Coring Market worth $688.7 million by 2029
According to a research report "Coring Market by Technology (Rotary, Wireline, Sidewall Coring), Well Type (Exploration, Appraisal, Development), Application (Onshore, Offshore), End-use Industry (Oil & Gas, Geothermal, Carbon Capture & Storage), Region - Global Forecast to 2029" published by MarketsandMarkets, the global coring market is projected to reach USD 688.7 million by 2029 from an estimated USD 489.3 million in 2024, at a CAGR of 7.1% during the forecast period. The market is driven by the growing need for precise subsurface data to support resource extraction and environmental assessments. Technological advancements in coring methods, such as non-invasive techniques and enhanced recovery tools, have increased the efficiency of drilling operations. Furthermore, rising investments in critical sectors like renewable energy, particularly geothermal and hydrogen storage, are expanding the market. Additionally, the expansion of infrastructure in developing economies, along with increasing demand for raw materials and energy resources, strengthens the need for advanced coring solutions.
Browse 100 market data Tables and 50 Figures spread through 159 Pages and in-depth TOC on "Coring Market by Technology (Rotary, Wireline, Sidewall Coring), Well Type (Exploration, Appraisal, Development), Application (Onshore, Offshore), End-use Industry (Oil & Gas, Geothermal, Carbon Capture & Storage), Region - Global Forecast to 2029"
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Wireline coring technology is expected to be the fastest-growing segment during the forecast period.
The wireline coring segment is expected to be the fastest-growing due to its ability to offer efficient and cost-effective sampling for deep or challenging formations. Wireline coring technology allows for precise core retrieval without the need for a full drill string, reducing operational downtime and improving overall productivity. Its application in complex geological formations, offshore drilling, and unconventional resource exploration is driving the demand. Additionally, wireline coring offers minimal environmental impact, making it ideal for projects with strict regulatory requirements. As exploration and production activities expand, the segment’s growth is further supported by technological advancements.
By well type, exploration well is expected to grow at the highest rate during the forecast period.
The exploration well segment is expected to grow at the highest rate due to the increasing demand for new resource discoveries and geological insights in unexplored regions. Exploration wells are crucial for identifying and assessing potential reserves, driving the need for accurate core sampling to guide decision-making. As energy companies focus on finding new oil, gas, and mineral deposits, advanced coring technologies are essential for obtaining high-quality subsurface data. Additionally, growing investments in offshore and remote exploration projects, combined with rising global energy demand, are further fueling the growth of the exploration well segment.
Middle East is projected to be the fastest-growing coring market.
The Middle East region is expected to be the fastest-growing coring market due to increasing exploration and production activities in the oil, gas, and mineral sectors. Countries such as Saudi Arabia, UAE, and Kuwait are experiencing significant investments in oil and gas exploration, driving the need for advanced coring technologies. Additionally, the growing demand for energy and natural resources in emerging economies is fueling the expansion of mining and geothermal projects. With the region’s potential for untapped reserves, the adoption of advanced coring solutions for exploration, environmental assessments, and infrastructure development is expected to accelerate rapidly, further boosting the market growth.
Some of the major players in the coring market are SLB (US), Halliburton (US), Baker Hughes (US), NOV (US), Deep Industries Limited (India), Geotek Limited (UK), US Coring LLC (US), and Reservoir Group (US). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.
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