New Delhi, June 30, 2018: Rising number of exploration & production (E&P) activities coupled with increasing investments in offshore E&P to fuel global oil & gas coring system market through 2023 According to a recently published TechSci Research report “Global Oil & Gas Coring System Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2013-2023’’, the global oil & gas coring system market is projected to cross $ 9.7 billion on account of rising demand for oil & gas and development of new fields. Moreover, growing number of exploration & production (E&P) activities coupled with rising crude oil prices and increasing investment in research & development is further likely to positively influence global oil & gas coring system market in the coming years. Schlumberger Limited grabbed the largest share in the global oil & gas coring system market in 2017, followed by The Halliburton Company, and Baker Hughes.
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Among different types, global oil & gas coring system market is dominated by bottom coring as this is an essential activity and is carried out after every drilling operation. In 2017, onshore segment had the largest share in the global oil & gas coring system market, and the application segment is likely to maintain its dominance throughout the forecast period as well. Dominance of this segment is led by higher number of wells drilled onshore as compared to offshore, thereby making it essential to use bottom coring. Furthermore, a large demand for oil & gas coring system emanates from North America backed by increasing oil & gas exploration activities in the region.
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“As of 2017, the global crude oil consumption stood at around 98 million barrels per day. Growing investments in onshore and offshore exploration & production across the globe is likely to propel demand for coring systems in the coming years. Additionally, collaborations and acquisitions in order to expand operations, increase cost efficiency and pursue new product developments would further steer growth in the global oil & gas coring system market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
According to a published TechSci Research report “Global Oil & Gas Coring System Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2013-2023” has evaluated the future growth potential of global oil & gas coring system market and provides statistics and information on market size, structure and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global oil & gas coring system market.
Corporate Comm India(CCI Newswire)
