Geophysical Services in Canada Industry Market Research Report Now Available from IBISWorld

Continued growth in global energy and mineral prices is expected to spur industry revenue growth during the five years to 2019. For these reasons, industry research firm IBISWorld has added a report on the Geophysical Services industry to its growing industry report collection.

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Commodity prices have risen and are expected to continue growing, bolstering revenue.

New York, NY (PRWEB) June 14, 2014

The Geophysical Services industry gathers, interprets and maps geophysical data. Companies often specialize in locating and measuring the extent of subsurface resources, such as oil, natural gas and minerals, but they may also conduct surveys for engineering purposes. “As a result, the industry's performance is dependent on demand for resource exploration from downstream oil, natural gas and mining industries, which is, in turn, largely dependent on movements in commodity prices,” according to IBISWorld Industry Analyst Dmitry Diment. During the five years to 2014, industry revenue is expected to grow at an average annual rate of 7.6% to $1.7 billion due to rising global energy and mineral prices. This includes forecast growth of 3.8% in 2014.

Because demand for geophysical services is largely dependent on global oil, gas and mining sectors, volatile commodity prices have been responsible for the industry's unstable growth. “Prior to the recession, the rising prices of crude oil, natural gas and minerals spurred demand for resource exploration, subsequently bolstering demand for geophysical services,” says Diment. However, the contraction of global economies during the recession depressed energy and mineral prices, adversely affecting demand for new exploration. As a result, industry revenue plummeted in 2009 and continued to decline in 2010. However, rebounding global commodity prices, coupled with improving economic conditions worldwide, has proven highly beneficial to the industry. With global energy commodity prices expected to continue rising, industry revenue is expected to eclipse its prerecessionary level in 2014.

Continued growth in global energy and mineral prices is expected to spur industry revenue growth during the five years to 2019. Additionally, industry operators are expected to benefit from greater government demand for geophysical services, as the federal government attempts to stimulate new resource exploration. Consequently, industry revenue is forecast to grow at an average annual rate of 2.7% during the five years to 2019 to about $2.0 billion. Nevertheless, the industry is expected to undergo considerable consolidation as large companies acquire smaller operators to expand into new geographic markets and obtain proprietary technologies, thereby buoying industry profit margins.

For more information, visit IBISWorld’s Geophysical Services in Canada industry report page.

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IBISWorld industry Report Key Topics

Operators in this industry gather, interpret and map geophysical data. Firms often specialize in locating and measuring the extent of subsurface resources, such as oil, gas and minerals, but they may also conduct surveys for engineering purposes. Operators use a variety of surveying techniques depending on the purpose of the survey, including magnetic surveys, gravity surveys, seismic surveys or electrical and electromagnetic surveys.

Industry Performance
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Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
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Globalization & Trade
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Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
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Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US and Canadian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.


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    IBISWorld 2
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