Oil and Gas Upstream Equipment Market to Benefit from the Increase in Oil Rig Count | Technavio
May 12 2018 - 12:59PM
Business Wire
Technavio projects the global oil and gas upstream
equipment market to post a CAGR of over 3% during the
forecast period. The increase in oil rig count is a key driver
which is expected to impact market growth. With the gradual
stabilization in crude oil prices and the increasing rig count,
exploration and drilling projects that were initially on hold are
likely to resume. Also, the increase in new exploration and
drilling projects is likely to raise the market potential for oil
and gas upstream equipment during the forecast period.
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In this report, Technavio highlights the rising investments in
shale industry as one of the key emerging trends in the global oil
and gas upstream equipment market:
Rising investments in the shale
industry
The shale industry is experiencing high investments, especially
in the US, with financiers pouring in cash to help producers
increase the output. Investments in conventional crude oil are
moderately slow, with the International Energy Agency (IEA)
estimating a rise in investments in the oil and gas industry by
around 3% in 2017. However, the shale industry is likely to witness
a higher growth rate during the forecast period. Oil companies are
focusing on investing in short-cycle shale projects that reduce
risks and provide a quick return on investments. For instance, the
China Energy Investment Corporation plans to invest over USD 83
billion in chemical manufacturing and shale gas development
projects in West Virginia. This is one of the major investments by
the company in West Virginia, and it will provide mutual benefits
to both China and the US.
According to a senior analyst at Technavio
for oil and gas research, “Rising investments in the shale
industry are likely to boost the market potential for the global
oil and gas upstream equipment market. Several companies, including
Chevron, ConocoPhillips, and ExxonMobil, are increasing investments
in the shale industry to drive production growth.”
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Market segmentation and analysis
through 2022
This market research report segments the global oil and gas
upstream equipment market based on application (exploration and
drilling, completion and production, and others) and key regions
(the Americas, APAC, and EMEA).
In 2017, the Americas dominated the global oil and gas
upstream equipment market with a market share of more than 55%
followed by EMEA and APAC. While the market share of the Americas
and APAC is expected to witness a small increase over the forecast
period, the market share of EMEA is expected to decline by almost
1%.
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version on businesswire.com: https://www.businesswire.com/news/home/20180512005031/en/
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
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