Increasing Exploration Activities for Oil and Gas Reservoirs Present Growth Opportunities for Zonal Isolation Market
Growing drilling activities across oil and gas plants is one of the key drivers fuelling growth of the zonal isolation market.
San Francisco, CA -- (SBWire) -- 04/08/2020 --Growing drilling activities across oil and gas plants is one of the key drivers fuelling growth of the zonal isolation market. Zonal isolation inhibits mixture of oil and gas across geographical layers.
Further, exploration activities for oil and gas reservoirs are increasing substantially. Investments by public and private organizations for the project is likely to provide fresh growth aspects to zonal isolation market in coming years.
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Shift in production and exploration activities from onshore to offshore is one of the key factors driving demand for zonal isolation methods. Further, growing drilling and rising awareness regarding the method are likely to provide lucrative growth opportunities for expansion of the market.
Soaring Demand for Crude Oil Entails Shale Gas Exploration Activities
Besides, increasing shale gas exploration activities has resulted in growth in the number of drilling rigs. This drilling activities is being performed to meet the soaring demand for crude oil. This, in turn, is likely to boost growth of the market in coming years.
Zonal isolation method provides safety and protection against any kind of formation damage, eliminated expensive work-over, and enhanced productivity. These are some of the key factors fuelling demand for zonal isolation in various drilling and exploration process of oil and gas production.
In case of selective isolation, effective zonal isolation application is required. It ensures formation control and allows fracturing applications. These are some of the major factors likely to boost demand for zonal isolation packers.
Meanwhile, industrial operators are looking for cost-effective and effective solutions for zonal isolation requirements. As a result, range of zonal isolation packer designs are available in the market providing flexibility to meet various challenge dynamics.
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Resistant Against Adoption of Advanced Techniques Limit Growth Rate of Zonal Isolation Market
Zonal isolation packers is witnessing wide adoption rate across various industries. The adoption rate is attributed to several advantages of zonal isolation packers over the conventional isolation techniques. On the other hand, resistant among various industry operators to adopt new techniques are likely to restrict the growth rate of zonal isolation packers.
Further, strict government regulations in regarding with use of zonal isolation technologies are likely to pose substantial challenges to the manufacturers operating in zonal isolation packers market. The main hindrance lies in diversification of the product range.
Europe market is likely to witness significant growth in coming years. The U.K. and Norway is likely to account for major share in the regional market. Further, growing production and increasing inflow of investment are estimated to enhance the market growth rate in foreseeable years.
Meanwhile, North America and Middle East and Africa are anticipated to witness a progressive rate in coming years. The growth rate is attributed to growing number of drilling activities and exploration activities in the regions. Various public and private organizations are investing extensively for search of new oil and gas reservoirs.
The global zonal isolation market is fragmented in nature. Due to presence of various players, there is intense competition in the market. Further, new entrants are also likely to enter into the market in coming years.
Key players are focusing on research and development activities to provide innovative methods to their customers. This, in turn, is likely to augment growth of global zonal isolation market in forthcoming years.
Some of the pioneers operating in the zonal isolation market are National Oil well Varco, RGL Reservoir Management Inc., Weatherford International PLC, Nabors Industries Ltd., Gryphon Oilfield Solutions, Trican Well Service Ltd., Baker Hughes Inc., Vanguard Oil Tools Services LLC, ERA Oilfield Services Co Ltd., Packers Plus Energy Services Inc., NCS Multistage Holdings Inc., TAM International Inc., Innovex Downhole Solutions Inc., Tendeka B.V., Welltec, Superior Energy Services, and Saltel Industries SAS.
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