Oil & Gas Magnetic Ranging Market Size & Share, by Technology (Rotating Magnetic Ranging, Active Magnetic Ranging, Passive Magnetic Ranging); Application (Onshore, Offshore) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5437
  • Published Date: Dec 01, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Oil & Gas Magnetic Ranging Market size is predicted to reach USD 3 Billion by the end of 2036, expanding around 8% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of oil and gas magnetic ranging was over USD 234 Million. The growth of this market can be primarily driven by the increasing prices of oil across the globe. The demand for oil & gas magnetic ranging is significantly increasing along with growing need for higher efficiency and productivity in oil extraction fields. In the last three months, Brent crude oil prices have risen by more than 30% and are currently trading at around USD 93 per barrel, the highest level since November 2022.

Support for gravity drainage is expected to be required with a view to increasing the number of advanced fields which will lead to market growth. Market growth is projected to take place over the next few years as a result of high oil production and extensive oil fields in the region. The rise in demand in the oil and gas sector are predicted to boost the market growth of oil & gas magnetic ranging in the projected time period.


Oil & Gas Magnetic Ranging Market
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Oil & Gas Magnetic Ranging Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~8%

Base Year Market Size (2023)

~USD 234 Million

Forecast Year Market Size (2036)

~USD 3 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Oil & Gas Magnetic Ranging Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • High Demand in the Production of Heavy Hydrocarbons - The market for magnetic ranging is also expected to increase in the coming years, driven by growing demand for heavy hydrocarbons such as crude oil and bitumen. This magnetic range also supports coalbed methane production, steam-assisted gravity drainage, and other activities expected to be a catalyst for growth in oil and gas magnetic ranging markets.
  • Increasing Integration of Horizontal and Directional Drilling – Horizontal and directional drilling techniques are becoming increasingly popular in the oil and gas industry as they allow operators to reach reservoirs that are not accessible from the surface. Magnetic ranging can be used to accurately track the position of the drill bit during these operations, which can help to prevent accidents and ensure that the well is drilled in the correct location.
  • Development of New Technologies - New technologies are being developed that are making magnetic ranging tools more accurate, reliable, and cost-friendly. These technologies consist of advanced sensors, data processing algorithms, and cloud based software. This growing development of technology is boosting the expansion of the oil & gas magnetic ranging market in the studied period.

Challenges

  • Susceptibility to Interference - Magnetic ranging tools can be interfered with by magnetic anomalies in the subsurface. This can make them less accurate in certain areas, such as those with high iron content. The development of new technologies could mitigate the effects of magnetic interference but this is an ongoing challenge. This is set to hamper the market growth in the estimated time period.
  • Decline in Crude Oil Prices owing to less demand among the consumers has led to a decrease in drilling activities. These are Predicted to Hamper the Market Expansion in the Future Times
  • Accuracy and Reliability Issues Associated with Magnetic Ranging is Anticipated to Pose Limitation on the Market Growth in the Upcoming Future.


Oil & Gas Magnetic Ranging Segmentation

Application (Onshore, Offshore)

In terms of application, the onshore segment is poised to dominate the global oil & gas magnetic ranging market by registering a revenue share of 60% by the end of 2036. Magnetic ranging is used for a variety of oilfield applications, including blowout relief well positioning, steam-assisted gravity drainage, heavy oil applications, and planned well-to-well connections. Simple oil depletion is causing the oil and gas industry to switch to other options such as heavy oil and asphalt. Heavy hydrocarbon production requires dewatering assistance, increasing the need for magnetic ranging. Although global heavy oil production decreased to 11.6 million barrels per day in 2019 due to an increase in upcoming deepwater projects, horizontal drilling, and CBM projects, the magnetic ranging market is expected to grow significantly.

Technology (Rotating Magnetic Ranging, Active Magnetic Ranging, Passive Magnetic Ranging)

Based on technology, the active magnetic ranging segment in the oil & gas magnetic ranging market is set to hold the largest revenue share during the expected period. The growth can be ascribed to the account of increasing integration in oil & and recovery techniques. EOR techniques are being used to extract more oil from mature fields. These techniques often require the precise placement of injection and production wells that can be facilitated by AMR. Such as AMR is used in steam-assisted gravity drainage projects to ensure that the steam injector and producer wells are placed at the optimal distance from each other.

Our in-depth analysis of the global market includes the following segments:

                              Technology

  • Rotating Magnetic Ranging
  •  Active Magnetic Ranging
  •  Passive Magnetic Ranging

                              Application

  • Onshore
  • Offshore

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Oil & Gas Magnetic Ranging Industry - Regional Synopsis

North American Forecast  

The oil & gas magnetic ranging market in the North America region is set to hold the largest revenue share of 35% by the end of 2036. The United States is one of the largest producers of crude oil and natural gas, accounting for approximately 18% and 23% of global production, respectively, in 2019. 8,390 uncompleted wells have already been drilled and new projects are expected to come online within the forecast period. Canada's oil reserves are the third largest in the world, 96% of which are oil sands reserves. The sand oil available here is a dense oil and has a high content of sand particles. Therefore, steam-assisted gravity drainage is increasing in such fields and requires efficient magnetic ranging results. In addition, North America is dominant in the magnetic range oil and gas market due to its huge amounts of recoverable shale gas as well as tight oil reserves worldwide. In the forecast period, this trend is projected to be maintained and further drive the market growth in this region.

European Market Statistics

The oil & gas magnetic ranging market in the Europe region is anticipated to grow substantially by the end of the prediction period. It can be explained by the presence of a high number of oil and gas production facilities in these regions. In view of its extensive pipeline network and its robust oil and gas exploration activities, the UK is a major market contributor. Furthermore, technological advancements are making magnetic ranging tools more accurate, reliable, and affordable. This is making the technology more attractive to oil and gas operators. The oil and gas sector in Europe is facing increasing scrutiny from environmental regulators. Magnetic ranging technology can help to reduce the environmental impact of oil and gas operations by improving well placement and reducing the risk of spills and leaks.

Research Nester
Oil and Gas Magnetic Ranging Market Size
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Companies Dominating the Oil & Gas Magnetic Ranging Landscape

top-features-companies
    • Halliburton Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Big Guns Energy Services Ltd.
    • Weatherford International Plc
    • GMW Associates
    • Vector Magnetics LLC
    • Scientific Drilling International Inc.
    • Baker Hughes
    • Bartington Instruments Ltd.
    • Transocean Ltd.
    • Schlumberger NV
    • Sierra Leone Petroleum Directorate
    • Abu Dhabi National Oil Company

In-the-news

In The News

  • In August 2022, the Sierra Leone Petroleum Directorate expressed interest in working with GCC and other African oil and gas producing countries and companies to foster socio-economic growth in their respective regions.
  • In March 2019, Abu Dhabi National Oil Company announced that it would increase its oil and gas production capacity to 5 million barrels per day by 2030.  This will open up new growth opportunities for the market in the coming years.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5437
  • Published Date: Dec 01, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing demand in oil and gas industry and growing prices of oil are some of the major factors anticipated to drive the growth of oil & gas magnetic ranging market.

The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2024-2036.

The major players in the market are of Big Guns Energy Services Ltd., Weatherford International Plc, GMW Associates, Vector Magnetics LLC, Scientific Drilling International Inc., Baker Hughes, Bartington Instruments Ltd., Transocean Ltd., Schlumberger NV,, and others.

The onshore segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Oil & Gas Magnetic Ranging Market Report Scope
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