Conventional Sector is expected to dominate the Global Digital Rock Analysis Market in the forecast period

Rise in unconventional oil and gas resources is one of the key oil and gas digital rock analysis market trends propelling the market growth.

According to TechSci Research report, “The Global Digital Rock Analysis  Market - By Region, Competition, Forecast & Opportunities, 2029”. The Global Digital Rock Analysis  Market is anticipated to register a CAGR of  3.71%.  The growth of unconventional oil and gas reserves is one of the major trends in the digital rock analysis for oil and gas  market that is driving the growth of the market.  The exploration and production industry is highly dependent on the price of oil and reflects the global balance of supply and demand, which is also influenced by a number of political and macroeconomic factors. Increasing consumption of oil and gas is one of the factors driving the growth of the digital oil and gas  analysis market. According to the US EIA, global consumption of oil and liquid fuels will increase by 1.9 million barrels per day (b/d) in 2023. Global consumption of oil and liquid fuels was 97.4 million barrels per day in April 2022, an increase of 2.1 million. b/d of April 2021.

 The increase in  demand for oil and gas created the need to explore and produce oil and gas from new reservoirs, as many  existing reservoirs began to mature or deplete. This led to the drilling of new wells. Over the past decade, natural gas consumption has increased as natural gas has become more common as a fuel. Additionally, increasing fuel consumption  in developing countries such as India and China is likely to increase the demand for natural gas  during the forecast period.  According to the IEA,  oil demand will continue to grow until 2040, natural gas consumption is expected to increase by 45% until 2040, and the power sector has a lot of room for expansion, which will encourage market growth in the coming years.

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AI is being increasingly used in digital rock analysis to automate tasks, improve the accuracy of results, and make better predictions. For example, AI can be used to classify rock types, identify pore structures, and predict reservoir permeability. Cloud-based digital rock analysis solutions are becoming increasingly popular as they offer a number of advantages over traditional on-premises solutions. Cloud-based solutions are more scalable, more reliable, and more secure than on-premises solutions. Data integration is the process of combining data from different sources into a single, cohesive view. This is becoming increasingly important in digital rock analysis as it allows for the analysis of large amounts of data from multiple sources. Data integration can help to improve the accuracy of results and make better predictions. The global digital rock analysis market is expected to continue to grow in the coming years. The growth of the market will be driven by the increasing demand for oil and gas, the development of new technologies, and the growing adoption of digital solutions by oil and gas companies.

Key market players in the Global Digital Rock Analysis Market include:

• TechnipFMC PLC
• Schlumberger Limited
• Drill-Quip Inc.
• Worldwide Oilfield Machine
• Baker Hughes Co.
• Delta Corp.
• Halliburton Co.
• Solar Alert Sdn Bhd
• The Weir Group PLC
• Aker Solutions ASA

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“The demand for oil and gas is expected to grow in the coming years, driven by the increasing demand for energy in developing countries. This growth is expected to create demand for digital rock analysis solutions, as they can help to improve the efficiency and profitability of oil and gas exploration and production. The oil and gas industry is constantly investing in new technologies. This is leading to the development of more advanced digital rock analysis solutions. These new solutions are able to provide more accurate and detailed information about rock properties, which can be used to improve the decision-making process in oil and gas exploration and production. Oil and gas companies are increasingly adopting digital solutions to improve their operations. This is due to the many benefits that digital solutions can offer, such as increased efficiency, improved decision-making, and reduced costs. Digital rock analysis solutions are one of the many digital solutions that oil and gas companies are adopting” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Digital Rock Analysis Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Application (Exploration, Production, Reservoir management), By Type (Conventional and Unconventional), By Region, Competition 2018-2028”, has evaluated the future growth potential of Global Digital Rock Analysis  Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Digital Rock Analysis Market.

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