Electromagnetic Geophysical Services Market Trends

Growth Drivers

• Growing Need for Water Exploration - The water demand is growing significantly around the world. In the world, over 3 trillion m3 of fresh water is consumed every year.  However, the prevalence of water scarcity is also surging. One of the major factors is the rising temperature of the globe, which is further leading to a decline in freshwater resources. Furthermore, water pollution is another main concern for the decline in the availability of fresh water. Hence, to satisfy the growing water demand, the dependency on groundwater is growing further, causing a rise in groundwater exploration. Therefore, the demand for electromagnetic geophysical services is set to rise. The electromagnetic survey procedure has been successful in most of the exploration activities for potable groundwater, along with calculating the level of salinity in aquifers, monitoring coastal saline intrusion, and mapping the sanity of soil in connection with crop growth. Consequently, the electromagnetic geophysical services market is predicted to generate huge revenue.
• Rising Environmental Concern - Monitoring the environment and protecting it are serious activities when the degradation of nature is taken into account. These activities are extensively observed in developed nations. Hence, with this, the demand for electromagnetic geophysical services is also set to rise. Electromagnetic geophysical methods are an extraordinary solution for the exploration of subsoil in order to monitor the environment. Furthermore, feasible fields of application for electromagnetic services are hydrological and hydrogeological characterization and monitoring, archaeological surveys, slope stability assessments, soil characterization, locating voids and karstic features, contamination assessment, and others.  
• Surging Deployment of IoT in Electromagnetic Geophysical Services - The interest from academia and industry in the Internet of Things (IoT) has grown currently in order to deploy it for many critical civilian applications, such as surveillance, industrial process monitoring, targeting systems, and others. The main aim behind deploying IoT is to make objects more sensed, accessible, and interconnected. As a result, the adoption of IoT in electromagnetic geophysical services is set to rise.

Challenges

• Lack of Skilled Workers
• Unsteady Price of Oil & Growing Demand for Renewable Energy - The major sector to influence market growth for electromagnetic geophysical services is the oil and gas sector. However, the volatile prices of crude oil in the market globally hinder the growth of the industry as the production of oil and gases and also its demand and supply largely rely upon its prices. Hence, the services and operations of major oil and gas organizations are set to be affected, further affecting the adoption of services. Additionally, the growing preference for clean energy technology and renewable energy sources might hinder the adoption of oil and gas fossil fuels. A number of countries in the world have estimated their net-zero targets in order to reduce dependency on oil, which acts as a restraint on the electromagnetic geophysical services market growth.

• Adverse Effect of Mining on Environment