Upstream Services Market – Overview
The capital-consuming nature of upstream services is leading to the expansion of the market. Reports that examine the energy and power industry have been presented by Market Research Future, which produces reports on industry verticals that appraise the market expansion and prospects. The market is on course to gain revenues valued at USD 148 billion by 2023 while progressing with a CAGR of 4.10 % approximately.
The enhancements noted in seismic surveys and exploration of wells are contributing to the overall development of the upstream services market. Moreover, the boost in production activities and technological augmentation is expected to create profitable outcomes for the upstream services market in the coming period.
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Segmental Analysis
The regional assessment of the upstream services market is conducted on the basis of type, well type, and region.
On the basis of type, the upstream services market comprises of tubular goods, pressure pumping, waste management, coiled tubing, intervention, completion, well fluids, and wireline.
Based on the well type, the upstream services market is segmented into Onshore and Offshore.
On the basis of region, the global upstream services market consists of North America, Europe, Asia Pacific, and Rest of the World.
Detailed Regional Analysis
The regional assessment of the upstream services market comprises of regions such as Europe, North America, Asia Pacific, and Rest of the World.
Among these regions, the North American region is presently leading this market with its shale gas revolution motivating the market. The Asia Pacific region is in charge of a substantial segment of oil and gas demand and is anticipated to have a noteworthy impact on the development & progress in the upstream services market. The production of shale gas in the North American region, the saturation in the supply of crude oil from OPEC nations, economic deceleration in China, etc. has led to anomalies in crude oil demand and supply dynamics consequently, leading to a pointed decline in crude oil prices. This has further led to a brutal slump in worldwide upstream oil & gas services market and the businesses functioning in this segment are experiencing an enormous drop in their income collection. As per the global trend, the present state of the Asia Pacific upstream oil & gas service industry continues to be volatile.
Competitive Analysis
The upgrading of the production facilities is anticipated further the market’s growth pace in the coming years. Moreover, breakthroughs in technology are expected to exert a positive influence on the development of the market. The impact of governmental plans is inspiring additional progress in the market. The improvements in the logistic chain are expected to create favorable prospects for growth in the coming period. The market is being defined by the driving forces that are exerting an authoritative influence. The improvements in the extraction of natural resources are further reinforcing market expansion. The development of alternative raw material sources is expected to further address the supply demands in the market. The fluxes in the currency are projected to steady and therefore leave a favorable effect on the market. The advancement of investment into physical capital is anticipated to reinforce the market’s expansion in the forecast period.
Leading Players
The major contenders in the upstream services market are Halliburton (U.S.), Baker Hughes Incorporated (U.S.), Schlumberger Limited (U.S.), Petrofac Limited (Jersey), Saipem S.p.A. (Italy), Weatherford (U.S.), TECHNIP (U.K), China Oilfield Services Limited (China), Transocean Ltd. (Switzerland), Flour Corporation (U.S.), and GE Oil & Gas (U.S.).
Industry Updates:
June 2019 The Chairman of Forte Oil Plc has stated the conclusion of the deal of all his stake in the firm’s downstream and upstream dealings. The divestment by its majority shareholder, with Otedola, came through recently stating that he had arrived at an arrangement with the Prudent Energy team, funding through Ignite Investments and Commodities Limited, to part from of his full 75 percent indirect and direct shareholding in the company’s downstream business.
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