Oil & Gas Magnetic Ranging Market - Regional Analysis
North American Market Insights
North America industry is expected to hold largest revenue share of 35% by 2035. 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 Insights
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.
