Geochemical Services Market Likely to Reach $1.5 billion by 2030 at 13.5% CAGR Globally - Delvens
New York, June 08, 2023 (GLOBE NEWSWIRE) -- Delvens published a report, titled, “Geochemical Services Market by Type (Laboratory-based, and Infilled-based), By Service Type (Sample Preparation, Mixed Acid Digest, Hydro geochemistry, Fire Assay, X-ray Fluorescence, Aqua Regia Digest, and Others), By End-user (Mineral & Mining, Oil & Gas, Archaeological Survey, and Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) - Global Opportunity Analysis and Industry Forecast, 2023-2030”. According to the report, the Global Geochemical Services Market is expected to reach $1.5 billion by 2030 from $952 million in 2022, registering impressive expansion at a CAGR of 13.5% during the forecast period.
Some of the major players are Bureau Veritas SA, Intertek Group plc, SGS SA, ALS Limited, Shiva Analyticals & Testing Laboratories India, Geochemic Ltd., Activation Laboratories Ltd., ACZ Laboratories, Inc., Alex Stewart International, and AGAT Laboratories Ltd. among others.
Geochemical is a study of the origin, evolution, and distribution of various chemical elements on Earth that are contained in rock-forming minerals. These services help to analyze where petroleum, metals, water, and commercially valuable minerals are located. It is also being used to trace leaks from waste disposal sites and track and understand fluctuations in the earth’s climate.
Geochemical Services Market Segmentation Analysis
The type segment is further bifurcated into Laboratory-based and Infilled-based. The laboratory-based segment accounted for the major market share and is anticipated to dominate the market during the forecast period. In geochemical services, laboratory analysis is performed on the collected samples of minerals and soil to determine the presence, absence, or concentration of various substances on the earth’s crust. Laboratory analysis consists of the collection of samples, chemical analysis of samples, and interpretation of analytical results.
The service type segment is further fragmented into Sample Preparation, Mixed Acid Digest, Hydro geochemistry, Fire Assay, X-ray Fluorescence, Aqua Regia Digest, and Others. The sample preparation segment accounted for the major share of the market and is anticipated to dominate the market during the forecast period. In sample preparation, microwave digestions are used for preparing the samples for instrumental analysis. These techniques accurately hold temperatures to +/- 0.5 degrees to ensure quality digestion.
The end-user segment is further segregated into oil & gas, mineral & mining, archaeological survey, and others. The mineral & mining segment accounted for the leading share of the market. Geochemical services for the mining industry consist of a collection of samples, chemical analysis of samples, and interpretation of analytical results. This type of analysis is expected to identify the ore deposits that are buried underneath the earth’s surface. It is done through the examination and analysis of the type and scale of metals discovered in various geographical materials.
Asia Pacific to Dominate the Market
The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific accounted for the largest market in 2021. The region is expected to grow significantly during the forecast period, owing to the government regulations that support the oil and gas and mining sectors with renewable resources. China, India, and Southeast Asian countries are poised to be potential markets.
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Geochemical Services Market Outlook
The cost of geochemical instrumentation and monitoring equipment rises in direct proportion to range, resolution, accuracy, precision, and repeatability. Geochemical services become more expensive as advanced sensors, software, and complex data acquisition systems are used. Furthermore, the cost of geochemical instrumentation and monitoring solutions, as well as associated services, is primarily determined by the complexity of structures. As a result, the high cost of these services acts as a barrier to market growth.
The sudden outbreak of the COVID-19 pandemic across the globe has severely affected this industry. Regulatory bodies of several countries have deployed strict norms to cope up with the ‘new normal.’ They are also trying to mitigate operational risks and maximize efficiency by integrating geotechnical services.
Key Companies & Market Share Insights
Some of the key players operating in the global Geochemical Services market are Bureau Veritas SA, Intertek Group plc, SGS SA, ALS Limited, Shiva Analyticals & Testing Laboratories India, Geochemic Ltd., Activation Laboratories Ltd., ACZ Laboratories, Inc., Alex Stewart International, and AGAT Laboratories Ltd. among others.
Delvens Industry Expert's Standpoint
Analytical and consulting services for the geological and environmental sample are crucially provided by the geochemistry services sector. The market is fueled by the rising need for site cleanup, environmental monitoring, and mineral and oil exploration. Both big and little businesses are major players in this fiercely competitive sector. The market is anticipated to expand over the next few years as a result of the rising demand for minerals, oil and gas, and services for environmental monitoring and cleanup. Regulatory restrictions, fluctuating commodity costs, and competition from alternative analytical techniques are just a few of the difficulties the industry must deal with. Despite these difficulties, it is anticipated that the market for geochemical services will continue to rise strongly because of the growing need for sustainable development and environmental protection.
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