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

The coring market is projected to reach USD 688.7 million by 2029 from an estimated value of USD 489.3 million in 2024, at a CAGR of 7.1% during the forecast period. The coring market is driven by growing shale exploration and advancements in coring technologies. The integration of digital twin technology into coring services is poised to be a significant driver for the coring market. Digital twins create virtual replicas of physical assets, enabling enhanced monitoring and analysis of coring operations in complex environments. Wireline coring systems reduce core trips by cutting costs, improving project economics, and driving demand for advanced services.

"Exploration well segment expected to grow at highest rate during forecast period"

The exploration well segment is expected to grow at the highest rate during the forecast period. The rising global energy demand has spurred exploration in new basins, especially offshore and deepwater regions. The increasing demand for energy has prompted oil and gas companies to seek new reserves in underexplored and frontier regions. Coring plays a crucial role in this segment, providing critical insights into subsurface geology, reservoir characteristics, and fluid content, which are information vital for evaluating the commercial potential of unexplored areas. With a surge in exploration activities, particularly in offshore and deepwater regions, coring has become indispensable. At the end of November 2022, 178 new-field wildcat (NFW) discoveries were made globally, amounting to over 18.7 billion barrels of oil equivalent (Bboe) in recoverable conventional resources. This volume of discovered resources is poised to be the highest since 2019 and potentially the most significant in the last five years outside North America.

"Based on application, onshore segment to lead coring market "

The onshore segment continues to hold a strong position in the coring market due to the high volume of drilling activities. The onshore coring segment is driven by several key factors that make it both cost-effective and essential for efficient resource extraction. Onshore reservoirs typically require lower initial capital investments and simpler infrastructure compared to offshore operations, making it more feasible to conduct extensive coring campaigns. These advantages, coupled with the complex and varied geological formations found in onshore settings, necessitate frequent and detailed core analyses to reduce operational risks and enhance well productivity. In the US and Canada, ongoing exploration and production activities-particularly in shale gas and tight oil plays like the Permian Basin, Bakken Formation, and Canada's unconventional reserves-are fueling the demand for advanced coring technologies.

"North America to lead coring market during forecast period"

North America is expected to lead the coring market, driven by a combination of robust oil and gas activity and the growing focus on renewable energy, particularly geothermal. The region hosts some of the world's largest and most productive shale oil and gas formations, such as the Permian Basin and Marcellus Shale, where obtaining detailed geological data through coring is essential for effective reservoir management and production optimization. The rise of tight oil, shale gas, and other unconventional hydrocarbon resources has further increased the demand for advanced coring techniques to evaluate complex rock formations and enhance recovery rates. North America's significant geothermal potential, especially in the US and Canada, is fueling the need for accurate subsurface assessment through coring to support geothermal exploration and development projects. As the energy transition gains momentum, the shift toward renewable energy sources, particularly geothermal, is further accelerating the demand for high-quality core analysis. These factors make North America a key region driving the growth of the global coring market.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1 - 65%, Tier 2 - 24%, and Tier 3 - 11%

By Designation: C-Level Executives - 30%, Directors - 25%, and Other Designations - 45%

By Region: North America - 20%, Europe - 28%, Asia Pacific - 35%, South America - 8%, Middle East - 5%, and Africa - 4%

Note: Other designations include product engineers, product specialists, and engineering leads.

The tiers of the companies are defined based on their total revenues as of 2023. Tier 1: >USD 1 billion, Tier 2: from USD 500 million to USD 1 billion, and Tier 3: <USD 500 million.

The coring market is dominated by a few major players that have a wide geographical presence. The leading players in coring market are SLB (US), Halliburton (US), Baker Hughes (US), Boart Longyear (US), NOV (US), Deep Industries Limited (India), Geotek Limited (UK), US Coring LLC (US), Reservoir Group (US), ProDirectional (US), ConeTec (US), Foothills Resource Services (US), Andalas Petroleum Services (US), Summit International (US), Canamera Coring, Inc. (US), GulfTek (Saudi Arabia), Timberwolf Environmental Services Ltd. (Canada), OilTools Services (Kazakhstan), and CoreAll AS (Norway).

Research Coverage:

The report defines, describes, and forecasts the coring market by well type, technology, end-use industry, and application for various regions. It also offers detailed qualitative and quantitative analyses of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the coring market.

Key Benefits of Buying the Report

• The coring market report provides comprehensive insights that help make informed strategic decisions. The report includes the market size and forecasts, key trends, growth drivers, competitive landscape, and detailed segmentation by product, application, and region. It also highlights emerging opportunities, supply chain dynamics, and recent technological developments. These insights enable businesses to identify growth areas, assess competitive positioning, reduce risks, and plan investments for market entry effectively.
• Product Development/Innovation: The coring market is experiencing rapid advancements aimed at improving precision, efficiency, and safety in subsurface data acquisition. Companies are investing in next-generation coring systems equipped with automated handling, real-time data acquisition, and digital monitoring tools to enhance core sample integrity and operational accuracy. Innovations include rotary sidewall coring and advanced wireline systems that reduce core retrieval time and minimize operational disruption. The integration of digital twin technology and AI-driven analytics allows predictive insights into coring performance and geomechanical behavior, supporting more informed drilling decisions. Lightweight, corrosion-resistant materials are being incorporated into coring tools to increase durability and reduce tool wear in harsh drilling environments. Additionally, remote-control capabilities and modular coring systems are enabling operations in high-risk or offshore areas, enhancing worker safety and operational flexibility. These technological advancements are positioning coring as a critical enabler of efficient exploration in both conventional oil & gas and renewable energy sectors, such as geothermal, ultimately supporting more sustainable and cost-effective resource development.
• Market Development: In January 2024, the ConeTec Group acquired the Geotech Drilling Group, which includes Geotech Drilling Services Ltd. and Gregg Drilling and Testing Canada Ltd.
• Market Diversification: Baker Hughes and Petrobras signed an agreement. Under this agreement, Baker Hughes has deployed wireline, coiled tubing, cementing, tubular running, wellbore intervention, fishing, and geosciences services in all of Petrobras' offshore fields.
• Competitive Assessment: Assessment of rankings of some key players, including SLB (US), Halliburton (US), Baker Hughes (US), Boart Longyear (US), NOV (US), Deep Industries Limited (India), Geotek Limited (UK), US Coring LLC (US), and Reservoir Group (US).