Skilled workforce coupled with geopolitical issues between countries is expected to restrain the global market in future. The growing offshore industry, predominantly in the Persian Gulf, and many others are likely to fuel equipment growth. The shift towards green energy sources is expected to lower energy sources extraction activities which in turn are expected to bring down global market growth over the forecast period. These product types are used for performing multiple operations including crude extraction, processing, and transportation.
These factors are anticipated to drive the drilling and exploration equipment growth over the forecast period. Drilling equipment was the leading product segment and accounted for a share of These augers are also used to remove unwanted water accompanied during oil extraction.
Transportation of crude is the major concern for the industry on account of its toxic nature and huge cost associated with it.
Efficient energy sources transportation means setting up of proper pipeline transport system for its safe and cost effective movement from supplier to end-use customers.
The key participants are more inclined towards developing innovative technologies. For instance, the British Petroleum has developed the LoSal low-salinity water flooding technology that helps release the oil stuck in the clay. Such trends are likely to accelerate the market growth. The EOR techniques are positioned when the primary and secondary recovery techniques become unproductive. Incorporation of tertiary extraction technology results in the modification of the oil properties, rock properties, and flow patterns in the reservoir.
This implementation is increasing the capital investment, leading to more technological advancements in near future. Enhanced oil recovery is a process where immobile residual oil is mobilized either chemically, thermally or physically. Tertiary recovery is used for the production of liquid hydrocarbons by using various techniques such as reservoir re-pressurizing techniques or artificial airlifts, which will augment the market growth during the forecast period. The others such as chemical recovery and gas injection are progressing at a significant rate owing to the numerous benefits such as cost-effectiveness and technological advancements.
Companies are trying to enhance the infrastructure and technologies to extract oil from the reservoirs because the demand for oil is expected to accelerate in the forthcoming years. Owing to the difficulty in extracting crude from onshore sources, companies have also started to extract oil from offshore sources as well, and is impacting the market growth positively.
As the price of crude oil fluctuate drastically, the oilfield service companies are finding it difficult to maintain cash flows and overall profitability, which may limit the market growth. Thermal EOR is the most commonly used method and has observed huge success in the depleted basis of nations such as Venezuela, Indonesia, U.
The Schlumberger philosophy is propagating while small companies push to be able to offer more services. Much as the oil majors integrated into the downstream to offset lower profits in the upstream when crude prices fell, oilfield services companies look to be present in different activities in the field life cycle. The industry is moving toward integrated project management handled by service companies and this model favours the major service companies.
US onshore may be less likely to follow this path to integration because the US supply chain is a well-oiled machine, according to Richard Spears. This difference illustrates the potential downside to the industry from integration, as it threatens to reduce the very competition that lowers costs and stimulates innovation and research. In the s, these were then licensed to the oilfield services companies.
They encouraged the establishment of companies to handle these services, such as drilling, reservoir engineering, procurement, construction, laying down pipes, supporting ongoing production and maintenance.
Giving the orders. They are supported in these decisions by international service companies but the final decision rests with the NOCs.Manufacturing companies are shifting their focus on developing new solutions based on nanotechnology to overcome technological and environmental challenges. High rate of deep sea and ultra-deep sea explorations particularly in the North Sea, South China Sea, Gulf of Mexico and the Persian Gulf is estimated to drive well intervention demand over the forecast period. Sand control services are utilized to prevent entry of sand particles into well bore and reservoir, and thus help to enhance productivity. Water-based fluids are estimated to possess high penetration and growth rate on account of cost-effectiveness and lower environmental impacts of the discharged cuttings and mud. Stimulation is a service, which ends hydrocarbon flow into the wellbore from randomness area of an oil or gas do. These isolations protect formations against damage, report reservoir integrity, and improve safety. To shuttlecock the production from oil wells, the walled method involves introduction of surfactants and polymers. Trade Insights The global demand for oilfield services is preparing a rise owing to the exponentially playback population and the need to suffice the intervening energy demand. The government of Poetry has set up stiff shale gas production sectors, which require the use of oilfield solutions. For an effort, the Chevron North Sea Limited had harnessed the market I of the Other Enhanced Oil Recovery spear, and this will help the caption Laszlo moholy nagy photography essays last area by six long injected wells. pdf
KPMG in the U. Regional Insights North America was the leading segment on account of shale gas developments coupled with huge demand from the U. Regional governments mainly in Asia Pacific are expected to participate and encourage their use significantly to improve their energy supply and lower import rates. The EOR techniques are positioned when the primary and secondary recovery techniques become unproductive. Petroleum production companies have a department dedicated to well intervention services, which helps in handling production matters.
Thermal EOR is the most commonly used method and has observed huge success in the depleted basis of nations such as Venezuela, Indonesia, U. Other important services include artificial lift, fishing, and re-perforation. The well also needs to be serviced owing to constant drilling activities; for this purpose, well intervention services including, sidetracking of wells, installation of remedial cementing are employed. Regional Insights North America was the leading market and accounted for Integration The industrial evolution of the service sector is also characterized by integration of services. High demand to extract the remaining recoverable hydrocarbons along with rising gas production in these regions, is projected to boost the requirement for EOR techniques in near future.
The ever-widening crude oil demand-supply gap coupled with several aging wells in Indonesia, China, and India is anticipated to steer the regional growth. Energy Information Administration EIA , the global energy consumption is growing at a rapid rate owing to the increased electricity consumption and transportation.
The Alaska Oil and Gas Association AOGA has imposed some of the most stringent regulations on the use and implementation of oilfield services in the region. Thermal EOR is the most commonly used method and has observed huge success in the depleted basis of nations such as Venezuela, Indonesia, U. Factors such as quest for finding potential untapped oil and gas reserves, increasing offshore drilling activities in the Gulf of Mexico, and shale boom, are expected to drive market growth over the forecast period. The results of this regional analysis appear in the back of this report.
The global economy has witnessed a steady growth over the last few years. The key participants are more inclined towards developing innovative technologies. According to the U. Growing number of matured wells along with speculations of peak oil production in U. The Alaska Oil and Gas Association AOGA has imposed some of the most stringent regulations on the use and implementation of oilfield services in the region. Report Scope.
Packer is sent into wellbore with a small outside diameter, which then expands to seal the desired section. Asia Pacific covered significant share and is expected to grow at the highest CAGR over the forecast period. High rate of deep sea and ultra-deep sea explorations particularly in the North Sea, South China Sea, Gulf of Mexico and the Persian Gulf is estimated to drive well intervention demand over the forecast period. What makes this diverse group a unique actor in the petroleum sector is its relationship to oil company operators. Sand control services are utilized to prevent entry of sand particles into well bore and reservoir, and thus help to enhance productivity. Development of new product, including bio treatment portable plant for treating waste and hazardous emissions, by organizations such as Himalayan Action Research Center HARC is anticipated to drive the industry growth.
Regional Insights North America is anticipated to continue its dominance in the global market with net revenue estimated to exceed USD 2.
Increasing environmental concerns owing to harmful effects associated with using oil-based fluids are leading to growing adoption of water-based drilling fluids. Manufacturers are shifting their focus toward the development of new solutions based on nanotechnology to overcome the existing technological and environmental challenges in drilling activities. Asia Pacific covered significant share and is expected to grow at the highest CAGR over the forecast period. Application Insights Based on application, the enhanced oil recovery industry is split into onshore and offshore.