Global Upstream Oil & Gas Services Market : Key Trends, Challenges and Standardization 2016-2021
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.
Get Research Summary of the Report: https://www.researchmoz.us/enquiry.php?type=S&repid=1287842
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.
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.
Make an Enquiry of this report @ https://www.researchmoz.us/enquiry.php?type=E&repid=1287842
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.
ResearchMoz is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price.
Mr. Nachiket Ghumare,
Toll Free: 866-997-4948 (US-CANADA)
Follow us on LinkedIn @ bit.ly/1TBmnVG
Follow us on Blogger @ https://marketnewstoday24.blogspot.com/
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global Upstream Oil & Gas Services Market : Key Trends, Challenges and Standardization 2016-2021 here
News-ID: 1679760 • Views: 306
More Releases for ResearchMoz
Optic Nerve Disorders Drug Development Pipeline Review, 2018 : Researchmoz
Researchmoz added latest report "Optic Nerve Disorders Drug Development Pipeline Review, 2018". The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market. This report provides an overview of the pipeline landscape for disorders of the optic nerve, the bundle of nerve fibers that transmits visual information from the eye to the brain. It provides comprehensive information on the therapeutics under
Superconducting Magnetic Energy Storage Systems Global Market 2018 : Researchmoz
In this report, the global Superconducting Magnetic Energy Storage Systems market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025. Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Superconducting Magnetic Energy Storage Systems in these regions,
Overview Of Global Geopolymers Industry Trends and Forecast 2018 : Researchmoz
Researchmoz added Most up-to-date research on "Global Geopolymers Industry 2018, Trends and Forecast Report" to its huge collection of research reports. Geopolymers Report by Material, Application, and Geography Global Forecast to 2022 is a professional and comprehensive research report on the world's major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, United Kingdom,Japan, South Korea and China). In this report,
Comprehensive Study Of Banknote Market Globally | ResearchMoz
Researchmoz added Most up-to-date research on "Comprehensive Study Of Banknote Market Globally | ResearchMoz" to its huge collection of research reports. Banknote is a promissory note which is issued by banks that is payable on demand to the bearer. The production and distribution of new banknotes and destruction of the unfit banknotes is the responsibility of the central bank of the respective countries. The demand for banknotes and substrate is fulfilled
Contract Research Organization Market - Global Deals and Operational Strategies …
Researchmoz added Most up-to-date research on "Contract Research Organization Market - Global Deals and Operational Strategies" to its huge collection of research reports. GBI Research’s latest report “Contract Research Organization Market: Global Deals and Operational Strategies” discusses the deal making activity during the past five years and in-depth analysis of the key deals involving more than 40 public and privately held CROs. The operational strategies adopted by key players in the
New Study Reveals Global Wind Farm Industry Analysis 2015 | Researchmoz
Researchmoz added Most up-to-date research on "Global Wind Farm Industry 2015 Market Research Report" to its huge collection of research reports. The Global Wind Farm Industry 2015 Market Research Report is a professional and in-depth study on the current state of the Wind Farm industry. The report provides a basic overview of the industry including definitions, classifications, applications and industry chain structure.The Wind Farm market analysis is provided for the international markets