The Geochemical Services Market report represents gathered information about a market within an industry or various industries. Geochemical Services Market report includes analysis in terms of both quantitative and qualitative data with a forecast period of the report extending from 2024 to 2030. The market is prepared to take into consideration various factors such as Product pricing, Product or services penetration at both country and regional levels, Country GDP, market dynamics of parent market & child markets, End application industries, major players, consumer buying behavior, economic, political, social scenarios of countries, many others. The report is divided into various segments to offer a detailed analysis of the market from every possible aspect of the market.
The global Geochemical Services Market size is projected to reach a CAGR of 13.5% from 2023-2030.
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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.
The increase in demand for metals, ores, and minerals is expected to augment the geochemical services market for the mineral & mining industry in the near future. Technological advancements in geochemical services and technology are expected to make the mining process more efficient and effective and enable the mining of valuable minerals without causing much harm to the environment which will further provide lucrative opportunities to the market.
Key Findings
· 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.
· 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.
· 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.
Competitive Landscape
· 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
· AGAT Laboratories Ltd
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Regional Analysis
Asia Pacific to Dominate the Market
Asia Pacific accounted for the largest market in 2021. The region is expected to grow significantly during the forecast period.
The growth is majorly due to 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.
Recent Developments
· March 2021 - Fugro has opened new state-of-the-art marine chemistry and biology laboratories within the Heriot-Watt University Research Park in Edinburgh, the U.K. These newly developed laboratories would analyze a wider range of environmental contaminants in marine sediments, biota, and water, from background trace levels to more contaminated sources.
· July 2020 - SGS SA opened its new state-of-the-art commercial geochemistry laboratory in Tarkwa, Ghana. The new laboratory is ISO/IEC 17025 accredited, and it provides atomic absorption spectrometry (AAS), microwave plasma emission spectrophotometry (MP-AES), and portable X-ray fluorescence spectroscopy (pXRF).
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