Oil and Gas Digital Rock Analysis Market by Type and Geography - Forecast and Analysis 2022-2026

The oil and gas digital rock analysis market share is expected to increase by USD 94.64 million from 2021 to 2026, and the market’s growth momentum will decelerate at a CAGR of 2.63%.

This oil and gas digital rock analysis market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers oil and gas digital rock analysis market segmentation by type (conventional and unconventional) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The oil and gas digital rock analysis market report also offers information on several market vendors, including Baker Hughes Co., CGG SA, Core Laboratories NV, Dassault Systemes SE, Halliburton Co., iRock Technologies Co. Ltd., Math2Market GmbH, Schlumberger Ltd., Thermo Fisher Scientific Inc., and Weatherford International Plc among others.

What will the Oil and Gas Digital Rock Analysis Market Size be During the Forecast Period?

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Oil and Gas Digital Rock Analysis Market: Key Drivers, Trends, and Challenges

The growing consumption of oil and gas is notably driving the oil and gas digital rock analysis market growth, although factors such as volatility in global crude oil prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the oil and gas digital rock analysis industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Oil and Gas Digital Rock Analysis Market Driver

• The growing consumption of oil and gas is one of the factors driving the oil and gas digital rock analysis market growth.
• According to the US EIA, global consumption of petroleum and liquid fuels will increase by 1.9 million barrels per day (b/d) in 2023. 97.4 million b/d of petroleum and liquid fuel was consumed globally in April 2022, an increase of 2.1 million b/d from April 2021. 
• The increase in the demand for oil and gas has given rise to the need to explore and produce oil and gas from new reservoirs, as many of the existing reservoirs have started reaching the stage of maturity or depletion. This has resulted in the drilling of new wells.
• In the last decade, natural gas consumption has increased due to the increasing adoption of natural gas as a fuel. Moreover, with the increased consumption of fuels in developing economies such as India and China, the demand for natural gas is likely to rise during the forecast period. 
• According to the IEA, the oil demand will continue to increase till 2040, and the use of natural gas will rise by 45% by 2040, with a high scope to expand in the power sector, which, will drive market growth in the coming years.

Key Oil and Gas Digital Rock Analysis Market Trend

• Rise in unconventional oil and gas resources is one of the key oil and gas digital rock analysis market trends propelling the market growth.
• The exploration and production industry is heavily dependent on crude oil prices and reflects the global supply-demand balance, which is also influenced by several political and macroeconomic factors.
• Unconventional energy sources have received a significant push in the past decade. They were explored as crude oil, which was available in various formations, neared depletion.
• The production of oil and gas from unconventional sources, particularly in the US and Canada, has substantially increased. Due to the increased production of crude oil from the US, the imports of the country have reduced considerably.
• The increased drilling and production of crude oil from unconventional sources is due to the technological innovations that have brought down the cost of drilling from tight formations. Thus, new projects are in the planning stage, and several other formations are being explored, which will propel the market growth in the forecast period.

Key Oil and Gas Digital Rock Analysis Market Challenge

• Volatility in global crude oil prices is one of the factors limiting the oil and gas digital rock analysis market growth.
• According to the International Energy Agency (IEA), in March 2020, crude oil prices fell by 40% compared to the prices in March 2019. However, slow economic growth across the world rebounded the price of crude oil. 
• The invasion of Russia in Ukraine in February negatively impacted the prices and production of crude oil. For instance, in June 2022, European Union (EU) adopted the sixth package of sanctions, including a partial ban on the import of crude oil from Russia.
• Upstream companies are adversely affected when global crude oil prices fall as the price at which the crude oil is sold is determined by the market, while production costs remain largely fixed. Thus, any uncertainty in global crude oil prices is reflected in the form of lower investments in E&P projects and will negatively impact the growth of the oil and gas E&P industry during the forecast period.

This oil and gas digital rock analysis market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global oil and gas digital rock analysis market as a part of the global oilfield equipment and services within the global oil and gas market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the oil and gas digital rock analysis market during the forecast period.

Who are the Major Oil and Gas Digital Rock Analysis Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

• Baker Hughes Co.
• CGG SA
• Core Laboratories NV
• Dassault Systemes SE
• Halliburton Co.
• iRock Technologies Co. Ltd.
• Math2Market GmbH
• Schlumberger Ltd.
• Thermo Fisher Scientific Inc.
• Weatherford International Plc

 

This statistical study of the oil and gas digital rock analysis market encompasses successful business strategies deployed by the key vendors. The oil and gas digital rock analysis market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• bakerhughes.com - The oilfield services segment includes advanced drilling and evaluation technologies to drill and place wells in productive zones to ensure well integrity and reservoir connectivity.
• bakerhughes.com - The company offers oil and gas digital rock analysis for remote operations, advisory, and data management.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The oil and gas digital rock analysis market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Oil and Gas Digital Rock Analysis Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the oil and gas digital rock analysis market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for the Oil and Gas Digital Rock Analysis Market?

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44% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the oil and gas digital rock analysis market in North America. Market growth in this region will be slower than the growth of the market in APAC.

A rising number of E&P projects will facilitate the oil and gas digital rock analysis market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 negatively affected the growth of the market. However, the lifting of COVID-19-related restrictions due to the initiation of large-scale vaccination drives increased the demand for liquid fuels in 2021. Such factors will drive the growth of the regional market in the coming years.

What are the Revenue-generating Type Segments in the Oil and Gas Digital Rock Analysis Market?

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The oil and gas digital rock analysis market share growth by the conventional segment will be significant during the forecast period. The information derived from the oil and gas digital rock analysis technique can be used by oil and gas companies as input to numerical reservoir simulators, fracturing design programs, and analytical PTA analyses to improve reserves forecasts, rate forecasts, well placement, and completion designs. Thus, the rising demand for oil and gas across the world will require more conventional methods such as drilling and E&P activities, which, in turn, will spur the demand for oil and gas digital rock analysis techniques. Such factors will propel the growth of the conventional segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the oil and gas digital rock analysis market size and actionable market insights on post COVID-19 impact on each segment.

 

Oil and Gas Digital Rock Analysis Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 2.63%
Market growth 2022-2026	$ 94.64 million
Market structure	Concentrated
YoY growth (%)	2.77
Regional analysis	North America, APAC, Europe, Middle East and Africa, and South America
Performing market contribution	North America at 44%
Key consumer countries	US, Canada, China, Russia, and France
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Baker Hughes Co., CGG SA, Core Laboratories NV, Dassault Systemes SE, Halliburton Co., iRock Technologies Co. Ltd., Math2Market GmbH, Schlumberger Ltd., Thermo Fisher Scientific Inc., and Weatherford International Plc
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Oil and Gas Digital Rock Analysis Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive oil and gas digital rock analysis market growth during the next five years
• Precise estimation of the oil and gas digital rock analysis market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the oil and gas digital rock analysis industry across North America, APAC, Europe, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of oil and gas digital rock analysis market vendors

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