Latest News - Oil and Gas Digital Rock Analysis Market: Conventional is expected to lead the Type segment during 2024-2028

The Oil and Gas Digital Rock Analysis Market is being driven by Growing consumption of oil and gas

The Oil And Gas Digital Rock Analysis Market is expected to grow at a CAGR of 3.27% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 119.4 million. The oil and gas industry's exploration and production sector is significantly influenced by global crude oil prices and the supply-demand balance, which are in turn affected by political and macroeconomic factors. Unconventional energy sources, such as shale formations and oil sands, and coalbed methane found in coal seams or deposits, have gained prominence due to the depletion of conventional crude oil. The primary distinction between conventional and unconventional sources lies in the permeability of gas distribution. In recent years, the industry has witnessed a surge in the exploration and production of unconventional resources to meet the growing energy demand. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Conventional
  • Unconventional
• Geography
  • North America
    • US
    • Canada
  • APAC
    • China
  • Europe
    • France
    • Russia
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing consumption of oil and gas
• Rising investments in oil and gas E and P activities
• Increasing complexity of reservoirs

However, the market also witnesses some limitations, which are as follows:

• Volatility in global crude oil prices
• Increase in adoption of renewable energy
• Environmental concerns related to drilling

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Market Scope in Oil and Gas Digital Rock Analysis Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Oil and Gas Digital Rock Analysis market is a critical segment in petroleum engineering, focusing on the application of advanced analysis tools to understand the properties and behavior of reservoir rocks at the pore scale. This market plays a pivotal role in optimizing resource extraction from both conventional and unconventional reservoirs. Fluid dynamics and Enhanced Oil Recovery (EOR) techniques are key applications of digital rock analysis. Realistic simulations of fluid flow in porous media require precise data on rock properties, which are obtained through simulation techniques such as CT Scanning (Computed Tomography), Micro CT Scanning, and Scanning Electron Microscope (SEM) analysis. Geology, geochemistry, petrophysics, physics, and advanced microscopy are essential disciplines in digital rock analysis. Skilled workers perform logging activities to collect data, which is then analyzed using computational capabilities to gain insights into reservoir behavior. Pore-scale analysis is crucial for understanding the behavior of unconventional resources like shale and tight sand formations. Digital imaging techniques provide high-resolution data, enabling the simulation of complex fluid flow and rock deformation processes. In summary, the Oil and Gas Digital Rock Analysis market offers advanced tools for understanding reservoir rocks, enabling optimal resource extraction through realistic simulations and precise data analysis. This market is essential for both conventional and unconventional resources, driving innovation in petroleum engineering and drilling technologies.

Market Research Overview

The global oil and gas equipment and services market encompasses manufacturers and providers of equipment, supplies, and services for the upstream exploration and production sector. This significant manufacturing industry is crucial to catering to the demands of the oil and gas industry. According to Technavio, the market is projected to expand at a moderate growth rate, driven by the escalating energy demand and the burgeoning power industry. These factors are expected to boost the sales of drilling equipment, thereby fueling the expansion of the global oil and gas equipment and services market. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/