Oil & Gas Magnetic Ranging Market Size

Oil & Gas Magnetic Ranging Market size is predicted to reach USD 3 Billion by the end of 2036, expanding around 8% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of oil and gas magnetic ranging was over USD 234 Million. The growth of this market can be primarily driven by the increasing prices of oil across the globe. The demand for oil & gas magnetic ranging is significantly increasing along with growing need for higher efficiency and productivity in oil extraction fields. In the last three months, Brent crude oil prices have risen by more than 30% and are currently trading at around USD 93 per barrel, the highest level since November 2022.

Support for gravity drainage is expected to be required with a view to increasing the number of advanced fields which will lead to market growth. Market growth is projected to take place over the next few years as a result of high oil production and extensive oil fields in the region. The rise in demand in the oil and gas sector are predicted to boost the market growth of oil & gas magnetic ranging in the projected time period.