Press Release

Mining Industry to Lead Geophysical Equipment Market through 2024

Technological advancements and rising demand for minerals and the growing exploration activities to fuel global geophysical equipment market through 2024  

According to a report published by TechSci Research on “Global Geophysical Equipment Market By Equipment Type, By End User, By Region, Competition, Forecast & Opportunities, 2024”, global geophysical equipment is predicted to grow at 6.7% CAGR during forecast period on account of improvement in crude oil and gas price along with rising demand for energy across the developed and emerging regions. Moreover, increasing demand for oil and gas, growing exploration activities in emerging countries and growing applications in environmental geophysics is further positively influencing global geophysical equipment market.

In terms of end user, global geophysical equipment market is categorized into mining, oil & gas exploration, geothermal exploration, groundwater exploration and others. Among these, mining industry accounted for the majority share in global geophysical equipment market in 2018 and is anticipated to maintain its position during forecast period as well on account of year-on-year growth in mining activities globally. Moreover, high demand for geophysical data acquisition services and increase in investments in the mining sector for geophysics are further anticipated to propel demand for geophysical equipment in the mining industry.

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In terms of region, global geophysical equipment market is categorized into North America, Europe, South America, Middle East & Africa and Asia-Pacific. Among these regions, North America accounted for a significant portion of global geophysical equipment market. The region is also anticipated to grow at a healthy rate during forecast period owing to rising mineral exploration activities in the region. Among the countries, United States accounted for majority of North America geophysical market and is expected to remain as the largest market throughout the forecast period. United States mining industry is one of the largest in the world, led by high number of geophysical survey activities in areas such as basins of Oakland, Houston, Seattle, Florida, New York, and Philadelphia.

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“Global geophysical equipment market is predicted to witness a decent growth landscape over the course of next five years. The growth of the market is majorly attributable to the exponential rise in oil and gas exploration activities in different regions. Moreover, significant rise in demand for minerals and metals is resulting in increasing mining activities, which is further boosting the growth of global geophysical equipment market.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Geophysical Equipment Market By Equipment Type, By End User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global geophysical equipment market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global geophysical equipment market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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