Dublin, Nov. 19, 2020 (GLOBE NEWSWIRE) -- The "Oil and Gas Magnetic Ranging Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The oil and gas magnetic ranging market is expected to grow at a CAGR of more than 5% during the forecast period of 2020-2025.
With increasing directional and horizontal drilling, precise well drilling is becoming difficult, which is driving the need for magnetic ranging tools. Additionally, growing mature fields are expected to undergo EOR methods like assisted gravity drainage, which can result in the growth of the market. On the other hand, the decline in crude oil prices owing to the weaker demand from the consumers has led to a decrease in the drilling activities, and thus, the market for magnetic ranging is also likely to be hindered during the forecast period.
Application of magnetic ranging is likely to dominate in the onshore sector, owing to large scale drilling projects and maturing fields in onshore.
With increasing horizontal drilling and directional drilling, along with injector wells, the deployment of magnetic ranging is likely to increase, creating significant market opportunities.
North America, with its vast reserves of recoverable shale gas and tight oil reserves in the world, is dominating in the magnetic ranging market and is expected to continue its dominance in the forecast period.
Key Market Trends
Onshore Segment to Dominate the Demand
Magnetic ranging refers to the determination of the relative position of one well with respect to other using magnetic measurements. It is used for several oil field applications, including positioning blow-out relief wells, steam-assisted gravity drainage, heavy oil applications, and planned intersection of one well with another.
North America to Dominate the Market
The United States is one of the largest producers of crude oil and natural gas, accounting for around 18% and 23% of the global production, respectively, in 2019. Already with 8390 drilled incomplete wells, new projects are expected to come online in the forecast period.
The oil and gas magnetic ranging market is consolidated. Some of the major companies include Prime Horizontal Group of Companies, Halliburton Company, Weatherford International plc, Bartington Instruments Ltd., and Scientific Drilling International Inc.
Reasons to Purchase this report:
Key Topics Covered:
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
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
5.2.1 North America
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 Scientific Drilling International Inc
6.3.4 Prime Horizontal Group of Companies
6.3.5 Bartington Instruments Ltd.
6.3.6 China Oilfield Services Limited
6.3.7 GMW Associates
6.3.8 Gunnar Energy Services
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/j0n92k
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