The market according to
Market Research Future (MRFR) is slated to witness a CAGR of 4.10% between 2018
and 2023. Furthermore, the valuation of the market is expected to jump from its
2018 total of USD 180 billion to a far superior number by the end of the
forecast period.
The global upstream services
market is positioned in the global landscape with the potential to garner a
positive growth rate during the forecast period. This is primarily because oil
producing nations are once again investing in various new projects owing to the
rising prices of oil. The Middle Eastern region is alone proof of this as it is
expected to witness a CAGR of 6.0% during the forecast period. It is reported
that mergers & acquisitions would significantly aid in stabilizing the
volatile nature of the environment, so that service providers can faintly
manage their debts and go on to survive the market. At a country level, governments
are making quite an impact with their favorable policies and heavy investments,
thereby enabling private ventures and entities to fulfill the energy demand of
the nation, mutually.
Competitive
Landscape
MRFR identified a host of
key and prominent players operating in the global upstream services market.
These players are highly capable with their services and are bringing-forward
new developments into the field with their operations. Some of the players
identified are as follows: Saipem S.p.A. (Italy), China Oilfield Services
Limited (China), Baker Hughes Incorporated (U.S.), Schlumberger Limited (U.S.),
Weatherford (U.S.), GE Oil & Gas (U.S.), Halliburton (U.S.), Petrofac
Limited (Jersey), Transocean Ltd. (Switzerland), Flour Corporation (U.S), and
TECHNIP (U.K).
Market
Segmentation
The global upstream services
market segmentation is done to grab a fair understanding of the market
landscape. The market is broken down on the basis of type and well type.
By type, the market segments
into tubular goods, coiled tubing, pressure pumping, waste management,
wireline, intervention, well fluids, and others.
By well type, the market
comprises of onshore and offshore well types. Among the two, the onshore
application segment is anticipated to hold the dominant position in the global
market landscape during the forecast period.
Regional Analysis
The global upstream services
market is geographically distributed among the following key regions: North
America, Europe, Asia Pacific, and the Middle East & Africa.
Geographically, among the
mentioned regions above, the upstream services market is globally spearheaded
by North America. The region holds the maximum share percentage in the global
landscape and is slated to gain massive growth over the forecast period to
remain at the top of rankings. Both the US and Canada contribute significantly
to the overall welfare of the North American region. This is because the countries
are expected to have far wider potential from shale sands, tight gas, and
natural gas exploration as they have discovered new fields until very recently.
The North American regional
market is followed up by Asia Pacific, one which is also forecasted to
experience a profitable period of growth in the coming years. The growth of the
region herein is due to number of huge discoveries combined with the increasing
demand for petrochemical, increasing number of rigs, and the exploration of
ultra-deep resources. Also, rapid paced urbanization in major developing
countries like India and China are expected to push the market demand for
upstream services in the Asia Pacific region.
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