Nuclear Magnetic Resonance Market in Oil & Gas Industry: Overview
- Nuclear Magnetic Resonance (NMR) is an analytical chemistry technique, wherein nuclei in a magnetic field re-emits electromagnetic radiation. The theory behind nuclear magnetic resonance comes from the spin of a nucleus that can generate magnetic field without any external magnetic field so that the nuclear spins are random in direction.
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- Nuclear magnetic resonance is theoretically a powerful complex analytical tool. It is used for research to determine the content and purity of the sample. Various nuclear magnetic resonance techniques are used to acquire the desired result.
- Demand for nuclear magnetic resonance in the oil & gas industry is increasing to maximize hydrocarbon recovery and reduce uncertainty through hydraulic fracturing of deep shale deposits
- Nuclear magnetic resonance techniques also provide 360? imaging of the borehole and help measure producible fluid volume across a wide range of formation types while drilling
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Key Drivers of Global Nuclear Magnetic Resonance Market in Oil & Gas Industry
- Demand for nuclear magnetic resonance in the oil & gas industry has been increasing owing to rise in investments in automation and digitization in the oil & gas sector. Furthermore, offshore exploration and drilling activities are increasing owing to the rise in global demand for crude oil. Around 34,500 wells were drilled in North America in 2018 compared to 31,000 in 2017.
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Key Developments in Nuclear Magnetic Resonance Market in Oil & Gas Industry
- In September 2019, Schlumberger Limited introduced high-definition dual-imaging-while-drilling service for oil-based mud, which helps overcome geomechanics-related challenges and provides geological characterization in real time. The new service incorporates electromagnetic (EM) and ultrasonic measurements that enable multiple high-resolution borehole images in nonconductive mud. This reveals enhanced details for geological, petrophysical, and geomechanical interpretation to uncover subtle variations in the subsurface caused by stratigraphic or structural properties that impact wellbore stability.
North America Expected to Hold Major Share of Global Nuclear Magnetic Resonance Market in Oil & Gas Industry
- In terms of region, the global nuclear magnetic resonance market in the oil & gas industry can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global nuclear magnetic resonance market in oil & gas industry in 2019, owing to high growth in the oil & gas industry in the region. The region has several oil & gas players with offshore exploration and extradition activities. It is also a major crude oil producing region.
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- Europe held vital share of the global nuclear magnetic resonance market in the oil & gas industry in 2019. Russia & CIS sub-region is the third-largest oil producer and second-largest gas producer in the world.
- Asia Pacific is estimated to be a highly attractive region of the global nuclear magnetic resonance market in oil & gas industry during the forecast period. The region witnesses significant investments in the oil & gas industry and establishment of numerous offshore exploration facilities. This is likely to propel the market in Asia Pacific in the near future.
- The market in Middle East & Africa is estimated to expand at a healthy pace during the forecast period. The region has well established oil & gas sector, which is investing substantially in automation and digitization of the existing assets.
- The market in Latin America is estimated to expand at a moderate pace during the forecast period
Key Players in Nuclear Magnetic Resonance Market in Oil & Gas Industry
Leading companies operating in the global nuclear magnetic resonance market in oil & gas industry include:
- Halliburton
- Schlumberger Limited