The demand within the global geochemical services market for mineral and mining industry is escalating on account of advancements in mining operations.
Viable extraction of minerals largely depends on geological factors such as density, pressure, and chemical composition of the extraction site.
Furthermore, mining activities require huge amounts of investment which necessitates the success of these activities.
The past decade has witnessed the legitimization of several contentious sites for mining. This factor has emerged as a forerunner to growth within the global geochemical services market for mineral and mining industry.
Oil exploration is amongst the most significant operations of a regional territory. Viable extraction of oil has the potential to turn around the economic fortunes of a region.
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This factor, coupled with the presence of need for geographical testing and analysis, has given a thrust to the growth of the global geochemical services market for mineral and mining industry.
Moreover, as countries discover new avenues for exploiting their geographical and geological resources, geochemical services shall become a central requirement across the globe.
The need for sampling results from geological operations shall also drive market demand.
Geochemical Services is amongst the most far-reaching companies within the geochemical services industry. The company has a substantial presence across the Asia Pacific region, the Indian subcontinent.
South America Central, Australia, Central Asia, and Southern and Central Africa. With such an expansive presence across the globe, the company has the potential to redefine geochemical services for mining and minerals.
A latest market intelligence report finds that the global geochemical services market for mineral and mining industry would grow at a steady CAGR of 4.50% over the period between 2018 and 2026.
Furthermore, the total value of the global geochemical services market for mineral and mining industry should touch a value of US$ 1,388.52 Mn by 2026.
Educational institutes and universities join hands with geochemical services companies
The need for trained geochemical scientists and technicians in the oil and gas industry is undisputed. Several companies have expressed their concerns regarding the unavailability of trained professionals in the field of geosciences, especially geochemistry.
Hence, renowned universities are offering courses in geochemical engineering to make up for the needs of the industry. This factor shall play a key role in the growth of the global geochemical services market for mineral and mining industry.
Analysis of geochemical samples has become easier as new technologies for testing have come to the fore. This factor, in addition to the increasing number of chemical laboratories, could ramp up sales within the global services market for mineral and mining industry. Investments in the oil and gas industry have had a direct impact on the growth of the global market.
Canada emerges as a potential consumer of geochemical services
As debates related to the Trans Mountain Pipeline in Canada gather heat, the country is projected to witness an increase in exploration activities.
The current Canadian Prime Minister, Justin Trudeau, has approved of the viability of the pipeline, and the country could soon be venturing into optimizing its potential.
This factor is expected to bring in voluminous revenues into the North America services market for mineral and mining industry.
Some of the prominent vendors operating in the global services market for mineral and mining industry are Shiva Analyticals & Testing Laboratories India, ALS, Geochemic, ACZ Laboratories and Activation Laboratories.
These insights are based on a report on Geochemical Services Market by Transparency Market Research.