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.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=197372464

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).

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.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=135152126

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.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=135152126  

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 Casing & Cementing Market: New Oilfield Discoveries Creating Immense Opportunities

 The global Well Casing & Cementing Market is projected to reach USD 11.7 billion by 2024 from an estimated USD 9.2 billion in 2019, at a CAGR of 5.0% during the forecast period. Increasing drilling activities along with shale developments in North America, Asia Pacific, and some parts of South & Central America are the driving factors for the well casing & cementing market, globally. The well completion procedure involves well casing & cementing as primary operations, which are directly affected by the rising exploration & production activities.

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

The offshore segment is expected to grow at the fastest rate during the forecast period. The growth of this segment is primarily driven by the cost reduction and digitalization of the oil & gas offshore projects. This would ultimately create new revenue pockets for the well casing & cementing market during the forecast period. New oilfield discoveries in offshore regions are expected to increase the drilling operations, especially in North America, due to their planned exploration and drilling projects for the coming years. Such developments in the offshore are driving the well casing & cementing market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=199239921

The cementing segment is expected to be the fastest growing well casing & cementing market

The cementing segment of the well casing & cementing market is estimated to grow at the fastest rate during the forecast period. This is mainly because the cost of cementing operations is lower compared to the casing activities. Moreover, the process of well cementing is challenging as it requires a more technical skillset, thus demanding appropriate equipment and manual workforce. The cementing related equipment are costlier, although the volume used is less. Additionally, the cementing services do not have any alternative, unlike casing, where liner systems can be used as a substitute. Such factors propel the growth of cementing operations in the well casing & cementing market.

The primary cementing operation segment is expected to dominate the well casing & cementing market

Primary cementing is the initial method undertaken to cement the casings and fit the equipment, giving tensile strength to the well. According to industry experts, primary cementing is a widely accepted practice, globally. The other cementing processes, which include remedial cementing and stage cementing, are undertaken only when primary cementing fails. Thus, in order to save capital and operational expenditures, primary cementing is done. Moreover, the increased horizontal drilling activities have provided market opportunities for primary cementing.

North America: The largest well casing & cementing market

In this report, the well casing & cementing market has been analyzed with respect to 6 regions, namely, North America, South & Central America, Europe, Asia Pacific, Middle East, and Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020; and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US retained its position as a top oil producer in 2018, due to the shale revolution.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=199239921

The major players in the global Well Casing & Cementing Market are Halliburton (US), Schlumberger (US), BHGE (US), Weatherford (US), NOV (US), Tenaris (Luxembourg), Vallourec (France), TMK Group (Russia), Trican (Canada), Nabors Industries (Bermuda), Frank’s International (Blackhawk Specialty Tools) (Netherlands), Innovex Downhole Solutions (US), and Centek Group (UK).

Oilfield Integrity Management Market: Increasing focus on Remote Monitoring of Oilfields for Process Optimization and Automation

 According to the new market research report "Oilfield Integrity Management Market by Management Type (Planning, Predictive Maintenance & Inspection, Corrosion Management, Data Management, and Monitoring System), Component (Hardware, Software, Services), Application, & Region - Global Forecast to 2025", published by MarketsandMarkets™, the Oilfield Integrity Management Market size is expected to grow from an estimated USD 12.8 billion in 2020 to USD 18.8 billion by 2025, at a CAGR of 8.1%, during the forecast period. Increasing focus on remote monitoring of oilfields for process optimization and automation and stringent government regulations regarding environmental safety are the key factors driving the oilfield integrity management industry.

The monitoring system segment is the largest contributor in the Oilfield Integrity Management Market.

The monitoring system includes machinery and equipment such as wireless sensors, analyzers, flow meters, smart well systems, SCADA systems, and DCS systems. The growth of the market is driven by its multiple advantages, such as a reduction in manual intervention, monitoring of remote locations oilfields, and collection of real-time data from sensors to detect equipment health.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=151211029

The onshore segment is expected to hold the largest market share of Oilfield Integrity Management.

The onshore application segment held the largest share of the Oilfield Integrity Management Market in 2019. North America is estimated to be the largest market for onshore oilfield integrity management during the forecast period, owing to an increase in well count globally. Furthermore, the discoveries of shale reserves are also supporting the growth of the segment in North America.

North America held the largest share of the oilfield integrity management market
North America accounted for the largest share of the oilfield integrity management market in 2019. This region has been segmented by country into the US and Canada. The oil & gas industry is a major contributor to the North American economy. According to the Commerce Department’s Bureau of Economic Analysis (BEA), in 2018, the oil & gas sector contributed USD 1.3 trillion to the GDP of the US. Similarly, Natural Resource Canada declared that in 2018, the oil & gas industry contributed 2.8% to the nominal GDP of Canada. The high energy supply and demand from the region offer lucrative opportunities to the entire oil & gas value chain. The country houses some of the top service providers such as Schlumberger, Ltd. (US), Halliburton (US), and Baker Hughes Company (US), who continuously invest in developing innovative solutions for various segments of the oil & gas industry.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=151211029

Middle East & Africa is expected to be the fastest-growing market of Oilfield Integrity Management.

The Middle East & Africa consists of major oil & gas producing countries such as Saudi Arabia, the UAE, Kuwait, Iraq, and Iran, which have some of the largest petroleum reserves in the world. According to the BP Statistical Review of World Energy June 2019, Saudi Arabia, UAE, Kuwait, Iraq, Iran, and Qatar produced a combined 30% of global oil production in 2018. These countries export most of their production to neighboring Asian countries such as China and India, which have high energy demand. Furthermore, the growth of the market in the Middle East & Africa is due to the increasing number of drilling activities and the requirement for inspection and monitoring systems to optimize the production from mature fields.

The Oilfield Integrity Management Market is dominated by a few global players, mainly from the North American region. The key players in the Oilfield Integrity Management Market include companies such as Schlumberger (US), Halliburton (US), Baker Hughes Company (US), Siemens (Germany), Emerson (US), IBM (US), and Oracle (US).

Content Source: https://www.marketsandmarkets.com/PressReleases/oilfield-integrity-management.asp

Artificial Lift Market: Rising deepwater explorations and enhancing oil & gas production

According to the new market research report "Artificial Lift Market by Type(ESP, PCP, Rod Lift, Gas Lift, and Others); Mechanism(Pump Assisted (Positive Displacement, Dynamic Displacement), Gas Assisted); Well Type(Horizontal, Vertical); Application(Onshore, Offshore); Region - Global Forecast to 2025" The Artificial Lift Market is projected to reach USD 10.3 billion by 2025 from an estimated USD 8.0 billion in 2020, at a CAGR of 5.0% during the forecast period. Continuous shale development and the growing investments in the upstream oil and gas sector is driving the demand for Artificial Lift Market. Moreover, the rising number of mature fields in Europe and the Middle East, along with new offshore oilfield discoveries, is creating an opportunity for the Artificial Lift Market.

The offshore application segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

The offshore segment is expected to grow at the highest CAGR during the forecast period, owing to increasing new ultra-deep water offshore discoveries, and the rising rate of shallow water oilfields reaching maturity. Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells. The Gulf of Mexico and the North Sea have the highest number of maturing shallow oilfields. Thus, such maturing shallow fields have created demand opportunities for artificial lift methods in the Gulf of Mexico and the North Sea regions.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=879

The horizontal well segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

The horizontal segment is expected to grow at the highest CAGR during the forecast period, owing to significant discoveries of shale reserves and increasing hydraulic fracturing in horizontal wells. Hence, creating opportunity for the Artificial Lift Market.  Horizontal drilling and multistage hydraulic fracturing have unlocked vast quantities of natural gas in shale reservoirs. Operators are using appropriate systems and equipment that will limit well blow-downs and lift systems to unload the wells without releasing methane continuously—thereby increasing the need for artificial lift systems that are effective in horizontal wells.

The pump assisted mechanism segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

Pump assisted segment is expected to grow at a higher CAGR during the forecast period, owing to high adoption rate ESPs and rod lift pumps. The pumps are used to increase the bottom hole pressure of tubing string to lift a sufficient amount of fluid to the surface. Artificial lift methods with pump assisted systems have an operating depth ranging from 100 ft TVD to 17,000 ft TVD and average working volume ranging from 5 BPD to 30,000 BPD. For this mechanism, the operating temperature ranges from 100ºF to 500ºF. This growing demand for pump assisted systems is driven owing to multi-stage hydraulic fracturing in horizontal wells.

Request for Sample Pages of the Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=879

North America is expected to be the most significant and third fastest-growing region of the Artificial Lift Market

In this report, the Artificial Lift Market has been analyzed for five regions, namely, North America, South & Central America, Europe, Asia Pacific, and Middle East & Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020 and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old & depleting oil & gas fields in the Permian Basin and Bakken Ford require artificial lift operations to enhance the productivity of the wells. Thus, North America dominated the Artificial Lift Market in 2019, and expected to do so during the forecast period.

The ESP segment is expected to grow at the highest CAGR from 2020 to 2025.

The ESP segment is estimated to be the fastest-growing segment of the Artificial Lift Market, by type, from 2020 to 2025. ESPs are multistage dynamic displacement centrifugal pumps. Such pumps are typically used when well depths range from 1,000 to 5,000 ft. It is the most effective artificial lift method for more than 1,000 bpd volume. It is effective in wells with low bottomhole pressure, low gas/oil ratio, low bubble point, high water cut, or low API gravity fluids. Such pumps are usually used for offshore applications because of their ability to handle high-volume wells. Hence, the rise in offshore E&P activities is expected to drive the ESP segment during the forecast period.

Speak to Analyst @https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=879

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

Some of the key players are Schlumberger (US), Halliburton (US), Borets International (Russia), Weatherford (Switzerland), and Baker Hughes Company (US). The leading players are adopting various strategies to increase their share in the Artificial Lift Market. Partnerships, collaborations, alliances, and joint venture ; new product launches; and contract & agreements have been a widely adopted strategy by the major players in the Artificial Lift Market.