Electromagnetic Geophysical Services Market Size & Share, Survey Type (Land Based, Marine Based, Aerial Based); End User (Oil & Gas, Mining, Agriculture, Water Exploration)-Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5968
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Electromagnetic Geophysical Services Market size is expected to reach USD 7 billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of electromagnetic geophysical services was USD 3 billion. This growth of the market is set to be dominated by growing mining activities in the world for instance, it was predicted that by 2024, over 99 mines will come into operation all across the globe, especially those focused on gold, copper, and iron ore.

Furthermore, the market for electromagnetic geophysical services is also estimated to grow on account of growing investment in exploration activities by academia. Moreover, due to academic research and development, the EM equipment effectiveness is additionally set to improve. Furthermore, electromagnetic procedures are constantly improved by industry as well as academia. The academic community's interest in making new software and packages for the forward modeling and inversion of EM data is growing stronger. Hence, the demand for electromagnetic geophysical services is poised to observe the highest growth.


Electromagentic Geophysical Services Market
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Electromagnetic Geophysical Services Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Need for Water Exploration - The water demand is growing significantly around the world. In the world, over 3 trillion m3 of fresh water is consumed every year.  However, the prevalence of water scarcity is also surging. One of the major factors is the rising temperature of the globe, which is further leading to a decline in freshwater resources. Furthermore, water pollution is another main concern for the decline in the availability of fresh water. Hence, to satisfy the growing water demand, the dependency on groundwater is growing further, causing a rise in groundwater exploration. Therefore, the demand for electromagnetic geophysical services is set to rise. The electromagnetic survey procedure has been successful in most of the exploration activities for potable groundwater, along with calculating the level of salinity in aquifers, monitoring coastal saline intrusion, and mapping the sanity of soil in connection with crop growth. Consequently, the electromagnetic geophysical services market is predicted to generate huge revenue.
  • Rising Environmental Concern - Monitoring the environment and protecting it are serious activities when the degradation of nature is taken into account. These activities are extensively observed in developed nations. Hence, with this, the demand for electromagnetic geophysical services is also set to rise. Electromagnetic geophysical methods are an extraordinary solution for the exploration of subsoil in order to monitor the environment. Furthermore, feasible fields of application for electromagnetic services are hydrological and hydrogeological characterization and monitoring, archaeological surveys, slope stability assessments, soil characterization, locating voids and karstic features, contamination assessment, and others.  
  • Surging Deployment of IoT in Electromagnetic Geophysical Services - The interest from academia and industry in the Internet of Things (IoT) has grown currently in order to deploy it for many critical civilian applications, such as surveillance, industrial process monitoring, targeting systems, and others. The main aim behind deploying IoT is to make objects more sensed, accessible, and interconnected. As a result, the adoption of IoT in electromagnetic geophysical services is set to rise.

Challenges

  • Lack of Skilled Workers
  • Unsteady Price of Oil & Growing Demand for Renewable Energy - The major sector to influence market growth for electromagnetic geophysical services is the oil and gas sector. However, the volatile prices of crude oil in the market globally hinder the growth of the industry as the production of oil and gases and also its demand and supply largely rely upon its prices. Hence, the services and operations of major oil and gas organizations are set to be affected, further affecting the adoption of services. Additionally, the growing preference for clean energy technology and renewable energy sources might hinder the adoption of oil and gas fossil fuels. A number of countries in the world have estimated their net-zero targets in order to reduce dependency on oil, which acts as a restraint on the electromagnetic geophysical services market growth.
  • Adverse Effect of Mining on Environment

Electromagnetic Geophysical Services Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~7%

Base Year Market Size (2023)

~ USD 3 Billion

Forecast Year Market Size (2036)

~ USD 7 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Electromagnetic Geophysical Services Segmentation

Survey Type (Land Based, Marine Based, Aerial Based)

The land-based segment is predicted to account for 50% share of the electromagnetic geophysical services market during the forecast period. This growth in the segment is set to be encouraged by the rising demand for hydrocarbons, further boosting the need for natural gas. For instance, global natural gas production was estimated to reach over 4 trillion cubic meters in 2022.  As a result, the demand for electromagnetic geophysical services is poised to grow for natural gas exploration. Furthermore, the segment's growth is also set to be dominated by growing infrastructure development. This is because the locations where the infrastructure is estimated to be developed need to be surveyed to identify potential threats, including the prevalence of landslides and sinkholes, and further determine a suitable location. Also, the use of electromagnetic geophysical services is poised to rise in archaeological surveys to help identify buried artifacts and structures beneath the ground. This adoption eliminates the time needed for excavations.

End User (Oil & Gas, Mining, Agriculture, Water Exploration)

The oil & gas segment is predicted to account for 40% share of the electromagnetic geophysical services market during the forecast period. This growth is set to be dominated by the growing production of oil. Moreover, with the growing production of oil & gas, the risk of groundwater contamination also increases. Hence, the deployment of electromagnetic geophysical services is predicted to rise to monitor the environmental impact of oil & gas operations. This adoption is also set to be influenced by the government's strict rules and regulations for the oil & gas industry to limit contamination. Furthermore, it has also made tracking non-conventional resources such as shale gas, which otherwise cannot be explored. As a result, market revenue for electromagnetic geophysical services is poised to surge.

Our in-depth analysis of the global market includes the following segments:

     Survey Type

  • Land Based
  • Marine Based
  • Aerial Based

     End User

  • Oil & Gas
  • Mining
  • Agriculture
  • Water Exploration

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Electromagnetic Geophysical Services Industry- Regional Synopsis

North American Market Forecast

The North America electromagnetic geophysical services market is set to gather the highest revenue share of about 30% during the forecast period. This growth in the market is set to be encouraged by the rising urban population. The population residing in urban regions of North America for the year 2022 reached 308,798,138, a rise of about 0.76% from 2021. As a result, the investment in construction is projected to rise further, encouraging market growth. Additionally, investment in technological advancement has also surged. As a result, the integration of AI and machine learning has surged significantly in electromagnetic geophysical services.

European Market Analysis

The Europe electromagnetic geophysical services market is also estimated to have notable growth in the revenue during the forecast period. This growth in the market is set to be influenced by a growing population, which is further boosting demand for energy. Additionally, the growing population is also dominating the demand for agriculture in this region, which is why the market for electromagnetic geophysical services is expanding in this region. Additionally, this region also has presence of key players in the field of electromagnetic geophysical services. Furthermore, offshore exploration of oil & gas is also surging in this region. Hence, the adoption of electromagnetic geophysical services is also set to rise. This is because, offshore projects involve various challenges, such as deep water, limited accessibility, and complicated geological structures.

Research Nester
Electromagentic Geophysical Services Market size
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Companies Dominating the Electromagnetic Geophysical Services Landscape

top-features-companies
    • Ocean Floor Geophysics, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • TGS
    • CGG
    • Geotech Ltd.
    • SkyTEM
    • Phoenix Geophysics
    • EONGeosciences
    • Quantec
    • Schlumberger Limited
    • UTS Geophysics

In-the-news

In The News

  • Ocean Floor Geophysics, Inc (OFG) announce the competition of the purchase of the hardware, software and intellectual property from PGS associated with the PGS towed streamer Controlled Source Electromagnetic System (CSEM).
  • GS ASA and PGS ASA announced the agreement to the principal terms of a combination of TGS and PGS to develop a premium energy data company. 

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5968
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing need for water exploration, rising environmental concern, and surging deployment of IoT in electromagnetic geophysical services.

The market size of electromagnetic geophysical services is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2024-2036.

The major players in the market are Ocean Floor Geophysics, Inc., TGS, CGG, Geotech Ltd., and others.

The land-based segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Electromagnetic Geophysical Services Market Report Scope
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