Electromagnetic Geophysical Services Market Size

Electromagnetic Geophysical Services Market size is expected to reach USD 7 billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of electromagnetic geophysical services was USD 3 billion. This growth of the market is set to be dominated by growing mining activities in the world for instance, it was predicted that by 2024, over 99 mines will come into operation all across the globe, especially those focused on gold, copper, and iron ore.

Furthermore, the market for electromagnetic geophysical services is also estimated to grow on account of growing investment in exploration activities by academia. Moreover, due to academic research and development, the EM equipment effectiveness is additionally set to improve. Furthermore, electromagnetic procedures are constantly improved by industry as well as academia. The academic community's interest in making new software and packages for the forward modeling and inversion of EM data is growing stronger. Hence, the demand for electromagnetic geophysical services is poised to observe the highest growth.