Worldwide zonal isolation market is predicted to cross US $33 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.
Growing offshore drilling activities coupled with increasing focus of government towards refurbishing of aging oil and gas fields will propel the zonal isolation market outlook. Expansion of exploration & production industry, along with the development of enhanced technology to enhance the production of oil & gas well will further aid the market growth.
According to the report, heavy investments by market players towards the renovation of old wells in order to optimize these wells, in consort with increasing advancements in the zonal isolation methods to reduce drilling losses will amplify the zonal isolation market.
Based on the application spectrum, zonal isolation market from offshore application segment is expected to witness significant gains over the forecast period, owing to inclination towards deep and ultra-deep-water drilling operations. Increasing production from Qatif, Safaniya, and Manifa oil fields and extension of deep-water projects are benefiting the overall yield in Saudi Arabia. Governments are promoting offshore exploration to meet the surging energy demand, which in turn is augmenting the segmental growth.
Considering the method applied, mechanical zonal isolation market is presumed to grow considerably pertaining to the suitability of the method for deep-water reserves. Progressive developments in the mechanical methods to improve productivity and to use existing reserves efficiently and cost-effectively, will foster the technology spectrum.
Zonal isolation market based on chemical method is anticipated to register growth over the forecast period, owing to its ability to offer effective isolation in horizontal wells. The technology is highly suitable for harsh drilling environments involving high pressure & temperature conditions. Ongoing R&D activities in chemical method to address drilling challenges will further contribute towards the market growth, claims the study.
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In terms of regional contribution, Africa zonal isolation market is projected to register a growth of more than 9% by the year 2024. Many exploration companies are investing heavily owing to the presence of potential oil & gas reserves in the region. Other factors driving the regional growth include refurbishment of mature fields and increasing demand for oil and gas in Africa.
While the U.S. zonal isolation market is driven by the supportive government initiatives to meet the growing demand for energy, and high potential of untapped reserves in the region. The federal authorities have also sanctioned to increase the number of oil wells in the region, thereby accelerating the regional market growth.
The key players in zonal isolation market profiled in the study are Hunting PLC, Superior Energy Services, General Electric, Halliburton, Oceaneering International Ltd., Archer Limited, Saltel Industries, Helix Energy Solutions, and Weatherford International among others.