Market Size of Oil and Gas Nuclear Magnetic Resonance Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 Size Summary
The oil and gas nuclear magnetic resonance (NMR) market is poised for growth, driven by increasing upstream activities in regions such as the Middle East and North America. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The demand for NMR logging tools is being propelled by the exploration of natural gas, particularly from shale formations, despite a gradual shift towards renewable energy sources which may dampen the demand for refined petroleum products. The exploration of deepwater and ultradeep resources presents opportunities for NMR applications, as these ventures carry higher risks, necessitating more precise logging technologies. North America, with its substantial shale gas and tight oil reserves, continues to dominate the NMR market and is expected to maintain this position throughout the forecast period.
NMR technology provides critical insights into fluid quantities, properties, and pore sizes, making it indispensable for successful resource recovery. In Russia, Gazprom Neft's efforts to boost production from shale reserves highlight the growing need for advanced logging techniques like NMR. Similarly, in India, ONGC's ambitious drilling plans in the Godavari and Cuddapah basins underscore the anticipated increase in logging activities. The United States, a major player in global crude oil and natural gas production, is expected to see significant NMR demand due to ongoing and upcoming exploration projects. The market is characterized by consolidation, with key players such as Halliburton, Weatherford, Baker Hughes, and Schlumberger leading the charge. As new projects and drilling campaigns unfold, particularly in regions with vast shale reserves, the NMR market is set for considerable expansion.
Oil and Gas Nuclear Magnetic Resonance Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Offshore
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2.1.2 Onshore
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2.2 Geogrpahy
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Middle-East and Africa
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2.2.5 South America
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Oil and Gas Nuclear Magnetic Resonance Market Size 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.
