Market outlook of the global oil and gas fishing tools market
Technavio market research analysts estimate the global oil and gas fishing tools market to show moderate growth during the forecast period. Much of this growth can be attributed to the growing exploration and production (E&P) activities, which is driven by the escalating demand for energy from across the globe. Also, the recent increase in offshore drilling and completion activities is envisaged to result in this market’s healthy revenue generation capacity of around USD 4 billion by 2019.
Geographically, the Americas are expected to account for more than 59% of the total market share by 2019. The completion of unconventional oil and gas resources coupled with the rise in exploration of deep and ultra-deep water reserves that are commercially and economically viable are some of the major factors that incite market growth in this region during the forecast period.
Segmentation by tool type and analysis of the oil and gas fishing tools market
- Internal & external catching
- Milling tools
- Jarring assemblies
- Junk baskets
- Accessories
- Remedial and repair
- Washover
- Drillpipe and casing cutters
- Safety joints
- Reverse units and power swivels
In this market research report, Technavio analysts estimate the internal and external catching segment to dominate over all the other segments during the forecast period. This segment is envisaged to account for more than 21% of the total market share by 2019 and is heavily influenced by factors like the recent increase in drilling and well completion activities.
Application-based segmentation of the oil and gas fishing tools market
- Offshore
- Onshore
Technavio’s market research analyst estimates the onshore segment to be the largest market segment during the forecast period. The prospects for growth in this segment are driven by factors like the increasing focus on unconventional reserves like shale gas and tar sands reservoirs, which results in its impressive market share of more than 65% by 2019.
Competitive landscape and key vendors
This market is estimated to grow at a steady pace during the forecast period and consists of numerous vendors due to its high-growth potential. The launch of new products by the local vendors is estimated to intensify the level of competition in this market as they offer advantages like product customization features. Also, it has been estimated that the companies that have a strong financial standing and substantial technical expertise are expected to gain maximum traction in this market during the forecast period.
Key vendors in this market are -
- Baker Hughes
- Halliburton
- National Oilwell Varco
- Schlumberger
- Weatherford International
Other prominent vendors analyzed in this market research are Bilco Tools, Logan Oil Tools, Magnum Oil Tool International, Oil Tools International Services Private, Schoeller Bleckmann Oilfield Equipment, and Wenzel Downhole Tools.
Key questions answered in the report include
- What will the market size and the growth rate be in 2019?
- What are the key factors driving the global oil and gas fishing tools market?
- What are the key market trends impacting the growth of the global oil and gas fishing tools market?
- What are the challenges to market growth?
- Who are the key vendors in the global oil and gas fishing tools market?
- What are the market opportunities and threats faced by the vendors in the global oil and gas fishing tools market?
- Trending factors influencing the market shares of the EMEA, Americas, and APAC?
- What are the key outcomes of the five forces analysis of the global oil and gas fishing tools market?
Technavio also offers customization on reports based on specific client requirement.
Related reports