Upcoming Revenue of Upstream Oil & Gas Services Market in Asia Pacific Industry Analysis and Opportunity Assessment, 2016-2021
Press Release – 21
Jan 2019
Research
and Development News
--
.
.
Latest
Update
"Upstream Oil & Gas Services Market: China to Remain the
Dominant Market Through 2021: Asia Pacific Industry Analysis and
Opportunity Assessment, 2016-2021"
with Industries Survey | Global Current Growth and Future.
'
'
The oil & gas industry operates in three main
sectors, namely, upstream, midstream, and downstream. The upstream
sector, which is majorly associated with the exploration and
production of oil and natural gas, utilises numerous services across
different operations, spanning from searching for oil and gas to
drilling wells, and operating them. The process, in itself, is very
bulky and requires heavy machinery and specialised services for the
complete process.
Owing to the effects of various macro- and
micro-economic factors, the upstream oil & gas services market
has experienced significant changes over the past several months.
Factors, such as shale gas production in North America, oversupply of
crude oil from OPEC countries, economic slowdown in China, etc.
resulted in anomalies in global crude oil demand and supply dynamics;
and consequently led to a sharp decline in crude oil prices. This led
to a severe downturn in the global upstream oil & gas services
market and companies operating in this segment experienced a huge
drop in their revenue collection. Following the global trend, current
state of the APAC upstream oil & gas service industry remains
volatile.
'
'
The APAC
upstream oil & gas service market is estimated to be valued at
US$ 52.6 Bn by 2016 end, and is anticipated to expand at a CAGR of
4.0% over the forecast period (20162021).
“Increasing productivity and decreasing
overall production costs to play a crucial role in the market growth”
High urbanisation rate and industrialisation,
growing population, and increasing vehicle ownership are leading to a
high demand for crude oil and hydrocarbons in the region. Recovery in
crude oil prices is highly anticipated and the market growth is
expected to return to pre-2014 levels over the coming years.
In order to meet the Increasing demand for energy
& petrochemicals in Asia Pacific, it has become evident to
increase productivity from mature and new oil & gas reserves.
Exploration of unconventional oil & gas resources is increasing
and deep-water exploration activities is also gaining traction.
Various small scale and large scale technological advancements, for
increasing productivity and decreasing overall production cost, are
playing a crucial role and the market growth for upstream oil &
gas services in Asia Pacific is expected to pace up over the coming
years.
– For
Other Requirement and Enquiry_
https://www.researchmoz.us/enquiry.php?type=E&repid=1287842
'
'
However,
volatility in oil & gas prices, environmental and technological
concerns related to exploration and production activities in harsh,
remote and hostile locations, accompanied by operational challenges
in deep and ultra-deep waters, are expected to remain key challenges
in the regional upstream oil & gas services market growth through
2021.
“SURF support segment in China is
forecasted to register a CAGR of 6.2% over the forecast period”
In China, SURF support service segment is
anticipated to register a CAGR of 6.2% over the forecast period in
terms of market value. In 2015, ROV drill support, SURF support, and
well stimulation segments accounted for a collective share of 50.0%
of the Indian upstream oil & gas service market. India stands as
the second largest refiner in Asia Pacific region after China. Growth
of the remotely operated vehicle (ROV) drill support and sampling
segments are estimated to be driven by increasing deep-water offshore
exploration drilling.
“Upstream Oil and Gas Services market is
anticipated to exhibit relatively higher growth rate in China over
the forecast period”
On the basis of region, APAC upstream oil &
gas service market is segmented into eight key countries, namely,
Australia, New Zealand, Indonesia, Myanmar, China, India, Malaysia,
and Vietnam. China upstream oil & gas services market is
anticipated to exhibit relatively higher growth rate over the
forecast period. Anticipated economic recovery in the country is
expected to increase demand for crude oil, which in turn, is expected
to drive the market for upstream oil & gas services in the
country. Market in other countries is also expected to experience a
V-shape recovery, however, at a moderate CAGR over the forecast
period.
“Key market players are focussing on R&D
for sampling techniques and investing in product innovation for ROV
Drill Support”
Some of the key players reported in this study of
APAC upstream oil and gas service market include Schlumberger
Limited, Halliburton, Baker Hughes Incorporated, Petrofac Limited,
Weatherford, TECHNIP, China Oilfield Services Limited, Transocean
Ltd., Flour Corporation, and Saipem S.p.A. Key market players are
focusing on research and development for sampling techniques. They
are also making investments in product innovation for remotely
operating vehicles drill support services in order to provide oil &
gas customers with light, medium and heavy ROVs that can be used for
deeper exploration & drilling services.
Continue.....
– More
Clear Details get Full Table of Contents_
https://www.researchmoz.us/upstream-oil-and-gas-services-market.html/toc
About
Researchmoz,
ResearchMoz
is the world’s fastest growing collection of market research
reports worldwide. Our database is composed of current market studies
from over 100 featured publishers worldwide. Our market research
databases integrate statistics with analysis from global, regional,
country and company perspectives. ResearchMoz’s service portfolio
also includes value-added services such as market research
customization, competitive landscaping, and in-depth surveys,
delivered by a team of experienced Research
Coordinators.
--Researchmoz Global Pvt. Ltd.--
--Researchmoz Global Pvt. Ltd.--
Mr.
Nachiket G.
90 State Street,
Albany, NY 12207,
United States,
Tel: 866-997-4948 (Us-Canada Toll Free),
Tel: +1-518-621-2074www.researchmoz.us
90 State Street,
Albany, NY 12207,
United States,
Tel: 866-997-4948 (Us-Canada Toll Free),
Tel: +1-518-621-2074www.researchmoz.us
Comments
Post a Comment