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 |
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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.
