Asia Pacific Upstream Oil & Gas Services Market Reflecting a CAGR of 4.0% by 2021
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Due to a high urbanisation rate and rapid industrialisation coupled with a growing population and increasing ownership of automobiles, there is a huge demand for crude oil and hydrocarbons in the APAC region. In addition, recovery in crude oil prices is highly anticipated and the market growth is expected to return to pre-2014 levels in the coming years.
In order to meet the Increasing demand for energy and petrochemicals in Asia Pacific, it has become evident to increase productivity from mature and new oil and gas reserves. Exploration of unconventional oil and 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
On the basis of region, APAC upstream oil and gas services 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.
Some of the key players reported in this study of APAC upstream oil and gas services 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.
Report Overview, with TOC @ https://www.futuremarketinsights.com/reports/asia-pacific-upstream-oil-and-gas-services-market/toc
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