Global Market for Oilfield Exploration and Production to Reach Almost $530 Billion by 2023
Growth Seen After Years of Downturn, but Geopolitical Activities Will Shape Future
WELLESLEY, Mass., March 27, 2019 (Newswire.com) - A new report from BCC Research, “Oilfield Exploration & Production Markets: A BCC Research Outlook,” estimates that by 2023, the global market for oilfield exploration and production will reach $530.8 billion, up from $387.8 billion in 2018, indicating a compound annual growth rate (CAGR) of 6.5%.
Oil and gas is one of the world's largest industries, providing the world's population with 60% of its daily energy needs. The world's energy markets are continually expanding, with oil and gas companies spending billions each year to maintain and increase oil production.
Top leaders in oil and gas exploration and production include: Encana Corp., Chesapeake Energy, SandRidge Energy, and Anadarko Petroleum.
Report Highlights
- Market segment analysis. By 2023, the oil exploration market is expected to grow at a slower rate, 5.8% annually, than the oil production market which is estimated to see 6.6% annual growth.
- Geographic market analysis. North America maintains by far the largest regional market for Enhanced Oil Recovery technologies, advancing from $11 billion in 2017 to $17.8 billion in 2023, indicating a CAGR of 8.4%.
- Market opportunities analysis. Oil drilling and completion technology are in a golden age, as they keep oil and gas prices “lower for longer.” Innovations have resulted in a technology that is efficient for hydrocarbon extraction from the most challenging and harsh environments.
“Bigger oilfield service companies indicate that their customers are expressing a demand for technology that saves cash but assures flow,” the report notes. “Major upstream oil and gas companies are incorporating the advantages of innovations in industrial Ethernet connectivity and advanced analytical software.”
An Uncertain Future for Middle Eastern Oil
The recent preparations by the U.S. to revise sanctions on Iran based on the counterbalance provided by the kingdom of Saudi Arabia to meet additional oil production and maintain oil price stability are something to watch out for.
Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.
Source: BCC Research
