Increasing Demand For Oil And Gas Exploration Activities Fuels The Geophysical Data

[joselync]

increased applications in oil and gas exploration activities in the emerging countries due to the increasing demand from the oil and gas industry, contributed to the growth of the global geophysical data sales market. For instance, according to U.S. Energy Information Administration, in 2020, The world consumed 92.2 million barrels of petroleum and other liquid fuels per day (b/d). Geophysical data sales are used in the oil and gas industry to obtain fast access to seismic data, state-of-the-art data center services, and robust networks and are also used to collect or evaluate core samples or cuttings. Thus, oil and gas exploration activities drove the demand for metals and minerals, which in turn propelled the revenues generated for the geophysical data sales market.

The global geophysical data sales market size is expected to grow from $2.54 billion in 2021 to $2.65 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The growth in the geophysical data sales market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The geophysical data sales market is expected to reach $2.96 billion in 2026 at a CAGR of 2.8%.

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[tracym]

Oil and gas exploration activities are on the rise, fueling the demand for geophysical data. The United States Geological Survey projects that oil and gas production will increase by more than 50% over the next decade. This growth is being fueled by advances in drilling technology and ever-more sophisticated exploration methods. In response to this increased demand, geophysical companies are investing in technology that helps them acquire more accurate information about potential resources.