The report titled "Oil and Gas Magnetic Ranging Market", assesses the MENA market based upon type, deployment, and location. The report includes trend analysis and historical market data. This report highlights the market share, production, competitive landscape, and development plans of the target companies that were evaluated in the MENA Oil and Gas Magnetic Range Market Study. It also provides an analysis of the competition.
Market Dynamics and Overview: The market is expected to grow due to increased crude oil production and the existence of oil fields in the region
The MENA Oil and Gas Magnetic Ranging Market is forecast to grow at a 5.8% CAGR during the forecast period 2022-2028. Gravity drainage is required to drain the growing number of mature oil fields, which will result in the market's growth. Market growth is expected to be driven by significant crude oil production and the existence of oil fields throughout the region. The sales growth of magnetic ranging, which allows for greater efficiency in oil extraction, will be fueled by the rising demand for oil.
In the coming years, there will be a growing demand for heavy hydrocarbons such as heavy oil and bitumen. This will likely drive the market growth for magnetic ranging in the future. Magnetic ranging supports the production of coalbed methane (CBM), steam-assisted gravity drainage (SAGD), and other related technologies. This is expected to drive market growth for the oil and gas magnetic range. Several companies are also investing in technological advances and increasing their capabilities for Exploration & Production (E&P), which will fuel market growth over the forecast period.
The MENA oil and gas magnetic ranging market experiences intense competition due to the presence of numerous established companies in the market. With an increase in horizontal drilling and directional drilling, the deployment of magnetic ranging is more likely to increase the market growth in the forthcoming years. Moreover, with new exploration and drilling projects, the oil and gas magnetic ranging market is likely to grow significantly. The observed industry trend in the MENA oil and gas magnetic ranging market is product innovations, launches, and alliances. During the estimated period of 2022–2028, a significant amount of market consolidation is anticipated.
· In August 2022, the Petroleum Directorate of Sierra Leone showed interest in collaboration with GCC and other African Oil and gas producing countries and companies to drive the socio-economic growth of the respective regions.
· In March 2019, Abu Dhabi National Oil Company (Adnoc) announced to increase its oil and gas capacity to 5 million barrels per day by 2030. This would provide new growth opportunities for the market in the coming years.
Some of the leading players involved in the production and sales of oil and gas magnetic ranging across MENA region are Transocean Ltd., Big Guns Energy Services Ltd., Weatherford International Plc, GMW Associates, Vector Magnetics LLC, Scientific Drilling International Inc., Baker Hughes, Bartington Instruments Ltd., Halliburton Company, Schlumberger, and Prime Horizontal Group of Companies among Others.
RationalStat has segmented the MENA Oil and Gas Magnetic Ranging market on the basis of type, deployment, and region.
· By Type
o Active Magnetic Ranging (AMR)
o Passive Magnetic Ranging (PMR)
· By Deployment
· By Region
o Middle East
· Saudi Arabia
§ Rest of MENA countries
o North Africa
§ Rest of North Africa
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