Zonal Isolation Market Worth Over $33bn by 2024: Global Market Insights, Inc.
Mechanical zonal isolation market will see growth to 2024 due to its consistent performance across various deep-water conditions.
SELBYVILLE, Del., January 24, 2019 (Newswire.com)
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The zonal isolation market is expected to grow from over USD 22 billion in 2017 to USD 33 billion by 2024, according to a 2019 Global Market Insights, Inc. report. Increasing focus toward the exploration & production of oil & gas fields along with technological advancements to improve the production efficiency will boost the market. In addition, government focus toward enhancing the productivity of mature fields accompanied by increasing offshore drilling activities will complement the industry landscape.
The U.S. zonal isolation market will witness growth on account of high potential of untapped oil reserves along with increasing number of drilling rigs across the region. Favorable government initiatives to enhance the production of oil to meet the increasing energy demand will further stimulate the industry growth. In Anadarko, new-well oil production per rig increased by five barrels per day from January 2018 to February 2018.
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Enhanced focus toward deep-water drilling activities along with shifting trends toward drilling deep and ultra-deep wells will boost the offshore zonal isolation market growth. In Saudi Arabia, the expansion of deep-water projects and increasing production from Safaniya, Manifa, and Qatif oil fields has been contributing maximum toward the total production. In addition, increasing demand for oil from developing economies will enhance government efforts to explore offshore reservoirs, thereby complementing the business outlook.
Mechanical zonal isolation market will witness growth on account of consistent performance of these technologies across various deep-water conditions. Continuous technological advancements to stimulate unconventional reservoirs in an economical & efficient manner and achievement of increased productivity will enhance the business scenario.
Growing industry inclination toward the expansion and optimization of mature wells along with continuous development efforts in the existing isolation technologies to combat the loss of drilling will boost the market. Significant capital investments by major industry players toward redevelopment programs will further stimulate the industry growth.
Browse key industry insights spread across 320 pages with 542 market data tables & 34 figures & charts from the report, “Zonal Isolation Market Size By Application (Onshore, Offshore {Shallow, Deep, Ultra-Deep}), By Method (Mechanical {Sliding Sleeves, Packers, Perforated/Slotted Liners, Plugs}, Chemical {Polymer Gel, Monomer System, Bio-based Polymers, Elastomers}), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Norway, Netherlands, Romania, Poland, Russia, China, India, Indonesia, Malaysia, Thailand, Australia, Vietnam, Oman, Saudi Arabia, UAE, Qatar, Iran, Kuwait, Turkey, Egypt, Algeria, Angola, Nigeria, Brazil, Argentina, Chile, Peru, Bolivia, Colombia), Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/zonal-isolation-market
The African market is anticipated to grow over 9% by 2024. Steadily rising investments by the global investors and exploration companies toward the potential oil & gas hotspots across the region will positively impact the industry growth. The Ministry of Mineral Resources and Petroleum aims at maximizing investments for the Angolan oil fields through partnership with Africa Oil & Power. Furthermore, ongoing government efforts to avoid the shortfall of future O&G supply coupled with escalating focus toward the redevelopment of aging fields will encourage the regional outlook.
Increasingly harsh downhole conditions necessitate the advances in isolation technologies along with ongoing research & development efforts to meet the rising drilling challenges will stimulate the chemical zonal isolation market growth. In addition, the widespread applicability across varying range of temperature and pressure conditions along with the ability to provide effective isolation across horizontal wells will further propel the industry dynamics.
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