Oil and Gas Nuclear Magnetic Resonance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Oil and Gas Nuclear Magnetic Resonance Market Analysis
The oil and gas nuclear magnetic resonance (NMR) market is expected to register a CAGR of more than 5% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market reached pre-pandemic levels.
- Over the long term, increasing upstream activities in regions like the Middle East and North America is expected to drive the market. Additionally, growing natural gas exploration, especially from shale formations, is driving the demand for logging tools.
- On the other hand, the increasing shift towards renewable energy leading to a decrease in demand for refined petroleum products is causing a slowdown in the upstream oil and gas sector. Thus, the demand for NMR logging is also likely to be hindered.
- Nevertheless, increasing deepwater and ultradeep exploration increases the risk associated with successful exploration. To increase certainty, application logging like NMR will likely create significant opportunities.
- With its vast reserves of recoverable shale gas and tight oil reserves in the world, North America is dominating the NMR market and is expected to continue in the forecast period.
Oil and Gas Nuclear Magnetic Resonance Market Trends
Onshore Sector to Dominate the Demand
- NMR is a type of log that provides information about the quantities of fluids present, the properties of these fluids, and the pores' sizes containing the fluids.
- In Russia, Gazprom Neft continues to conduct studies on its Bazhenov acreage and is targeting 40,000 b/d of production from shale by the end of 2023. The demand for logging, including NMR, will likely increase to attain successful recovery.
- In December 2022, Oil and Natural Gas Corporation Ltd proposed to drill 53 exploratory wells in Andhra Pradesh, 50 in the Godavari on-Land PML (Petroleum Mining Lease) Block of KG Basin and three in CD-ONHP-2020/1 (OALP-Vi) Block Of Cuddapah basin with an investment outlay of USD 262 million. ONGC proposes to carry out the onshore exploration of 50 wells during 2021-'28 in the Godavari on-land PML block of the KG basin in the East and West Godavari Districts of AP based on geological and geophysical studies.
- New drilling can be expected with an increasing rig count in the Asia-Pacific to 197 in 2022. The new wells are likely to undergo logging activities in the forecast period.
- Due to the global pandemic, upstream project delays are expected in the short term. Later in the forecast period, with the initiation of new projects, the market of NMR is expected to grow considerably.
North America to Dominate the Market
- The United States was one of the largest producers of crude oil and natural gas, accounting for around 20% and 23% of the global production, respectively, in 2021. The production surged in 2019 due to robust drilling in its shale reserves, led by the Permian Basin.
- Onshore oil production in the United States accounts for around 84% of the country's oil production and 3% of the country's natural gas production as of 2018. Increased onshore exploration activity in the forecasted period is expected to drive the NMR demand.
- It is expected that around USD 76 billion will be spent on 97 upcoming oil and gas projects in the country between 2018 and 2025 in the United States. With new exploration and drilling projects, NMR logging can witness considerable growth.
- In February 2022, BP PLC announced the start of the Herschel Expansion project in the Gulf of Mexico. Herschel is the first of the four major projects to be delivered globally in 2022. Phase 1 of the project comprises developing a new subsea production system. At its peak, the first well is expected to increase the platform's annual gross production by an estimated 10,600 barrels of oil equivalent a day.
- Therefore the new wells in the upcoming years can witness the application of NMR logging in the future.
- Due to the availability of vast shale reserves in the United States and Canada, the number of wells is increasing, which is expected to drive the need for NMR in the forecast period.
Oil and Gas Nuclear Magnetic Resonance Industry Overview
The oil and gas nuclear magnetic resonance market is consolidated. Some major companies (in no particular order) include Vista Clara Inc, Halliburton Company, Weatherford International plc, Baker Hughes Company, and Schlumberger Limited.
Oil and Gas Nuclear Magnetic Resonance Market Leaders
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Halliburton Company
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Weatherford International plc
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Schlumberger Limited
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Baker Hughes Company
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Vista Clara Inc
*Disclaimer: Major Players sorted in no particular order
Oil and Gas Nuclear Magnetic Resonance Market News
- February 2023: Saudi Aramco expects to award contracts for some 90 projects by 2025 as it presses ahead with major upstream oil and gas capacity expansions.
- April 2022: Saipem announced that the company won a contract from Eni for a drilling campaign to be conducted in the Middle East and West Africa using the former's ultra-deep-water drillship Saipem 12000.
Oil and Gas Nuclear Magnetic Resonance Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Location of Deployment
5.1.1 Offshore
5.1.2 Onshore
5.2 Geogrpahy
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Middle-East and Africa
5.2.5 South America
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Halliburton Company
6.3.2 Weatherford International plc
6.3.3 Vista Clara Inc
6.3.4 Baker Hughes Company
6.3.5 Qteq Pty Ltd
6.3.6 Mount Sopris Instruments Inc.
6.3.7 Schlumberger Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Oil and Gas Nuclear Magnetic Resonance Industry Segmentation
The petroleum industry uses (Nuclear Magnetic Resonance) NMR equipment to measure the porosity of different rocks and the permeability of different underground fluids. Magnetometers are used to measure the various magnetic fields that are relevant to one's study. The location of deployment and geography segments the oil and gas nuclear magnetic resonance market report. By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for major oil and gas nuclear magnetic resonance market regions. Each segment's market sizing and forecasts are based on revenue (USD billion).
| Location of Deployment | |
| Offshore | |
| Onshore |
| Geogrpahy | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Middle-East and Africa | |
| South America |
Oil and Gas Nuclear Magnetic Resonance Market Research FAQs
What is the current Oil and Gas Nuclear Magnetic Resonance Market size?
The Oil and Gas Nuclear Magnetic Resonance Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Oil and Gas Nuclear Magnetic Resonance Market?
Halliburton Company , Weatherford International plc , Schlumberger Limited , Baker Hughes Company and Vista Clara Inc are the major companies operating in the Oil and Gas Nuclear Magnetic Resonance Market.
Which is the fastest growing region in Oil and Gas Nuclear Magnetic Resonance Market?
Middle East and Africa is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Oil and Gas Nuclear Magnetic Resonance Market?
In 2024, the North America accounts for the largest market share in Oil and Gas Nuclear Magnetic Resonance Market.
What years does this Oil and Gas Nuclear Magnetic Resonance Market cover?
The report covers the Oil and Gas Nuclear Magnetic Resonance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Oil and Gas Nuclear Magnetic Resonance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Oil and Gas Nuclear Magnetic Resonance Industry Report
Statistics for the 2024 Oil and Gas Nuclear Magnetic Resonance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Oil and Gas Nuclear Magnetic Resonance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
