The airborne geophysical services market entails high capital investments along with high risk. The risk involved is comparatively high owing to unpredictable environmental conditions. Experience and skills about geophysics are required to operate in the geophysical services market. Thus, the threat of new players entering the market is low. This trend is projected to continue during the forecast period also.
There exists a limited threat of forwarding integration by suppliers. Ability to provide cost-effective and affordable components positively impacts the market share of suppliers. Thus, the bargaining power of suppliers is anticipated to remain low during the forecast period.
Furthermore, there is a low threat of substitution for geophysical services equipment manufacturers from external technologies. New technologies and systems may pose a challenge to geophysical service/equipment providers. However, currently, no other services or technologies are as viable and feasible as the present technologies such as a seismic survey. Thus, the threat of substitutes is estimated to remain low during the forecast period.
The report analyst commented, "The global airborne geophysical services market is likely to grow as demand for natural resources such as oil & gas and minerals is continuously growing while simultaneously, the reserves of these materials is reducing. It is expected that companies and companies in this sector will see more work as they try to meet demand of their customers, this is what will drive the market forward."
Leading companies featured in the report who are involved in the airborne geophysical services market include; TGS, Fugro, PGS, Terrex Seismic, CGG, Xcalibur Airborne, Geophysics, Sander Geophysics and Spectrum Offshore
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Source: ASDReports - Market Research
Date: Apr 15, 2019