NEW YORK, Jan. 18, 2017 /PRNewswire/ --
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.
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 (2016–2021).
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.
Market Segmentation
By Services Type
- Inspection, Repair and Maintenance (IRM)
- Sampling
- Decommissioning
- ROV Drill Support
- SURF Support
- Well Stimulation
- Well Logging
- Seismic and Geophysical services
- Others
By Country
- Australia
- New
- Zealand
- Indonesia
- Myanmar
- China
- India
- Malaysia
- Vietnam
SURF support segment in China
is forecasted to register a CAGR of 6.2% over the forecast
period
In China, SURF support service
segment is anticipated to register a CAGR of 6.2% over the forecast
period in terms of market value. In 2015, ROV drill support, SURF
support, and well stimulation segments accounted for a collective
share of 50.0% of the Indian upstream oil & gas service market.
India stands as the second largest
refiner in Asia Pacific region
after China. Growth of the
remotely operated vehicle (ROV) drill support and sampling segments
are estimated to be driven by increasing deep-water offshore
exploration drilling.
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.
Read the full report:
http://www.reportlinker.com/p04598076-summary/view-report.html
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