Rising operational costs and the need for lightweight equipment has resulted in companies using unmanned aerial vehicles and autonomous underwater vehicles for geophysical surveys. Companies in this industry are also modifying their equipment to be UAV friendly to ease the process of data collection. For example, Abitibi Geophysics uses its UAV magnetometer system AeroVision for airborne surveys that provides stable take-off and landing. Geophysical services companies are using autonomous underwater vehicles (AUV) for deep water surveys and inspection of pipeline and flowline to serve the offshore oil and gas industry.
GEOPHYSICAL SERVICES TO GROW TO $13.1 BILLION BY 2020 ACCORDING TO THE BUSINESS RESEARCH COMPANY.
The Business Research Company expects the geophysical services market to grow to $13.1 billion in 2020. Europe was the largest region in the geophysical services market in 2016, accounting for $4.6 billion or 37.2% market share. This can be attributed to high demand for geophysical services from oil and gas exploration companies in Russia and extensive network of oil and gas pipelines in the region.
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The chart below shows the year-on-year growth of the global Geophysical Services market during 2016 – 2020.
According to The Business Research Company’s Professional Services Consultant, Oliver Guirdham, with the oil and mineral prices decreasing and declining investments in the oil industry, geophysical services companies are looking for alternate sources of revenues. The geophysical services companies are benefitting from the increasing demand for groundwater surveys and other geophysical surveys from the agriculture industry. Farmers, hydrogeologists, mineral explorers and irrigation engineers require hydro geophysical and other electrical geophysical services for water management and agriculture purposes
CGG was the largest company in the geophysical services market with revenues of $1.1 billion for the financial year 2015, a 32% decrease from the previous year. The company had a market capitalization of $221 million as of February 2017. CGG’s growth strategy aims at acquiring new companies to strengthen its services offerings and divest its unprofitable businesses. For example, CGG acquired Taurus Reservoir Solutions Ltd., a Canada based geomechanical simulation and engineering technology consultancy to strengthen its GeoConsulting Business in 2015. It is also enter into an agreement to sell its Multi-Physics business group to Neos GeoSolutions.
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The geophysical services industry comprises establishments primarily engaged in gathering, interpreting and mapping geophysical data. Geophysics is the non-invasive investigation of subsurface conditions beneath the earth’s surface by measuring, analyzing and interpreting physical fields at the surface. Establishments in this industry specialize in locating and measuring the extent of subsurface resources, and may also conduct surveys for engineering purposes. Depending on the purpose of the survey, geophysical services companies use a variety of surveying techniques including seismic surveys, gravity surveys, magnetic surveys, electrical and electromagnetic surveys.
The geophysical services industry can be further classified as follows
- Geophysical Data Collection – Establishments in this area collect geophysical data through land-based, satellite-based, marine or airborne surveying techniques.
- Geophysical Data Sales – The collected geophysical data is sold to companies in the oil, gas and mineral extraction industries.
- Integrated Geophysical Services – These establishments acquire geophysical data and process, interpret the data to obtain information about the subsurface resources.
The various techniques used include in geophysical services include
Gravity Geophysical Surveys calculate the density of the subsurface materials. High gravity values indicate dense rock beneath the surface of the earth.
Seismic Surveys produce detailed images of rock types and their locations which are used to determine the size and location of oil and gas reservoirs.
Electrical and Electromagnetic Geophysical Surveys measures the electrical resistivity of the earth.
Magnetic Surveys are used to detect minerals and oil reservoirs, locate and map remains of archaeological structures.
Geophysical Services Global Market Briefing is a detailed report giving a unique insight into this market. The report is priced at $750 for an individual user. To use across your office the price is $1500 and $2000 if you wish to use across a multinational company.
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