Geophysical Processing & ImagingMarket: Overview
Geophysicalprocessing & imaging techniques are employed significantly in the oil &gas industry. They help guide the search for new resources and enable companiesto gain better understanding of reservoirs that are already in production.These are crucial tasks for meeting the current and future energy needs. Thegathering of geophysical data is the essential first step toward a clearunderstanding of the subsurface. The impact on the business of subsequentprocessing, visualization, and interpretation steps that ultimately determineunderstanding of the reservoir relies on the quality of data collected during theacquisition phase. Existing oil and gas fields are gradually depleting; thus,the task of finding and recovering new hydrocarbon resources is becoming morechallenging. Companies are increasingly focusing on deeper reservoirs belowcomplex target reservoir for exploration of conventional oil and gas deposits.Thus, geophysical processing & imaging are used in the exploration stage ofthe E&P of oil and gas in order to quantify the availability of commercialoil & gas reserves trapped in the earth’s crust or beneath oceans. Besidesoil & gas, geophysical processing & imaging is also employed before thecommencement of commercialized operations in mining and water explorationindustries.
Geophysical Processing & Imaging Market: Drivers &Restraints
Geophysicalsurveys from satellites and aircraft facilitate rapid, low-cost investigationsover large frontier areas with no direct impact on the local environment.Therefore, these are especially useful in the early stages of exploration. Datacollected through these surveys is analyzed through the usage of geophysicalprocessing & imaging techniques. The oil & gas industry has beenfocusing on exploring onshore areas owing to the commercial viability of theexisting proven onshore oil reserves at a price lower than that of offshore oilreserves. Rise in exploration of shale gas reserves in the U.S. has been a keyfactor driving investments in geophysical processing & imaging in thecountry. The oil & gas industry requires seismic services and analytical datafrom these services. This has benefitted the global demand for geophysicalprocessing & imaging services in the upstream oil & gas exploration.However, decrease in the number of seismic survey contracts is a major factorrestraining the geophysical processing & imaging market.
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Geophysical Processing & Imaging Market: Key Segments
The globalgeophysical processing & imaging market can be segmented based ontype, end-user industry, and region. In terms of type, the geophysicalprocessing & imaging market can be segregated into resistivity, gravity,ground penetrating radar, electromagnetic, seismic, LIDAR, and others. In termsof end-user industry, the geophysical processing & imaging market can besegmented into oil & gas, mining, water exploration, and others. Resistivityis also known as electrical resistance survey. Under this type ofsurvey, electrical resistance meters are used to detect and map subsurfacearchaeological features and patterns. Magnetic geophysical surveys measuresmall, localized variations in the Earth's magnetic field. Gravity surveysmeasure the acceleration due to gravity with respect to Earth’s gravity. Theaverage value of Gravity (g) at Earth’s surface is 9.80 ms2. The electromagnetic (EM) method is based on the measurement ofthe change in mutual impedance between two or more set of electromagnetic coilson or above the Earth’s surface. Ground penetrating radar (GPR) utilizes highfrequency radio signals that are transmitted into the ground. The reflectedsignals return to the receiver and are stored on digital media. Light detectionand ranging (LIDAR) is a distance technology. LIDAR systems actively send lightenergy to the ground from an airplane or helicopter. This pulse hitsthe ground and returns to the sensor.
Geophysical Processing & Imaging Market: Regional Outlook
Based onregion, North America, especially the U.S., constitutes major share of theglobal geophysical processing & imaging market. Demand for and consumptionof oil has increased gradually over the last decade. However, the oil & gasindustry has been experiencing a major slowdown since 2014. The industry hasbeen expanding at a sluggish pace since then. Middle East and Europe have beenmajor oil exploring and producing regions traditionally. Prices of oil and gasare expected to recover in the near future. This is likely to boost the demandfor geophysical processing & imaging in the next few years.
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Geophysical Processing & Imaging Market: Key Players
Keyplayers operating in the global geophysical processing & imaging marketinclude ION Geophysical Corporation, Schlumberger, EON Geosciences Inc., TGS,and Compagnie Générale de Géophysique (CGG).
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