The global oil and gas fishing market is expected to witness high growth over the forecast period owing to continuous developments in the oil and gas industry, coupled with swelling crude demand across the world.
High drilling activities are conducted to produce oil from reserves. During these activities, a wide range of mechanical and immovable objects are prone to losses. Fishing services, therefore, include recovering these tools and objects from wellbore.
Recovering unwanted mechanical objects is also a part of conventional oil and gas fishing services. With the enhancement of crude exploration and production activities, the number of wellbore barriers also increases. These wellbore barriers include drilling tools, drill string components, and stuck equipment and objects.
Therefore, a high number of wellbore barriers is expected to drive the global oil and gas fishing services market over the forecast period. Other activities, which are expected to drive the overall industry, are packer retrieval, loss of debris during old/new well drilling and workover, and milling actions.
Continuous growth in crude exploration and production, mainly offshore, is expected to drive the overall demand over the forecast period. Investment initiatives by the government mainly in Asia Pacific countries such as India, China, Vietnam, and South Korea are expected to positively contribute towards industry growth in future.
Shale gas developments in the U.S. mainland have resulted in a rise in exploration and production activities such as horizontal drilling and hydraulic fracturing. These drilling activities are expected to drive the global oil and gas fishing market demand over the forecast period.
Further, government initiatives in China to develop shale gas reserves by 2020 under shale gas program are expected to increase drilling actions in the country over the forecast period, which in turn is expected to significantly contribute towards the overall market demand in future.
Global oil and gas fishing industry is expected to be restrained by the requirement of skilled and experienced laborers to increase efficiency of these fishing services. Growing demand for well maintenance is expected to establish as a key market opportunity over the forecast period.
Global industry is segmented based on product and application. The product segment consists of various fishing equipment such as overshot & spears, milling tools, fishing jars, and casing cutters. Milling tools are expected to witness high growth over the forecast period. Casing cutters are also expected to witness significant growth over the forecast period.
The application segment includes offshore and onshore. Onshore was the leading application segment, while offshore is expected to experience the highest growth in future owing to technological developments in the oil and gas industry making it possible to conduct exploration and production activities in remote locations.
North America was the major oil and gas fishing market leader on account of high crude production in the region. The regional market is further expected to experience high growth on account of shale gas plays, which is increasing hydraulic fracturing and horizontal drilling number in North America mainly the U.S.
Asia Pacific is expected to experience high growth over the forecast period owing to government initiatives to develop crude infrastructure and reserves in India, China, Indonesia, Malaysia, and Australia. Further, shale gas policy to produce high shale gas by 2020 is expected to further enhance the oil and gas fishing industry demand in the region.
Europe is also expected to witness significant growth owing to developing economies of Germany, Italy, and France. Middle East & Africa is expected to show high growth on account of a huge number of oil And gas projects in Saudi Arabia and other countries.
Major oil and gas fishing industry participants are Halliburton, Weatherford, Schlumberger Limited, Baker Hughes Incorporated, and National Oilwell Varco. Continuous technological developments are expected to attract a huge number of new entrants in the market over the forecast period, but the industry is expected to be led by the above-mentioned well-established multinationals over the forecast period.
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