Geophysical Services in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS 54136Revenue
$2.3bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
9,925
Businesses
3,467
Wages
$XXX.Xm
Geophysical Services in the US industry analysis
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.
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.
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.
Trends and Insights
- The Geophysical Services industry is becoming more competitive. The industry is subject to continued competition from oil, gas and mining companies that use geophysical survey companies to supply seismic survey data but perform data analysis in-house.
- The oil and gas exploration market accounts for more than one-third of revenue. Demand for this market will drop as more companies engage in research and development to create sustainable energy solutions.
- Oil and gas producers are this industry's most important downstream market. Texas alone contains more establishments than any other state.
- Contractors seek to establish close working relationships with clients to generate ongoing contractual work. Companies also look to develop a reputation for quality, cost-effectiveness and timeliness.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 3.0 % over the past five years, to reach an estimated $2.3bn in 2024.
Trends and Insights
COVID-19 significantly affected major markets
- Geophysical services heavily rely on oil and gas exploration investment, which is significantly influenced by global energy prices and the capacity to economically exploit existing reserves.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Economic conditions will continue to impact geophysical service companies
- Despite challenges related to high inflation, rising interest rates and recessionary fears, US GDP will grow during the outlook period.
Biggest companies in the Geophysical Services in the US
| Company | Market Share (%)
2024 | Revenue ($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 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
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.
Trends and Insights
Demand for integrated geophysical services is dependent on the gas and oil industries
- The industry performs seismic and non-seismic surveying below the earth's surface, along with data acquisition, processing and interpretation, principally for use by oil and gas and mining companies to identify where to drill for resource deposits.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Community Colleges in the US
- Colleges & Universities in the US
Complementors
- Mining in the US
- Oil Drilling & Gas Extraction in the US
- Oil & Gas Field Services in the US
- Engineering Services in the US
- Surveying & Mapping Services in the US
International industries
- Geophysical Services in Canada
- Environmental Science Services in Australia
- Consultant Engineering Services in the UK
- Consultant Engineering Services in Ireland
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Providing integrated geophysical servicesOffering geophysical services that exclude oil and gas well loggingProviding databases and other collections of informationOffering geospatial photo and image processing servicesProviding geospatial consulting servicesCompanies
Fugro N.V.Compagnie Generale de GeophysiquePurchase this report to view all 2 major companies in this industry.
Related Terms
SEISMIC SURVEYSURVEY CREWGEOPHYSICAL SURVEYIndustry Code
NAICS 54136 - Geophysical Services in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The Geophysical Services industry is becoming more competitive. The industry is subject to continued competition from oil, gas and mining companies that use geophysical surve...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
The oil and gas exploration market accounts for more than one-third of revenue. Demand for this market will drop as more companies engage in research and development to creat...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Oil and gas producers are this industry's most important downstream market. Texas alone contains more establishments than any other state.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Contractors seek to establish close working relationships with clients to generate ongoing contractual work. Companies also look to develop a reputation for quality, cost-eff...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Small-scale establishments dominate the industry. Three out of every four establishments qualify as nonemployers, which, although small in size, have wide geographic capaciti...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Fugro N.V.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Compagnie Generale de Geophysique's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Fugro N.V., and factors influencing its performance in the industry
- Description and key data for Compagnie Generale de Geophysique, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Bipartisan Infrastructure Law allocates billions for infrastructure projects at the federal and local levels. $350.0 billion will go to highway construction projects.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Geophysical services require highly skilled professionals to operate equipment and analyze results. Technological improvements will marginally reduce wage costs' revenue shar...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Geophysical Services in the US industry in United States in 2024?
The market size of the Geophysical Services in the US industry in United States is $2.3bn in 2024.
How many businesses are there in the Geophysical Services in the US industry 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.
Has the Geophysical Services in the US industry in United States grown or declined over the past 5 years?
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.
What is the forecast growth of the Geophysical Services in the US industry in United States over the next 5 years?
Over the next five years, the Geophysical Services in the US industry in United States is expected to decline.
What are the biggest companies in the Geophysical Services in the US market in United States?
The biggest companies operating in the Geophysical Services market in United States are Fugro N.V. and Compagnie Generale de Geophysique
What does the Geophysical Services in the US in United States include?
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.
Which companies have the highest market share in the Geophysical Services in the US in United States?
The company holding the most market share in United States is Fugro N.V..
How competitive is the Geophysical Services in the US industry in United States?
The level of competition is high and increasing in the Geophysical Services in the US industry in United States.
