Press release
Zonal Isolation Market to grow at over 6% CAGR from 2016 to 2024 Top Key Players – Halliburton Company, Schlumberger Limited, Superior Energy Services, Weatherford International, Oilsery, C&J Energy Services, Inc., and FMC Technologies
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Moreover, rise in the number of drilling rigs across the globe is projected to increase the demand for exploration and production of oil & gas wells, thereby driving the industry trends over the coming timeframe. For instance, world drilling rig count improved by 74 units in July 2016 in comparison to June 2016. In fact, the U.S. rig count had numbered to 449 rigs from 32 rigs while Canada contributed nearly 31 units to 94 rigs. Developed countries like the U.S. and Canada are investing heavily in oil & gas exploration projects which is expected to drive the zonal isolation industry growth over the next few years.
Offshore sector is a major application area, projected to offer high growth opportunities for zonal isolation industry over the coming seven years. As per the research, offshore application is expected to grow at a CAGR of 7% over the coming timeframe, driven by huge investments in the exploration and production activities carried out offshore. Moreover, zonal isolation market share in onshore sector, will experience a high growth, due to the enormous rise in onshore drilling activities.
Below are the regional trends influencing zonal isolation industry over 2016-2024
Rise in number of shale gas exploration activities along with high requirements for oil & gas is expected to spur Europe zonal isolation market growth over the coming years. UK and Norway are expected to be the major regional revenue contributors.
Middle East & Africa zonal isolation market is projected to witness significant gains of 6.53% over 2016-2024, driven by rise in regional drilling rig count. Iran and Saudi Arabia are projected to be the major regional revenue pockets.
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North America zonal isolation industry will attain maximum growth over the coming seven years, driven by rise in the number of drilling offshore activities along with the discovery of unexplored oil & gas basins/reserves. U.S. is expected to contribute substantially towards the regional share.
Zonal isolation industry will obtain optimum growth across the nations such as China, Canada, UAE, Mexico, Russia, and Brazil, driven by the increase in oil & gas exploration and production activities.
Market players will try to enhance their ROI through technological innovations, R&D investments, and strategic alliances. Key industry players include TAM International, Expro International Group Holdings Limited, Schlumberger Limited, Tendeka, FMC Technologies, Baker Hughes, Weatherford International, Halliburton Company, Superior Energy Services, C&J Energy Services Incorporation, and Oilsery.
Key insights from the report include:
Norway zonal isolation market size was valued at over USD 186.2 million in 2015. Increasing shale gas exploration coupled with growing demand for oil & gas will drive the industry growth over the forecast period.
U.S. zonal isolation market share was valued at over USD 3.6 billion in 2015. Increasing production and exploration of natural oil &gas in the region, growing production of shale gas in the Gulf of Mexico, increasing drilling offshore activities, and the detection of untapped oil & gas reservoirs are anticipated to drive the industry growth.
Browse key industry insights spread across 90 pages with 69 market data tables & 9 figures & charts from the report @ https://www.gminsights.com/industry-analysis/zonal-isolation-market
China is estimated to hold around 30 trillion cubic meter technically recoverable shale gas resources. It has invested over USD 1 billion on shale gas revolution. These investments in oil and gas industry will drive the China zonal isolation market over the forecast timeframe.
UK is forecast to reach USD 173.5 million by 2024. Increasing exploration in the country is likely to drive industry growth up to 2024.
Saudi Arabia zonal isolation market is projected to expand at a CAGR of over 5.5% up to 2024. Increasing rig count and growing demand for oil & gas are key factors propelling industry growth.
Major industry participants included in the zonal isolation market are OILSERV, FMC Technologies, Archer, Weatherford, Tendeka, Expro International Group, Superior Energy Services, Baker Hughes Incorporated, Schlumberger Limited, C&J Energy Services, TAM International, Inc., and Halliburton.
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