The offshore oil & gas industry is dominated by the Americas, along with the Middle East & Africa. The largest offshore oil & gas fields are located in Persian Gulf, off the coasts of Saudi Arabia and the United Arab Emirate ....see more
The global well testing services market is expected to grow from USD 6.4 billion in 2021 to USD 8.8 billion by 2026, at a compound annual growth rate (CAGR) of 6.4% during the forecast period.The leading players Schlumberger (US), Halliburton (US), EXPRO Group (UK), Baker Hughes (US) and Weatherford (US).
The offshore decommissioning market is expected to grow from USD 5.2 billion in 2021 to USD 8.0 billion by 2027, at a compound annual growth rate (CAGR) of 7.4%. during the forecast period. The major players in the offshore decommissioning market are Heerema Marine Contractors (The Netherlands), Royal Boskalis Westminster N.V. (The Netherlands), Petrofac (Jersey), Oceaneering International (US), Baker Hughes Company (US), Halliburton (US), and Schlumberger (US).
The offshore support vessel market is expected to grow from USD 22.0 billion in 2021 to USD 26.8 billion by 2026, at a compound annual growth rate (CAGR) of 4.0% during the forecast period. Some of the key players are DOF group (Norway), Solstad Offshore (Norway), Tidewater(US), Maersk(Denmark), and Siem Offshore (Norway). The leading players are adopting various strategies to increase their share in the offshore support vessel market.
The global pipeline & process services market is projected to reach a size of USD 4.0 billion by 2025, at a CAGR of 5.5% during the forecasting period. Some of the key players are Halliburton (US), Baker Hughes Company (US), EnerMech (UK), IKM Gruppen (Norway), and Enerpac Tool Group (UK). The leading players are adopting various strategies to increase their share in the pipeline & process services market. Contracts & agreements has been a widely adopted strategy by the major players in the pipeline & process services market..
The floating production storage and offloading market is expected to grow from USD 19.5 billion in 2019 to USD 26.0 billion by 2024, at a compound annual growth rate (CAGR) of 5.9% during the forecast period.To offer an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Bumi Armada (Malaysia), Shell (Netherlands), BP (UK), ExxonMobil (US), Petrobras (Brazil), Chevron (US), MODEC (Japan), Teekay (Bermuda), SBM Offshore (Netherlands), and BW Offshore (Norway).
The global pipeline integrity market is projected to reach USD 2.1 billion by 2024 from an estimated USD 1.7 billion in 2019, at a CAGR of 4.33% during the forecast period. This growth can be attributed to the huge investment pool in the pipeline business, increased government mandate and regulations for pipeline assessment, concern over environment impact, the safety of pipelines and energy infrastructure, and increased focus on the remote management of oil & gas pipeline for process optimization & automation.Rosen (Switzerland), Baker Hughes, a GE Company (US), NDT Global (Germany), T.D. Williamson (US), SGS (Switzerland), Schneider Electric (France), Emerson (US), Applus (Spain), Altus Intervention (Malaysia), Enermech (UK), Intertek (UK), IKM Gruppen (Norway), and Lin Scan (UAE).
The global offshore pipeline market is projected to reach a size of USD 15.8 billion by 2023, at a CAGR of 6.54%, from an estimated USD 11.5 billion in 2018. This growth can be attributed to the increasing demand for crude oil and natural gas, especially from the Asia Pacific region and increasing demand for safe, economical, and reliable connectivity.Saipem (Italy), Subsea 7 (UK), McDermott (US), Sapura (Malaysia), Wood Group (UK), Technip (UK), Fugro (Netherlands), Atteris (Australia), Penspen (UK), Petrofac (UK), and Senaat (UAE).
The global oil & gas sensors market is projected to reach a size of USD 9.4 Billion by 2023 from an estimated USD 7.4 billion in 2018 at a CAGR of 4.81%. This growth can be attributed to the increasing demand for sensors due to capacity addition in the refinery sector and the growth in the IoT sector. The major players in the global oil & gas sensors market are Emerson (US), ABB (Switzerland), Siemens (Germany), Rockwell (US), Honeywell (US), Fortive (US), and General Electric (US), among others. Honeywell
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, growing at a CAGR of 3.27% from 2018 to 2023. Offshore oil and gas discoveries in prominent countries and rise in demand for oil and gas are driving the offshore ROV market globally. 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) are the key players in the market.
The oil accumulator market is estimated to reach a market size of USD 488.5 million in 2018 and is projected to reach USD 617.1 million by 2023, at a CAGR of 4.78%, from 2018 to 2023. Increase in exploration and production activities in countries such as China, India, Australia, US, and Indonesia are the key factors driving the oil accumulator market, during the forecast period. To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the oil accumulator market such as Hydac (Germany), Parker Hannifin (US), Eaton (Ireland), Freudenberg (Germany), Bosch Rexroth (Germany), and Nippon Accumulator (Japan).
The subsea well access system market is projected to grow at a CAGR of 4.79% from 2017 to 2022 to reach a market size of USD 3.62 Billion by 2022. With the decline in oil reserves and prices, major oil & gas companies have shifted their attention towards technological advancements in inventing tools and techniques. Some of the leading players in the subsea well access system market includes Schlumberger Limited (U.S.), Halliburton (U.S.), GE Oil & Gas (U.K.), Baker Hughes Incorporated (U.S.), and National Oilwell Varco (U.S.) among others. Contracts & agreements, new product launches and mergers & acquisitions were the most adopted strategies by players to ensure their dominance in the market.
The global reservoir analysis market is projected to grow at a CAGR of 4.11%, from 2017 to 2022, to reach a market size of USD 8.95 Billion by 2022. Key players in the reservoir analysis market include Schlumberger Limited (U.S.), Halliburton Company (U.S.), Baker Hughes Incorporated (U.S.), Weatherford International, PLC (Switzerland), Roxar Software Solutions AS (Norway), SGS SA (Switzerland), Core Laboratories (U.S.), ALS Oil & Gas (Australia), CGG SA (France), Expro International Group Holding, Ltd. (U.K.), and Trican Well Service Limited (Canada) among others.
The global subsea systems market is projected to grow at a CAGR of 2.02% from 2016 to 2021, to reach a market size of USD 17.44 Billion by 2021. This growth is attributed to increasing focus on oil & gas production from offshore fields, particularly activities in deepwater reserves. The report segments the subsea systems market on the basis of type into subsea production system and subsea processing system. The subsea production system segment is projected to dominate the subsea systems market throughout the forecast period.
The global mooring systems market is expected to grow from USD 1.58 Billion in 2015 to USD 1.89 Billion by 2020, at a CAGR of 3.7%. Asia-Pacific accounted for the largest market share and is projected to grow at the highest CAGR during the forecast period. The increase in the energy demand has resulted in the rise in oil & gas production from the regions such as North America and the Middle East. Due to the maturing onshore oil & gas fields there has been a shift of exploration & production activities towards offshore reserves.
The report defines and segments the offshore cranes market with analysis and forecast of the global capex on offshore cranes application, design type, and lifting capacity. The offshore crane market is expected to grow from an estimated USD 14.19 Billion in 2015 to USD 21.64 Billion by 2020 at a projected CAGR of 8.8%. The market is driven by the increase in offshore spending and rising demand of oil & gas, which is met by increasing investments in emerging economies with proven oil & gas reserves.
Offshore drilling includes services related to drilling wells including type of the rig required, depth and direction of well to be dug and services and expertise required to accomplish the desired goal. Offshore drilling market is estimated to be $78.57 Billion in 2014 and is projected to grow with a CAGR of 4.54% from 2015 to 2020. Crude oil prices which have witnessed a sharp decline in the last one year are expected to increase to USD 80/ barrel by 2018. This rebound in oil price will be spurred by the delay in capacity addition as the oil & gas companies are currently shelving new projects to reduce their capital expenditure. With the increase in the price of crude oil, the investments for E&P activities will also increase which will lead to new projects in regions that are looking to overturn their production decline such as Europe and Asia-Pacific. This will in turn create further demand for the offshore drilling in these regions.
Subsea pumps are employed majorly in the offshore mature fields to improve the recovery rate by reducing back-pressure on the reservoir, thereby lowering the production expenditures. The report focuses on the subsea pump market based on its various types and applications for different regions. The global subsea pumps market is projected to reach $1,773.7 Million by 2020, at a CAGR of 11.3% during the forecast period 2015-2020.
The oil industry has steadily moved deeper in offshore wells to tap oil reserves in order to satisfy the increasing energy demand. This trend is a function of depleting onshore reservoirs, as well as the demand for maximizing the oil production from the existing fields. Further, while the discoveries have increased over the last ten years, they continue to fall well short of production by a considerable gap. For instance, according to IEA, 12 billion barrels were discovered in 2012, whereas only 40% of the oil was produced during the same year. Therefore, oil companies are looking for the most impactful projects to add reserves which are located offshore in deep water.
The global offshore drilling rigs market value is expected to reach $102,473 million by 2019, growing at a CAGR of 9.27% from 2014 to 2019. Some of the factors responsible for this growth include increasing expenditure on exploration and production and the rising demand for energy from emerging economies like Africa, Brazil, and the U.S. Gulf of Mexico. The key concerns for the offshore drilling rigs industry include various environmental concerns and other related government regulations.