Oil & Gas Magnetic Ranging Market Segmentation:
Application Segment Analysis
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 2035. 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 Segment Analysis
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:
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