About Geochemical Analysis
Geochemical Analysis refers to the selection of the mining site. This is used to analyze rock, water, soli, and others to trace amounts of metals that may indicate the presence of buried ore deposits. Growing mining exploration activities booming the demand for geochemical analysis. For instance, Silver Spruce Resources Inc. a Canadian exploration company announced that its exploration team has identified additional areas for potential drill targets for its upcoming program at the Pino de Plata project in western Chihuahua State, Mexico. Further, Technological advancements in the geochemical analysis have enabled the establishment of labs at mining sites expected to drive the geochemical analysis market. The South Africa Geochemical Analysis market size is expected to grow from USD 55.84 million in 2019 to USD 76.15 million by 2025, at a CAGR of 5.31 %.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Number of players are present in the market hence fragmented nature of the market. Market players are focusing on technological developments owing to increasing demand for minerals and metals. For instance, SGS Canada a geochemical laboratory analytical testing solutions provider launched a new service for the mining industry by pairing portable instrumentation and machine learning which enable real-time decision making for mining processes. Analyst at AMA Research estimates that Canada Vendors will contribute the maximum growth to Global Geochemical Analysis market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bureau Veritas (France), Intertek Group plc (United Kingdom), ALS Limited (Australia), Shiva Analyticals & Testing Laboratories India (India), Geochemic Ltd. (United Kingdom), Activation Laboratories Ltd. (Canada), ACZ Laboratories, Inc. (United States), Alex Stewart International (United Kingdom), Nexus Gold (Canada), SGS Canada Inc. (Canada) and Silver Spruce Resources Inc. (Canada) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Albert Mining (Canada), AGAT Laboratories Ltd. (Canada) and Intertek (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Geochemical Analysis market by Type (Laboratory-Based Geochemical Analysis and In-field Based Geochemical Analysis), Application (Mineral & Mining Industry and Oil & Gas) and Region.
On the basis of Type, Laboratory-Based Geochemical Analysis are dominating the market in the year 2023 where as In-field Based Geochemical Analysis stood as second largest market share.
On the basis of application, Mineral & Mining Industry segment is dominating the market in the year 2023On the basis of geography, the market of Geochemical Analysis has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Solution will boost the Geochemical Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Analyzing, the sub-segment i.e. Sample Preparation will boost the Geochemical Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Commercial will boost the Geochemical Analysis market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Incorporation of Real-Time Data Analysis and Machine Learning In Geochemical Analysis and Increasing Adoption of Automated Techniques for Mining Activities
Market Growth Drivers:
Rise in Demand of Ores, Minerals, and Metals and Government Emphasizing On Mineral Exploration Activities
Challenges:
Reducing Adverse Effect on Environment Caused by Mining Operations
Restraints:
Stringent Environmental Regulations for Mining Processes and High Cost Associated With Mining Process
Opportunities:
Increasing Expenditure on Mining and Exploration Activities and Growing Mining Exploration Activities in Emerging Economies
Market Leaders and their expansionary development strategies
In December 2022, Seequent acquires DRIVER, an innovative solution for 3D analysis of geochemical data for insights and anomaly detection. The acquisition of DRIVER adds to the growing technological capability in Seequent’s portfolio, utilising innovative data science technology to deliver deeper data insights, workflow optimisation and ultimately enhancing project outputs
20th March 2019, Nexus Gold conduct Geochemical Program at Dakouli 2 Project, Burkina Faso, and West Africa. This survey will generate important structural and geophysical data that will support the company in determining priority drill targets for an upcoming maiden drill program at the Dakouli 2 concession.
Key Target Audience
Geochemical Analysis Provider, Industry Association, Potential Investors, Government Organizations, Market Research Firm and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.