Geophysical Processing Imaging Market to receive overwhelming hike in Revenues by 2026
Geophysical Processing & Imaging Market: Overview
Geophysical processing & imaging techniques are employed significantly in the oil & gas industry. They help guide the search for new resources and enable companies to gain better understanding of reservoirs that are already in production. These are crucial tasks for meeting the current and future energy needs. The gathering of geophysical data is the essential first step toward a clear understanding of the subsurface. The impact on the business of subsequent processing, visualization, and interpretation steps that ultimately determine understanding of the reservoir relies on the quality of data collected during the acquisition phase. Existing oil and gas fields are gradually depleting; thus, the task of finding and recovering new hydrocarbon resources is becoming more challenging. Companies are increasingly focusing on deeper reservoirs below complex target reservoir for exploration of conventional oil and gas deposits. Thus, geophysical processing & imaging are used in the exploration stage of the E&P of oil and gas in order to quantify the availability of commercial oil & gas reserves trapped in the earth’s crust or beneath oceans. Besides oil & gas, geophysical processing & imaging is also employed before the commencement of commercialized operations in mining and water exploration industries.
Geophysical Processing & Imaging Market: Drivers & Restraints
Geophysical surveys from satellites and aircraft facilitate rapid, low-cost investigations over large frontier areas with no direct impact on the local environment. Therefore, these are especially useful in the early stages of exploration. Data collected through these surveys is analyzed through the usage of geophysical processing & imaging techniques. The oil & gas industry has been focusing on exploring onshore areas owing to the commercial viability of the existing proven onshore oil reserves at a price lower than that of offshore oil reserves. Rise in exploration of shale gas reserves in the U.S. has been a key factor driving investments in geophysical processing & imaging in the country. The oil & gas industry requires seismic services and analytical data from these services. This has benefitted the global demand for geophysical processing & imaging services in the upstream oil & gas exploration. However, decrease in the number of seismic survey contracts is a major factor restraining the geophysical processing & imaging market.
Geophysical Processing & Imaging Market: Key Segments
The global geophysical processing & imaging market can be segmented based on type, end-user industry, and region. In terms of type, the geophysical processing & imaging market can be segregated into resistivity, gravity, ground penetrating radar, electromagnetic, seismic, LIDAR, and others. In terms of end-user industry, the geophysical processing & imaging market can be segmented into oil & gas, mining, water exploration, and others. Resistivity is also known as electrical resistance survey. Under this type of survey, electrical resistance meters are used to detect and map subsurface archaeological features and patterns. Magnetic geophysical surveys measure small, localized variations in the Earth’s magnetic field. Gravity surveys measure the acceleration due to gravity with respect to Earth’s gravity. The average value of Gravity (g) at Earth’s surface is 9.80 ms2. The electromagnetic (EM) method is based on the measurement of the change in mutual impedance between two or more set of electromagnetic coils on or above the Earth’s surface. Ground penetrating radar (GPR) utilizes high frequency radio signals that are transmitted into the ground. The reflected signals return to the receiver and are stored on digital media. Light detection and ranging (LIDAR) is a distance technology. LIDAR systems actively send light energy to the ground from an airplane or helicopter. This pulse hits the ground and returns to the sensor.
Geophysical Processing & Imaging Market: Regional Outlook
Based on region, North America, especially the U.S., constitutes major share of the global geophysical processing & imaging market. Demand for and consumption of oil has increased gradually over the last decade. However, the oil & gas industry has been experiencing a major slowdown since 2014. The industry has been expanding at a sluggish pace since then. Middle East and Europe have been major oil exploring and producing regions traditionally. Prices of oil and gas are expected to recover in the near future. This is likely to boost the demand for geophysical processing & imaging in the next few years.
Geophysical Processing & Imaging Market: Key Players
Key players operating in the global geophysical processing & imaging market include ION Geophysical Corporation, Schlumberger, EON Geosciences Inc., TGS, and Compagnie Générale de Géophysique (CGG).