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.
- 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.
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.
- 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
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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:
- Schlumberger Limited
Global Nuclear Magnetic Resonance Market in Oil & Gas Industry: Research Scope
Global Nuclear Magnetic Resonance Market in Oil & Gas Industry, by Type
- Low Resolution Nuclear Magnetic Resonance
- High Resolution Nuclear Magnetic Resonance
Global Nuclear Magnetic Resonance Market in Oil & Gas Industry, by Application
- Low Field NMR Spectroscopy
- High Field NMR Spectroscopy
Global Nuclear Magnetic Resonance Market in Oil & Gas Industry, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.