Technavio’s global rigless intervention services market research report forecasts the market to grow at a CAGR of over 4% during the forecast period.
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Technavio has released a new market research report on the global rigless intervention services market for the period 2018-2022. (Graphic: Business Wire)
The adoption of supercritical carbon dioxide in fracking will be one of the major trends in the global rigless intervention services market during 2018-2022. Fracking or hydraulic fracturing is a technique that is used to recover oil and gas from shale rocks. It is a process of drilling down into the earth and directing a high-pressure water mixture at the rock to recover the oil and gas inside. Traditionally, water, chemicals, and sand are injected into the rock at a high pressure that allows the oil and gas to flow out to the wellhead.
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According to Technavio analysts, one of the key drivers for the global rigless intervention services market is the rise in oil and gas demand:
Global rigless intervention services market: Rise in oil and gas demand
According to the US EIA, the global liquid fuel consumption increased from 95.43 mbpd in 2015 to 98.43 mbpd in 2017. During 2015-2017, the global liquid fuel consumption grew at an annual rate of 3.14% and during the forecast period, it is expected to grow at a high rate. The average crude oil import cost dropped from USD 103.30/barrel in September 2013 to as low as USD 28.94/barrel in February 2016, according to lEA.
According to a senior research analyst at Technavio, “The average crude oil import cost was just over USD 60/barrel in January 2018, projecting a gradual recovery in the upstream oil and gas industry. Many oil-producing countries do not have large additional capacities. Thus, they need to discover greenfield oil wells in the existing and new oil fields to meet the high fuel demand. Similarly, natural gas consumption has also increased since the last 10 years.”
Global rigless intervention services market: Segmentation analysis
This global rigless intervention services market analysis report provides market segmentation by application (onshore and offshore) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the onshore segment held the largest rigless intervention services market share in 2017, contributing to approximately 73% of the market. This application segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for more than 56% share. It was followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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