$2.3bn
$XXX.Xm
9,925
3,467
$XXX.Xm
Revenue for geophysical service companies has fluctuated during the current period. Revenue plunged in 2020 as COVID-19 caused a major slowdown in economic activity and a large drop in oil and gas prices. Revenue continued to decline in 2021 as falling nonresidential construction constrained demand for surveying. The industry performed well in 2022 as the conflict in Ukraine raised oil prices, but revenue turned negative again as recessionary fears constrained corporate profit and industrial production. Overall, revenue for geophysical service providers in the United States is anticipated to drop at a CAGR of 3.0% during the current period, reaching $2.3 billion in 2024. This includes a 1.1% decline in revenue in that year.<br />While the industry's short-term potential is contingent upon investment from oil and gas industries, environmental regulations and the ongoing energy transition will boost demand for services exploring renewable energy sources. Government incentives and regulations will support this demand.<br />Geophysical services will find growth opportunities in sustainable energy market segments as a global transition from fossil fuels continues. Still, dependence on fossil fuels across sectors will maintain shale oil exploration in North America. Also, climate change will raise sea levels and create more intense storms that require geophysical services to support infrastructure that protects from these events. Technological innovations, such as remote operations and uncrewed vessels, will reduce the need for labor during the outlook period, helping profit. Rising economic growth will also help spur investment in geophysical services during the outlook period, but falling oil prices and weak demand from mining will constrain revenue growth over that time frame. Overall, revenue for geophysical service companies is forecast to creep downward at a CAGR of 0.1% during the outlook period, reaching $2.3 billion in 2029.
Industry revenue has declined at a CAGR of 3.0 % over the past five years, to reach an estimated $2.3bn in 2024.
Market size is projected to decline over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Fugro N.V. | 194.1 | 4.3 | 2.2 | |
Compagnie Generale de Geophysique | 103.4 | 5.3 | 5.1 |
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Industry revenue is measured across several distinct product and services lines, including Integrated geophysical services, Integrated geophysical services, excluding oil and Databases and other collections. Integrated geophysical services is the largest segment of the Geophysical Services in the US.
Demand for integrated geophysical services is dependent on the gas and oil industries
Companies in this industry gather, interpret and map geophysical data. Players often specialize in locating and measuring the extent of subsurface resources such as oil, gas and minerals. Still, they may also conduct surveys for engineering purposes. Companies also use various surveying techniques depending on the purpose of the study, including magnetic, gravity, seismic, or electrical and electromagnetic surveys.
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NAICS 54136 - Geophysical Services in the US
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Including values and annual change:
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The market size of the Geophysical Services in the US industry in United States is $2.3bn in 2024.
There are 3,467 businesses in the Geophysical Services in the US industry in United States, which has declined at a CAGR of 2.6 % between 2019 and 2024.
The market size of the Geophysical Services in the US industry in United States has been declining at a CAGR of 3.0 % between 2019 and 2024.
Over the next five years, the Geophysical Services in the US industry in United States is expected to decline.
The biggest companies operating in the Geophysical Services market in United States are Fugro N.V. and Compagnie Generale de Geophysique
Providing integrated geophysical services and Offering geophysical services that exclude oil and gas well logging are part of the Geophysical Services in the US industry.
The company holding the most market share in United States is Fugro N.V..
The level of competition is high and increasing in the Geophysical Services in the US industry in United States.