Global Geophysical Data Collection Market Report 2022
The main players in the geophysical data collection market are Compagnie GÃ©nÃ©rale De GÃ©ophysique (CGG), TGS-NOPEC Geophysical, Dawson Geophysical, Geotech, Geophysical Survey Systems, ION Geophysical Corporation, Phoenix Geophysics, Schlumberger – Westerngeco, Petroleum Geo-Services and CSA Global.
New York, December 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Geophysical Data Collection Global Market Report 2022” – https://www.reportlinker.com/p06193713/?utm_source=GNW
The global geophysical data collection market is expected to grow from $ 6.61 billion in 2021 to $ 6.84 billion in 2022 at a compound annual growth rate (CAGR) of 3.4%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 7.35 billion in 2026 at a CAGR of 1.8%.
The geophysical data collection market comprises the sales of geophysical data collection services and related goods by entities (organizations, independent traders, and partnerships) that locate and measure the extent of underground resources, such as petroleum, petroleum, gases and minerals, and also conduct surveys for engineering purposes. Surveying techniques include magnetic surveys, gravity surveys, seismic surveys, or electrical and electromagnetic surveys.
Only goods and services traded between entities or sold to final consumers are included.
The main types of geophysical data collection services are data acquisition, data processing and interpretation. Data acquisition refers to the process of sampling signals that measure real-world physical circumstances and transforming the resulting samples into digital values ââthat can be controlled by a computer. .
The different technologies include 2D imaging, 3D imaging and 4D imaging and are used by several industries such as agriculture, environment, minerals and mining, oil and gas and water exploration.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
The increase in the need for a better understanding of producing reservoirs and design tasks to meet the current and future energy needs of the world has contributed to the growth of the geophysical data collection market. Raising the population, raising the standard of living and pursuing economic development will require a lot of energy.
According to Population Change, the world’s population is expected to grow from 7.8 billion in 2020 to 9.9 billion in 2050. Fossil fuels are expected to meet more than 50% of primary energy demand, as a large part of energy world is produced by burning fossil fuels such as oil, coal and gas. According to ET EnergyWorld, demand for petrochemicals is expected to double over the next 20 to 30 years or so, from 20 million barrels per day to 22 million barrels per day. Hence, increasing population combined with increasing demand for resources is expected to positively impact the geophysical data collection market.
Technological collaborations are a key trend in the acquisition of geophysical data. Technological collaborations are becoming necessary to keep pace with digital transformations.
Artificial intelligence and machine learning methods are deployed and accepted in geophysical services. In September 2019, Tomlinson Geophysical Services (TGS), a multi-tenant provider of geoscience data for an oil and gas company, announced a technology collaboration with Quantico Energy Solutions (Quantico), an artificial intelligence (AI) company that focuses on providing underground solutions for exploration and production, (or) oil and gas companies.
The collaboration is to leverage their respective offerings of seismic data, AI-based well logs and AI-based seismic reversal. In this collaboration, TGS will use the Analytics Ready LAS (ARLAS) solution.
ARLAS uses machine learning algorithms to predict the missing curve. Quantico uses a QRes solution that combines physics and machine learning to map the subsoil in a fraction of the time as inversion software. Through the integration of QRes and the ARLAS solution, TGS customers will have access to comprehensive geoscience data and AI solutions.
Data migration is a challenge for small institutions and organizations that do not have the necessary funds. A large volume of underground data collected over the years using various techniques and equipment has remained in paper format and on older media such as film or various forms of magnetic tape.
Now that the majority of data is stored electronically, old data is transferred to digital media. However, data migration is a major challenge as in this process data can be lost due to outdated formats, outdated equipment or physical degradation of the magnetic medium.
Data migration is also expensive and time consuming in nature, especially for small institutions and organizations that do not have the necessary funds.
In August 2019, Tomlinson Geophysical Services (TGS), a multi-client geoscience data provider for oil and gas exploration companies, acquired Spectrum ASA, which is also a multi-client geoscience data provider for an undisclosed amount. . The acquisition of Spectrum is expected to strengthen TGS’s position as a leading provider of multi-client geophysical data covering all mature and border basins.
The combination of TGS and Spectrum will benefit the customer from its comprehensive data library, quality and services.
The countries covered by the geophysical data collection market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and the United States.
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