Market Size of Oil and Gas Magnetic Ranging Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 5.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil & Gas Magnetic Ranging Market Analysis
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.
