Oil And Gas Digital Rock Analysis Market Trends

Statistics for the 2023 & 2024 Oil And Gas Digital Rock Analysis market trends, created by Mordor Intelligence™ Industry Reports. Oil And Gas Digital Rock Analysis trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Team License

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Corporate License

$8750

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Market Trends of Oil And Gas Digital Rock Analysis Industry

Conventional Segment to Dominate the Market

  • Oil and gas digital rock analysis integrates various scientific disciplines, including advanced microscopy, physics, geology, geochemistry, petrophysics, and petroleum engineering. Its primary objective is to comprehensively understand the microscopic structure of reservoir rocks at the pore scale. Exploration and production (E&P) operators can mitigate risks, enhance hydrocarbon production, and optimize well recovery by employing this approach. The advancements offered by digital rock analysis compared to traditional methods are anticipated to drive its growth in the market.
  • Conventional reservoirs have been the focus of oil and gas exploration and production for decades. As a result, there is a wealth of existing data and knowledge about conventional reservoirs. Digital rock analysis can enhance the understanding of conventional reservoirs, optimize production strategies, and improve recovery rates.
  • Moreover, many conventional reservoirs are mature, meaning they have been producing for an extended period. With the help of digital rock analysis, operators can gain insights into reservoir behavior, assess remaining reserves, and optimize field development and management strategies to maximize production from these mature fields.
  • According to the United States Energy Information Administration, Short-Term Energy Outlook, June 2023, global crude oil production is set to increase by close to 3% annual growth by 2024. Furthermore, global crude oil production increased by 4.48% in 2022 compared to the previous year, recording 100,024 mb/d. Increasing exploration and production activities consequently increase the demand for digital rock analysis.
  • Furthermore, digital rock analysis can be integrated into reservoir characterization and modeling workflows for conventional reservoirs. By incorporating digital rock analysis data into reservoir simulation models and production optimization workflows, operators can enhance accuracy, improve predictions, and make informed decisions about field development and production strategies.
  • Therefore, according to the above points, the conventional sector is expected to dominate the market during the forecasted period.
Oil and Gas Digital Rock Analysis Market: Crude Oil Production, in Million Barrels per Day (mbd), United States, 2017-2022

North America to Dominate the Market

  • Historically, North America, particularly the United States, has been a leader in adopting advanced technologies in the oil and gas industry.
  • North America has a strong presence of technology providers, research institutions, and universities that contribute to digital rock analysis technique advancements. These advancements help drive innovation, improve imaging technologies, and enhance regional data analysis methods.
  • Moreover, North America has significant oil and gas reserves and a well-established industry. The region's exploration and production activities in conventional and unconventional reservoirs create a strong demand for advanced reservoir characterization techniques like digital rock analysis.
  • According to the United States Department of Energy, natural gas production in the United States increased by more than 4% between 2021 and 2022. In 2022 total natural gas production in the country was 43,384,575 million cubic feet compared to 41,666,118 million cubic feet in 2021, signifying the region's well-established oil and gas industry.
  • Additionally, North America has been at the forefront of the shale revolution, particularly in the United States, with shale gas development and tight oil resources. Digital rock analysis is crucial in understanding the complex pore structures and fluid behavior in these unconventional reservoirs, making it valuable for optimizing production and recovery in these regions.
  • Therefore, per the above points, the North American region is expected to dominate the Oil and Gas Digital Rock Analysis Market during the forecasted period.
Oil and Gas Digital Rock Analysis Market: Natural Gas Production, in billion cubic feet, 2017-2022

Oil and Gas Digital Rock Analysis Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)