Coring Market: Everything You Need to Know

 The global Coring Market is projected to grow from estimated USD 489.3 million in 2024 to USD 688.7 million by 2029, at a CAGR of 7.1% during the forecast period. The market is driven by the growing need for precise subsurface data to support resource extraction and environmental assessments. Technological advancements in coring methods, such as non-invasive techniques and enhanced recovery tools, have increased the efficiency of drilling operations. Furthermore, rising investments in critical sectors like renewable energy, particularly geothermal and hydrogen storage, are expanding the market. Additionally, the expansion of infrastructure in developing economies, along with increasing demand for raw materials and energy resources, strengthens the need for advanced coring solutions.

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By Wireline Coring Technology

The wireline coring segment is expected to be the fastest-growing due to its ability to offer efficient and cost-effective sampling for deep or challenging formations. Wireline coring technology allows for precise core retrieval without the need for a full drill string, reducing operational downtime and improving overall productivity. Its application in complex geological formations, offshore drilling, and unconventional resource exploration is driving the demand. Additionally, wireline coring offers minimal environmental impact, making it ideal for projects with strict regulatory requirements. As exploration and production activities expand, the segment’s growth is further supported by technological advancements.

By Well Type

The exploration well segment is expected to grow at the highest rate due to the increasing demand for new resource discoveries and geological insights in unexplored regions. Exploration wells are crucial for identifying and assessing potential reserves, driving the need for accurate core sampling to guide decision-making. As energy companies focus on finding new oil, gas, and mineral deposits, advanced coring technologies are essential for obtaining high-quality subsurface data. Additionally, growing investments in offshore and remote exploration projects, combined with rising global energy demand, are further fueling the growth of the exploration well segment.

Middle East is projected to be the fastest-growing Coring Market.

The Middle East region is expected to be the fastest-growing Coring Market Share due to increasing exploration and production activities in the oil, gas, and mineral sectors. Countries such as Saudi Arabia, UAE, and Kuwait are experiencing significant investments in oil and gas exploration, driving the need for advanced coring technologies. Additionally, the growing demand for energy and natural resources in emerging economies is fueling the expansion of mining and geothermal projects. With the region’s potential for untapped reserves, the adoption of advanced coring solutions for exploration, environmental assessments, and infrastructure development is expected to accelerate rapidly, further boosting the market growth.

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Key Players

Some of the major players in the Coring Industry are SLB (US), Halliburton (US), Baker Hughes (US), NOV (US), Deep Industries Limited (India), Geotek Limited (UK), US Coring LLC (US), and Reservoir Group (US). The major strategies adopted by these players include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions.

SLB 

SLB offers products, services, technologies, information solutions, and integrated project management solutions to the global oil & gas industry. Its primary business activities include research & engineering, manufacturing, operations, maintenance, and resource planning. The company conducts its operations through four business segments: digital & integration, reservoir performance, well construction, and production systems. The company offers coring services through the reservoir performance segment.

Throughout its history, SLB has developed advanced tools for reservoir characterization, including imaging and production logging tools that integrate with other technologies to enhance understanding of reservoirs. Notable innovations include the Scanner 3D tools and the Quicksilver Probe for rapid fluid sampling. SLB has a geographical presence across North America, Latin America, Europe/Africa/the Commonwealth of Independent States (CIS), the Middle East, and Asia. The company has been involved in more than 100 CO2 storage projects globally. The company has executive offices in Paris (France), Houston (US), London (UK), and The Hague (Netherlands).

Halliburton 

Halliburton is one of the leading service providers and product suppliers for the energy industry, related to oil & natural gas exploration, development, and production. The company operates through two business divisions: completion & production and drilling & evaluation. It offers coring services through the drilling & evaluation segment.

Drilling and evaluation provide field and reservoir modeling, drilling, fluids, evaluation, and precise wellbore placement solutions that enable customers to model, measure, drill, and optimize their well construction activities. In addition, coring equipment and services are provided to extract formation cores for evaluating rock properties.

The company operates in more than 80 countries globally and has a geographic presence in regions such as North America, South America, Europe/Africa/the Commonwealth of Independent States (CIS), and the Middle East/Asia. Halliburton has significant manufacturing and corporate facilities in India, the US, Saudi Arabia, the UAE, Malaysia, the UK, Russia, Panama, Singapore, and Norway. The primary technology centers, R&D laboratories, and corporate offices of the drilling & evaluation segment are located in Alvarado (US), Nisku (Canada), and the Woodlands (US).

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Baker Hughes 

Baker Hughes is one of the leading US-based providers of systems, products, and oilfield-related services across the oil & gas value chain. The company primarily operates through two business segments: oilfield services & equipment and industrial & energy technology. The company offers coring services through the oilfield services & equipment segments. The OFSE segment designs and manufactures products and provides related services for onshore and offshore oilfield operations across the lifecycle of an asset, ranging from exploration, appraisal, and development to production, rejuvenation, and decommissioning.

Baker Hughes conducts operations through affiliates, subsidiaries, alliances, and ventures and has operations in more than 120 countries globally with a regional presence for oilfield services & equipment segments in North America, Latin America, Europe/CIS/Sub-Saharan Africa, and the Middle East/Asia.

The Rise of Screw Compressors: Market Trends and Technological Advancements

 The global Screw Compressor Market is projected to grow from estimated USD 12.74 billion in 2025 to USD 16.30 billion by 2030, at a CAGR of 5.0% during the forecast period. The market is growing due to Industrialization, demand for energy-efficient solutions, and growth in the manufacturing, oil and gas, and construction industries. Strict emission regulations and the necessity for low-maintenance, high-performance compressors propel adoption. Automation and smart monitoring advancements also stimulate growth in the market.

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Oil Free segment by type

Stringent environmental laws, increasing demand for clean and contaminant-free air, and rapid adoption of oil-free compressors in food and beverages, medical and pharmaceuticals, and other industries are causing the oil-free screw compressor segment to be the fastest-growing one. These industries need oil-free air, which serves as an essential function in avoiding contamination in production work. New developments in energy-saving, low-maintenance oil-free compressors have turned out to be economical, thereby increasing their adoption. Growing awareness about sustainability and minimal carbon emissions are accelerating the path for switchovers from oil-lubricated to oil-free screw compressors.

Above 250 HP segment by capacity

The segment above 250 HP is the largest in the Screw Compressor Market and is mostly used in heavy industries such as oil & gas, power generation, and mining, where hefty-capacity compressors are needed for continuous duty. These industries need low-pressure-high-airflow compressors for their demanding applications. Furthermore, increased investment in mega infrastructure projects, petrochemical plants, and industrial automation spurs the demand for high-performance and energy-efficient screw compressors in this sector.

Asia Pacific is expected to be the fastest region in the Screw Compressor Market during the forecast period

Asia-Pacific market is the fastest growing market for screw compressor due to rapid industrialization, urbanization, and infrastructure development. Manufacturing, construction, and oil-and-gas industries are expanding rapidly to cater to the growing demand for compressed air-efficient solutions. Most of these booming industries including governmental initiatives for popular reclamations of energy-efficient technologies are expected to add strength to this growth; along with investments in renewable energy and petrochemicals, strong signs have emerged to continue using sino-chien-screw compressors as its most reliable and continuous operation.

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Key Players

The report profiles key players such as Atlas Copco AB (Sweden), Ingersoll Rand (US), Hitachi, Ltd (Japan), and ELGi (India).

Ingersoll Rand (US)

Ingersoll Rand (US) is s provider of pneumatic equipment, compressed air and gas systems, and industrial solutions. The company operates its businesses through two segments: Industrial Technologies & Services, Precision & Science Technologies. It offers screw compressors under its Industrial Technologies & Services segment. The Industrial Technologies & Services segment offers a range of air and gas compressors, vacuum and blower products, fluid transfer equipment, loading systems, power tools, and lifting equipment, as well as aftermarket parts, consumables, and services. The company’s screw compressors are used in various end-use industries, such as automotive, chemicals, electronics, food & beverages, oil & gas, pulp & paper, power generation, metals and machinery, pharmaceuticals, and textiles.

Ingersoll Rand has a sales presence in more than 175 countries in North America, Latin America, Europe, Asia, the Middle East and Africa, and Australia. In addition to the US, Ingersoll Rand has manufacturing facilities in Germany, the UK, China, Finland, Italy, India, and other countries.

Atlas Copco AB (Sweden)

Atlas Copco AB (Sweden) is one of the leading provider of compressors, vacuum solutions, generators, pumps, power tools, and assembly systems in the global compressed air filter and dryer market. The company operates its business through four segments: Compressor Technique, Vacuum Technique, Industrial Technique, and Power Technique. Atlas Copco offers screw compressors through the Compressor Technique segment. This segment also offers compressed air solutions; industrial compressors; gas and process compressors and expanders; air and gas treatment equipment; air management systems; and related services.

The company’s air compressor products are used in various industries, such as automotive, electronics, chemicals & petrochemicals, fertilizers, food & beverages, oil & gas, pharmaceuticals, and power generation. The company operates in all major regions, including the Americas, Europe, Africa, the Middle East, and Asia Pacific.

The Ultimate Guide to Understanding Offshore Support Vessel Market

 The global Offshore Support Vessel Market is expected to grow from USD 25.6 billion in 2024 to USD 36.3 billion by 2029, at a CAGR of 7.2% during the 2024-2029. An offshore support vessel (OSV) is specially designed to support offshore exploration, drilling, production, and construction activities in the oil & gas industry. These vessels provide a range of services, such as transportation of personnel, equipment and supplies, maintenance and repair, and oil spill response. OSVs are also used for specialized tasks such as platform installation, decommissioning, seismic surveying, providing firefighting, towing, and positioning of drilling rigs and other offshore structures, and subsea construction. These vessels are equipped with dynamic positioning systems to maintain their position in rough seas and are built to withstand harsh offshore conditions. Different types of offshore support vessels are used in offshore oil & gas and offshore wind applications. OSVs play a crucial role in offshore oil & gas and offshore wind farms by enabling safe and efficient operations.

 

The global offshore support vessel market is anticipated to grow at a higher level. There are various drivers responsible for the growth of the market such as government policies and incentives and technological advancements among others. The rising global demand for energy, particularly from developing countries, pushes the need for increased offshore exploration and production, subsequently driving the OSV market.

 

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The expansion of exploration and production activities in emerging offshore markets, particularly in deepwater reserves and Arctic regions, is creating significant new opportunities for offshore support vessel operators and manufacturers. These frontier areas are attracting substantial investments from oil and gas companies seeking to tap into previously unexplored or underexplored hydrocarbon reserves.

 

Deepwater reserves often found off the coasts of countries like Brazil, Guyana, and West Africa, present unique challenges and opportunities. The complex and demanding nature of deepwater drilling operations necessitates specialized support vessels equipped with advanced technology and capabilities. These vessels must be able to operate in harsh conditions, provide reliable support for drilling rigs, transport personnel and supplies, and ensure safety and efficiency in deepwater environments.

 

Regional Analysis

 

The relentless global demand for energy continues to drive significant growth in offshore exploration and production activities, especially in resource-rich regions like the Gulf of Mexico. This area's abundant oil and gas reserves attract major energy companies and independent operators, making it a prime target for exploration and production initiatives. Offshore support vessels (OSVs) play a crucial role in these ventures, providing essential services such as transporting supplies, equipment, and personnel, as well as performing specialized functions like anchor handling and subsea construction support. Technological advancements in OSV design, including dynamic positioning systems and automated tools, have enhanced operational efficiency and safety, further boosting their importance in offshore operations.

 

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Key Market Players:

 

Some of the major players in the Offshore Support Vessel Companies are A.P. Moller-Maersk (Denmark), Tidewater Inc. (US), BOURBON (France), Edison Chouset Offshore (US), and Deltamarin Ltd (Europe).

 

A.P. Moller-Maersk

 

A.P. Moller-Maersk, commonly known as Maersk, is a global leader in container shipping, logistics, and energy sectors. While historically renowned for its container shipping operations, Maersk has also ventured into the offshore support vessel market. The company's presence in the OSV market is backed by its extensive fleet, modern technology, and global reach. Maersk Supply Service focuses on delivering efficient and reliable solutions to its customers, leveraging its expertise in maritime operations and commitment to safety and sustainability. The company offers offshore support services through its Towage & Marine Services business segment. Maersk Group offers marine services and integrated energy industry solutions with its anchor-handling tug supply (AHTS) fleet and subsea support vessels. A.P. Moller - Maersk has offices in Angola, Australia, Brazil, Canada, Equatorial Guinea, Ghana, Mexico, the Philippines, Singapore, and the UK.

 

Tidewater

 

Tidewater Inc., established in 1956 and headquartered in Houston, Texas, is a prominent provider in the offshore support vessel (OSV) market. The company operates a diverse fleet of vessels, including platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSVs), fast crew supply vessels (FCSVs), and specialty vessels. These vessels support offshore exploration, production, and transportation activities globally, with a significant presence in key regions such as the Gulf of Mexico, North Sea, Southeast Asia, West Africa, and the Middle East. Tidewater focuses on maintaining a modern fleet, pursuing strategic acquisitions like GulfMark Offshore, and emphasizing sustainability through energy-efficient operations.

Attractive Opportunities for Players in Utility Communication Market

 The global Utility Communication Market is projected to grow from USD 20.2 billion in 2022 to USD 26.1 billion by 2027, at a CAGR of 5.3% according to a new report by MarketsandMarkets™. The Utility Communication Market has promising growth. Growing investment in smart grids; the need for improving grid reliability and operating efficiency and reducing outage length; rising technological advancements in communication technologies; and the need for IoT integration in the operations of the oil & gas industry are driving the growth of the market.

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The wired segment is expected to dominate the Utility Communication Market, by technology, during the forecast period.

 

The wired segment holds the largest share of the Utility Communication Market. The market for wired communication technologies is mainly driven by the advantages offered by them, such as increased security, lack of interference, and high-speed data transmission.

 

The public segment is expected to be the fastest growing Utility Communication Market, by utility, during the forecast period.

 

The Utility Communication Market, by utility, is divided into public and private, wherein the public segment accounts for the largest share, owing to being much more accountable and transparent, operate efficiently by keeping costs down, and deliver reliable power supply.

 

The Asia Pacific region is the fastest growing Utility Communication Market

 

In this report, the Utility Communication Market has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America and Middle East & Africa. Asia Pacific is a significant contributor to the Utility Communication Market in the current scenario owing to the investments in infrastructure modifications.

 

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Utility Communication Market.

 

Some of the key players include Hitachi Energy Ltd (Switzerland), Schneider Electric (France), Siemens (Germany), General Electric (US), and Motorola Solutions, Inc. (US). The leading players are adopting various strategies to increase their share in the Utility Communication Market.

Growing Power and Oil & Gas Industries Propelling Pressure Vessel Market Growth

 According to the new market research report "Pressure Vessel Market by Type (Boiler, Reactor, Separator), Material, Heat Source (Fired Pressure Vessel and Unfired Pressure Vessel), Application (Storage Vessels and Processing Vessels), End-User and Region - Global Forecast to 2027", published by MarketsandMarkets™, The global pressure vessel market is expected to grow from USD 47.1 Billion in 2022 to USD 59.5 Billion by 2027, at a CAGR of 4.8% during the forecast period. The increase in the requirement for the industrial equipment to hold their gases, liquids, and vapors at high pressures for industries such as power, oil & gas, chemicals & petrochemicals, food & beverages, pharmaceuticals is driving the Pressure Vessel Market.

Boilers have the largest market share in pressure vessels which are majorly driven by thermal power plants in the power sector. Apart from the thermal plants, there are also other industries that are in need of pressure vessels such as the chemical sector. Advancements in technologies such as supercritical and ultra-critical technologies for thermal power generation is also building up demand for pressure vessels. These new technologies are replacing the aged thermal power plants making them eco-friendly, and energy-efficient. In the APAC region, China is contributing to the high market share. The abundance of thermal power plants in China is contributing to the growth of this market. Two units of ultra-supercritical coal-fired power plants have been approved to balance the energy supply and demand. Thus, these developments in this region are increasing the demand for pressure vessels. The upcoming projects in developing economies such as the Asia Pacific are providing opportunities for the growth of the Pressure Vessel Market.

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The steel alloy is expected to be the most significant segment of the pressure vessel market

The steel alloy material segment has the largest share of the global Pressure Vessel Market. It is the most common material used in manufacturing pressure vessels when compared to composites and other alloys. The advancements in the steel alloy have improved its properties such as strength, and corrosive resistance nature. APAC region is contributing to the highest market share of pressure vessels during the forecast period. Thus, increasing the demand for steel alloys in this region.

Asia-Pacific is expected to remain as the largest pressure vessel market

The Asia-Pacifics expected to dominate the Pressure Vessel Market during the forecast period due to an increase in the requirement of various end-user industries such as the chemical, and power sectors in the Asia Pacific region. Advancements in the technologies in the pressure vessels are creating opportunities for pressure vessel growth in the Asia Pacific region. To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Pressure Vessel Market.

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The leading players in the Pressure Vessel Market are Babcock & Wilcox Enterprises (US), General Electric (US), Larsen & Toubro (India), Mitsubishi Hitachi Power Systems (Japan), Hitachi Zosen (Japan), IHI Corporation (Japan), Bharat Heavy Electricals Limited (India). The major strategies adopted by these players include new product launches, sales contracts, agreements, expansions, partnerships, and collaborations.

Offshore ROV Market: Rise in Demand for Oil & Gas to Boost the Market

The global offshore ROV market is estimated to be USD 802.9 million in 2018 and is projected to reach USD 943.1 million by 2023, at a CAGR of 3.27% from 2018 to 2023. The market is set to grow due to increasing offshore oil & gas discoveries in prominent countries and a rise in demand for oil & gas.

The Observation class segment is expected to hold the largest share of the Offshore ROV market

The offshore ROV market has been segmented, by type, into Observation class, Work Class, and Intervention Class. The observation class segment is expected to be the largest market because it can be used in all kinds of offshore applications for observing the process during drilling and completion work.

The Drilling and Well Completion Support is expected to dominate the offshore ROV market

The offshore ROV market has been segmented, by application, into Drilling and Well Completion Support, Construction Support, Inspection Repair & Maintenance Services, Remote Subsea Intervention Tooling Design and Build, and Subsea Engineering Services. The Drilling and Well Completion Support segment is estimated to hold the largest market share by 2023. The market growth in the segment is driven by the increasing deep water offshore activities in Angola and ultradeep water in Brazil.

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Middle East & Africa expected to be the largest market for offshore ROV

The Middle East & Africa is expected to dominate the offshore ROV market during the forecast period. The rise in offshore deep and ultradeep water activities is driving the offshore ROV market in the Middle East & Africa region. The increasing activities of offshore exploration and production in countries such as Angola, UAE, Nigeria, etc. will drive the offshore ROV market in the Middle East & Africa region.

Some of the leading players in the offshore ROV market are Oceaneering (US), Subsea 7 (UK), Fugro (Netherlands), TechnipFMC (UK), Saipem (Italy), Forum (US), DOF (Norway), ECA (France), Deep Ocean Group (Norway), ISE (Canada), Deep Ocean Engineering (US), and AC-CESS (Scotland).

Digital Oilfield Market Emerging Trends, Growth and Opportunities to 2026

 According to the new market research report "Digital Oilfield Market by Solution (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, Drilling Optimizations, Safety Management), Application (Onshore and Offshore), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global digital oilfield market size is expected to grow from an estimated USD 24.3 billion in 2021 to USD 32.0 billion by 2026, at a CAGR of 5.6%, during the forecast period. The key drivers for the digital oilfield market include new technological advancements in oil & gas industry; increased return on investment in oil & gas industry; and growing need for maximizing production potential from mature wells.

 

The production optimization held the largest share of the digital oilfield market, by process in 2020. The growth of the production optimization segment is driven by the need to improve production efficiency. The market for the production optimization in Europe is expected to grow at the 5.8% CAGR during the forecast period.

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The onshore segment is the largest contributor in the digital oilfield market

The onshore segment is estimated to lead the digital oilfield market. North America was the largest market for onshore application segment in 2020. Increasing number of onshore oil & gas and mature fields is expected to drive the digital oilfield market. Onshore wells are extensively drilled globally, with more oil and gas production potential from regions such as the Middle East, North America, Africa, and Asia Pacific. The demand for digital oilfield services and solutions in the onshore application segment is increasing as the cost incurred in oil & gas activities such as drilling and well completion is less onshore compared to the offshore application. The complexity in deepwater drilling, along with the increasing adoption of digital oilfield techniques in regions such as the Middle East and North America, where the maximum oilfields are located onshore, is expected to drive the market for the onshore segment.

Europe is expected to be the largest market during the forecast period.

Europe accounted for the largest share of the global digital oilfield market in 2020. The scope of the European market includes the UK, Norway, Russia, and the Rest of Europe. The Rest of Europe includes Denmark, Italy, and Germany, among others. According to the International Energy Agency, the total crude oil produced by the region in 2019 was 17.1 million barrels per day, which declined by 0.05% as compared to 2018. Moreover, new explorations and field development activities are increasing, thus increasing the opportunities for developing new fields digitally.

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The key players in the Digital Oilfield Market include companies such as Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), and NOV (US).

Well Testing Services Market: Increasing exploration and production activities in Oil and Gas Industry

According to the new market research report "Well Testing Services Market by Services (Downhole Well Testing, Surface Well Testing, Reservoir Sampling, Real Time Well Testing, Hydraulic Fracturing Method Testing) by Application (Onshore, Offshore), by Well Type (Horizontal Wells, Vertical Wells), by Stages (Exploration, Appraisal, Development, Production) by Region - Global Forecast to 2026", published by MarketsandMarkets™, The global Well Testing Services Market is projected to reach USD 8.8 billion by 2026 from an estimated market size of USD 6.4 billion in 2021, at a CAGR of 6.4% during the forecast period. The factors driving the growth for well testing services are the rising global oil demand and the exploration and adoption off unconventional oil & gas resources.

Real Time Well Testing: The largest segment of the Well Testing Services Market, by technology

The Well Testing Services Market, by services, is segmented into Downhole Well Testing, Surface Well Testing, Real Time Well Testing, Reservoir Sampling and Hydraulic Fracturing Method Testing. The real time well testing segment is estimated to have the largest market share and expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to its increased adoption due to cost and operational efficiency and enhanced accuracy of data acquired on performing real time well testing.

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The Onshore segment is expected to be the most significant Well Testing Services Market, by application

The Well Testing Services Market, by application, is segmented into Onshore and Offshore. The onshore segment holds the largest share in the Well Testing Services Market, followed by offshore. The onshore exploration and re-exploration activities are expected to fuel the growth of the onshore segment of the Well Testing Services Market. Further, the technological advancements to achieve cost and operational efficiency is expected to boost the market for offshore segment of the Well Testing Services Market during the forecast period.

North America is expected to dominate the global Well Testing Services Market

The North America region is estimated to be the largest market for the well testing services, followed by APAC. The North America region is also projected to be the fastest growing market during the forecast period. The presence of vast shale reserves in the North American region encourages the oilfield operators to invest in the exploration and production of these resources, which consequently drives the demand for the well testing services in the North American region during the forecast period.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Well Testing Services Market. These players include Schlumberger (US), Halliburton (US), EXPRO Group (UK), Baker Hughes (US) and Weatherford (US). 

Perforating Gun Market: Rising Exploration and Production of Unconventional Oil & Gas Resources

 According to the new market research report "Perforating Gun Market by Gun Type (Through Tubing Hollow Carrier & Exposed, Wireline Conveyed Casing, TCP), Well Type (Horizontal, Vertical), Application (Onshore, Offshore), Pressure, Depth, Type, Orientation, Explosives, Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Perforating Gun Market is projected to reach USD 1.4 billion by 2027 from an estimated market size of USD 1.1 billion in 2022, at a CAGR of 5.6% during the forecast period. The factors driving the growth for Perforating Gun Market are rising exploration and production of unconventional oil & gas resources, especially in the North American region.

Tubing conveyed perforation system: The largest segment of the Perforating Gun Market

The Perforating Gun Market, by gun type, is segmented into through tubing hollow carrier gun system, wireline conveyed casing gun system, through tubing exposed gun system and tubing conveyed perforation system. The tuning conveyed perforation system is estimated to have the largest market share. The versatile nature and the high operational efficiency of these gun systems are expected to drive through tubing perforation system, which consequently increases the demand of perforating gun.

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The onshore segment is expected to be the most significant Perforating Gun Market

The Perforating Gun Market, by application, is segmented into onshore, and offshore. The onshore segment accounted for the largest share of 66.4% of the Perforating Gun Market in 2021. Onshore exploration and re-exploration activities is expected to fuel the growth of onshore Perforating Gun Market during the forecast period.

North America is expected to dominate the global Perforating Gun Market

The North America region is estimated to be the largest market for the Perforating Gun Market, followed by Asia Pacific. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American Perforating Gun Market is expected to be driven by increasing E&P activities concerned with shale and tight oil reserves.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Perforating Gun Market. These players include Schlumberger Limited (US), Weatherford International (US), Baker Hughes (US), Halliburton (US) and NOV Inc (US).

Well Testing Services Market: Exploration and Adoption of Unconventional Oil & Gas Resources

According to the new market research report "Well Testing Services Market by Services (Downhole Well Testing, Surface Well Testing, Reservoir Sampling, Real Time Well Testing, Hydraulic Fracturing Method Testing) by Application (Onshore, Offshore), by Well Type (Horizontal Wells, Vertical Wells), by Stages (Exploration, Appraisal, Development, Production) by Region - Global Forecast to 2026", published by MarketsandMarkets™, The global Well Testing Services Market is projected to reach USD 8.8 billion by 2026 from an estimated market size of USD 6.4 billion in 2021, at a CAGR of 6.4% during the forecast period. The factors driving the growth for well testing services are the rising global oil demand and the exploration and adoption off unconventional oil & gas resources.

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Real Time Well Testing: The largest segment of the Well Testing Services Market, by technology

 

The Well Testing Services Market, by services, is segmented into Downhole Well Testing, Surface Well Testing, Real Time Well Testing, Reservoir Sampling and Hydraulic Fracturing Method Testing. The real time well testing segment is estimated to have the largest market share and expected to grow at the highest rate during the forecast period. The higher growth rate of this segment is due to its increased adoption due to cost and operational efficiency and enhanced accuracy of data acquired on performing real time well testing.

 

North America is expected to dominate the global Well Testing Services Market

 

The North America region is estimated to be the largest market for the well testing services, followed by APAC. The North America region is also projected to be the fastest growing market during the forecast period. The presence of vast shale reserves in the North American region encourages the oilfield operators to invest in the exploration and production of these resources, which consequently drives the demand for the well testing services in the North American region during the forecast period.

 

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Well Testing Services Market. These players include Schlumberger (US), Halliburton (US), EXPRO Group (UK), Baker Hughes (US) and Weatherford (US).

Digital Oilfield Market: Soaring to New Highs in Oil and Gas Industry

 According to the new market research report "Digital Oilfield Market by Solution (Hardware, Software & Service, and Data Storage Solutions), Processes (Reservoir, Production, Drilling Optimizations, Safety Management), Application (Onshore and Offshore), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global digital oilfield market size is expected to grow from an estimated USD 24.3 billion in 2021 to USD 32.0 billion by 2026, at a CAGR of 5.6%, during the forecast period. The key drivers for the digital oilfield market include new technological advancements in oil & gas industry; increased return on investment in oil & gas industry; and growing need for maximizing production potential from mature wells.

The onshore segment is the largest contributor in the digital oilfield market

The onshore segment is estimated to lead the digital oilfield market. North America was the largest market for onshore application segment in 2020. Increasing number of onshore oil & gas and mature fields is expected to drive the digital oilfield market. Onshore wells are extensively drilled globally, with more oil and gas production potential from regions such as the Middle East, North America, Africa, and Asia Pacific. The demand for digital oilfield services and solutions in the onshore application segment is increasing as the cost incurred in oil & gas activities such as drilling and well completion is less onshore compared to the offshore application. The complexity in deepwater drilling, along with the increasing adoption of digital oilfield techniques in regions such as the Middle East and North America, where the maximum oilfields are located onshore, is expected to drive the market for the onshore segment.

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The production optimization segment is expected to hold the largest share of digital oilfield market.

The production optimization held the largest share of the digital oilfield market, by process in 2020. The growth of the production optimization segment is driven by the need to improve production efficiency. The market for the production optimization in Europe is expected to grow at the 5.8% CAGR during the forecast period.

Europe is expected to be the largest digital oilfield market

Europe accounted for the largest share of the global digital oilfield market in 2020. The scope of the European market includes the UK, Norway, Russia, and the Rest of Europe. The Rest of Europe includes Denmark, Italy, and Germany, among others. According to the International Energy Agency, the total crude oil produced by the region in 2019 was 17.1 million barrels per day, which declined by 0.05% as compared to 2018. Moreover, new explorations and field development activities are increasing, thus increasing the opportunities for developing new fields digitally.

Moreover, Europe is a leading region for offshore activities as the oil operators and oilfield service (OFS) providers are targeting the new fields and reserves from the UK and Norwegian continental shelf. For instance, Equinor, a Norwegian oil upstream operator, explored oil in the Johan Sverdrup field, which was under development, and started production in 2019. In the Johan Sverdrup, Equinor awarded a contract to Alcatel Submarine for reservoir management. Such projects create a strong market for digital oilfields in Europe. As per the BP Statistical Review 2020, Russia and Norway held approximately 72.2% of the total oil reserves in the European region in 2019. As per the EIA, countries such as Russia, France, Ukraine, and Poland have considerable shale gas resources, and further development of these reserves in these countries is expected to drive the growth of the digital oilfield market in the region. According to Baker Hughes’ Worldwide Rig Count report for March 2019, the rig count in the European region had observed a consistent growth from the last six months. This growth trend creates opportunities for the digitalization of more oil fields in the region. Also, the rising Brent prices and the demand for the Brent basket are driving the digitalization of oil fields in Europe. Digitalization helps in creating an accurate analysis of the data, thus decreasing the time of production from the wells.

The European Unconventional Oil and Gas Assessment (EUGOA) study incorporates data for a total of 82 shale formations within 38 geological basins covering 21 countries of Europe. These untapped sources create opportunities for new field developments in the region, which will demand the digitalization of the oil fields. The European Union has also revised its offshore regulatory regime and incorporated new regulations on the safety of oil and gas operations. According to the new regulations, the oil & gas companies are mandated to submit a special report before commencing any offshore drilling operations in the region on the major possible hazards that their operations may have on the environment.

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The key players in the Digital Oilfield Market include companies such as Halliburton (US), Schlumberger (US), Baker Hughes (US), Weatherford International (US), and NOV (US).

Gas Engines Market is Booming Worldwide with Caterpillar, Wärtsilä, Cummins, Man SE, and Rolls-Royce Holdings.

 The global Gas Engines Market size is expected to grow from an estimated USD 4.0 billion in 2019 to USD 5.3 billion by 2024, at a CAGR of 5.7%, from 2019 to 2024. Europe is estimated to be the largest consumer of gas engines, followed by North America. This trend is expected to continue during the forecast period. The growth of the gas engines industry is driven by the increasing demand for clean and efficient power generation technology and implementation of stricter emission regulations globally.

The power generation application segment is expected to be the largest segment of the gas engines industry.

The power generation segment is expected to be the largest application segment of the market in 2018. Gas engines are used mainly for power generation, by manufacturing plants, commercial buildings, public buildings, and utilities for on-site power generation. The governments of developing nations around the world are spending heavily on the construction of new gas-fired power plants while those in developed economies are investing in their aging gas-fired power plants. The demand for new gas-fired power plants due to the increasing energy needs is expected to drive the power generation application segment of the Gas Engines Market during the forecast period.

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The cogeneration segment is expected to grow at the fastest rate.

In cogeneration applications, gas engines produce power along with energy for space heating and water heating. It is an efficient method of power generation using gas engines and enables energy savings of up to 60%.

Cogeneration is used mainly in steel mills, chemical & food processing plants, paper & pulp mills, and district heating plants. Apart from industrial end-users, public buildings, such as schools, colleges, administrative buildings, and hospitals, also utilize gas engine-based power plants for producing electricity and heat. The growth of cogeneration application is attributed mainly to the increasing installed capacity of gas-fueled CHP power plants in cold climate countries.

Europe is expected to be the largest gas engines market

In this report, the gas engines industry has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The European market is expected to lead the Gas Engines Market during the forecast period. The growth of the market in the European region can be attributed to EU's policies to curb CO2 emission, establish gas distribution networks, and increase production of biogas.

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Some of the top players in the Gas Engines Market including Caterpillar (US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), Cummins (US), and Man SE (Germany). 

Digital Oilfield Market to Observe Stunning Growth

 The global Digital Oilfield Market size is projected to reach USD 28.5 billion by 2025 from an estimated value of USD 20.2 billion in 2020, at a CAGR of 7.1% from 2020 to 2025. New technological advancements in the digital oilfield, increased return on investment in the digital oilfield, and increased need from oil & gas operators to scale up production from mature wells are the key factors driving the digital oilfield market.

The onshore segment is the fastest-growing market and is projected to lead the market during the forecast period. The larger intensity of onshore applications is mainly in the regions such as the Middle East and North America, where digitization of the fields can maximize the oil & gas outputs, reduce non– productive time, and increase profitability by integrating the workflow. This would ultimately create new revenue pockets for the Digital Oilfield Market during the forecast period.

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The production optimization segment is expected to be the largest segment of the digital oil field market, by process, from 2020 to 2025, due to increased production activities among the major oil & gas suppliers worldwide for enhancing their respective oil outputs. The adoption and implementation of digital optimization techniques can enable these companies to meet their production targets and enhance their respective profitability.  Employing real-time techniques for production optimization increases the recovery of oil and reduces the non-productive time. The ongoing market dynamics, where there has been a constant fluctuation in the oil prices, requires focusing on reducing the non-productive time and improve workflow efficiency with the use of digital oilfield solutions.

Europe is expected to be the largest digital oilfield market

In this report, the Digital Oilfield Market has been analyzed with respect to 6 regions, namely, Asia Pacific, Europe, North America, South America, the Middle East, and Africa. Europe is expected to be the largest Digital Oilfield Market, by region, during the forecast period. The region has several mature fields in the North Sea, which demand increased use of technological prowess to produce oil. Russia, the UK, and Norway share the majority of the number of reserves in the region. In the UK and Norway, oil & gas production takes place at offshore locations, whereas Russia has more onshore fields. The high number of oil & gas fields lead to demand for digital oilfields such as well intervention and Enhanced Oil Recovery (EOR) techniques.

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Some of the leading players in the Digital Oilfield Market such as Schlumberger (US), Weatherford (Switzerland), Halliburton (US), Baker Hughes Company (US), National Oilwell Varco (US), and equipment providers such as ABB (Switzerland), Emerson (US), Rockwell (US), and Siemens (Germany).

Offshore Decommissioning Market: Fluctuations in Oil Prices Boost Offshore Decommissioning Activities

 According to the new market research report "Offshore Decommissioning Market by Service (Well Plugging & Abandonment, Platform Removal, Conductor Removal) Depth (Shallow, Deepwater) Structure (Topsides, Substructure) Removal (Leave in Place, Partial, Complete), and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Offshore Decommissioning Market size is expected to grow from an estimated USD 5.2 billion in 2021 to USD 8.0 billion by 2027, at a CAGR of 7.4%. Aging offshore oil & gas infrastructure and maturing fields are driving the offshore decommissioning industry. Low oil prices of the past couple of years have made it even more difficult to maintain low production mature reserves, driving companies to accelerate decommissioning plans for such oil & gas fields.

The well plugging & abandonment is expected to be the largest contributor to the offshore decommissioning market

The market has been segmented by service type, water depth, structure, removal type, and region. The market has been further segmented, by service type, into project management, engineering and planning, permitting and regulatory compliance, platform preparation, well plugging and abandonment, conductor removal, mobilization and demobilization of derrick barges, platform removal (includes topside, jacket removal, subsea), pipeline and power cable decommissioning, materials disposal, and site clearance.

The well plugging and abandonment service segment accounted for the largest share of the market in 2020 and is also projected to grow at the fastest pace during the forecast period. Well plugging & abandonment involves the safe and permanent closure of production or exploration wells and is one of the biggest and most critical activities in any decommissioning project.

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The shallow water subsegment is estimated to have the highest growth rate in the offshore decommissioning market

Based on depth, the market has been segmented into shallow water and deepwater segments. The application of offshore decommissioning in shallow water projects is estimated to lead the market, both in terms of market value and growth. The shallow water basins on the UK Continental Shelf and the Norwegian North Sea will play a major role in driving the Offshore Decommissioning Market.

Shallow water operations are typically less expensive compared to deepwater operations, and a majority of the old and aging offshore installations are in shallow waters. Thus, the market for offshore decommissioning will be the largest in shallow water projects.

Europe is expected to dominate the global offshore decommissioning market

Europe was the largest market, by value, for offshore decommissioning in 2020, driven mainly by activities in the UK, Norway, and Netherlands. The UK offshore industry leads other regions in terms of well-developed and mandatory decommissioning guidelines. The production of oil, gas liquids, and liquid products in the UK Continental Shelf (UKCS) peaked at around 1,027.5 million barrels in 1999. Ever since the country has struggled to offset the decline in production with both onshore and offshore fields. With a large number of fields in the country near the end of their lifecycles, the market in the UK is projected to be the largest for offshore decommissioning during the forecast period. Authorities in the region are taking active steps to commit operators to decommission old infrastructure by providing expertise, policy support, and financial incentives.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top service providers in the Offshore Decommissioning Market. These players include Heerema Marine Contractors (The Netherlands), Royal Boskalis Westminster N.V. (The Netherlands), Petrofac (Jersey), Oceaneering International (US), Baker Hughes Company (US), Halliburton (US), and Schlumberger (US).