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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.

Segmental Analysis

Due to large-scale drilling projects in the offshore area and mature fields, the market is expected to be dominated by the onshore segment.
The GCC region will dominate the MENA oil-and-gas magnetic ranging market based on its vast oil and natural gas reserves, which is expected to fuel market growth.

Competition Analysis: Regions with increased oil and gas drilling activities to be the budding market

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

Active Magnetic Ranging (AMR)
Passive Magnetic Ranging (PMR)

By Deployment

Onshore
Offshore

By Region

Middle East
GCC
Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
Iran
Iraq
Rest of MENA countries
North Africa
Algeria
Egypt
Rest of North Africa

About RationalStat LLC

RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies.  The company has sales offices in India, Mexico, and the US to support globally and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.

RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, procurement intelligence, data analytics, and analytical dashboards.

The post MENA Oil and Gas Magnetic Ranging Market Analysis and Forecast appeared first on PressCenter.com – Free Press Release Distribution Platform.

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