Zonal Isolation Market Excellent Revenue Growth by 2024 | Altus Intervention, Oceaneering, Hunting, Welltec, Halliburton, Weatherford listed as Industry Leaders

Global zonal isolation market is further segregated on application basis as offshore and onshore. Offshore applications accounted for over 66% of global revenue in 2015 owing to increasing offshore projects across the region Chemical technologies accounted for more than 59% of global zonal isolation market share in 2015 due to is wide applications in offshore drilling.

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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.

Zonal Isolation Market is expected to reach USD 31.18 billion by 2024, according to a new research report by Global Market Insights, Inc. Operators use cementing technique to deliver isolation method throughout the life cycle of a well. In the past few years, several chemical and mechanical techniques have been developed to prevent the cross flow of gas, water, or oil between unlike formations.

U.S. market will witness growth on account of high potential of untapped oil reserves along with increasing number of drilling rigs across the region. Favorable government initiatives to enhance the production of oil to meet the increasing energy demand will further stimulate the industry growth. In Anadarko, new well oil production per rig increased by 5 barrels per day from January 2018 to February 2018.

Cost incurred for isolating particular zone is 2.5% to 5% of total well completion cost. The shift of exploration activities from offshore to onshore areas coupled with the increasing focus towards the development of unconventional reserves will drive the zonal isolation market during the forecast period.

Offshore zonal isolation market will witness growth over 4.5% by 2024. Massive investments toward the exploration & production of oil & gas in the deep and ultra-deep waters will significantly stimulate the business growth. Accelerating government initiatives for potential expansion of drilling activities with regard to availability of larger oil reserves in deeper basins will further propel the industry landscape.

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Key participants operating in the zonal isolation market includes Omega Well Intervention Ltd, Calfrac Well Services, Helix Energy Solutions Group, Altus Intervention, Oceaneering, Hunting, Welltec, Halliburton, Weatherford.

About Global Market Insights
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