Oil and Gas Upstream Equipment Market to Benefit from the Increase in Oil Rig Count | Technavio
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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Technavio has published a new market research report on the global oil and gas upstream equipment market from 2018-2022. (Graphic: Business Wire)
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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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