from $2.54 billion in 2021 to $2.65 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The growth in the geophysical data sales market 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 geophysical data sales market is expected to reach $2.96 billion in 2026 at a CAGR of 2.8%.

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According to the geophysical data sales market research, the launch of seismic technology has created immense demand in the geophysical data sales market. Seismic technology is used by oil and gas researchers to map and interpret potential hydrocarbon reserves. But adding the time dimension, 4D seismic technology shows how a reservoir will change over time. As of 2019, the initial pre-interpretation processing of about 200 km2 of 3D seismic was completed in less than 24 hours. In 2019, The Rice University seismologists have made a breakthrough using NASA’s InSight Lander on Mars, creating the first direct measurements of three subsurface boundaries from the crust to the core of Mars using seismic technology. The land-based surveys are expected to dominate the geophysical data sales market which attributes to the increase in demand for seismic technology.

Major players covered in the global Geophysical data sales industry are Dawson Geophysical Company, EON Geosciences, Geotech Surveys, TGS Geophysical Company, Geophysical Survey Systems, Inc., CGG SA, Fugro NV, Petroleum Geo-Services ASA, Phoenix Geophysics and Sea Geo Surveys Pvt. Ltd.

TBRC’s global geophysical data sales market report is segmented by technology into seismic, magnetic, gravity, electromagnetics, lidar, ground penetrating, others, by type into aerial-based survey, land-based survey, by services into data processing, data interpretation, data acquisition, by end user into agriculture, environment, minerals & mining, oil & gas, water exploration.

Geophysical Data Sales Global Market Report 2022 – By Technology (Seismic, Magnetic, Gravity, Electromagnetics, Lidar, Ground Penetrating), By Type (Aerial-Based Survey, Land-Based Survey), By Services (Data Processing, Data Interpretation, Data Acquisition), By End User (Agriculture, Environment, Minerals & Mining, Oil & Gas, Water Exploration) – Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provides a Geophysical data sales market overview, forecast Geophysical data sales global market size and growth for the whole market, Geophysical data sales market segments, geographies, Geophysical data sales market trends, Geophysical data sales market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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