Oil and Gas
Global outlook of the industrial lubricants market
Technavio’s market research analysts predict the global industrial lubricants market to grow steadily during the forecast period and post a CAGR of almost 3% by 2020. This industry research report identifies the rise in process automation to be one of the major factors that will have a positive impact on the growth of this market in the coming years. With globalization and the constantly increasing population, there is a growing demand for superior quality products. As a result, companies across the world will start automating their manufacturing units. This will help them improve the efficiency of their processes and increase productivity, in turn, achieve improved benefits. However, this rise in productivity will also lead to increased machinery run time, which will result in the need for industrial lubricants to prevent equipment failure.
The emergence of bio-based lubricants will be one of the major trends that will gain traction in this market in the coming years. With rising concerns on the negative impact of petroleum-based lubricants on the environment, industrial lubricant vendors will start manufacturing lubricants using biodegradable sources such as vegetable oil. Vendors such as Castrol, Total, ExxonMobil, and Fuchs have already started providing environment-friendly lubricants that leave minimal traces in the environment as they degrade gradually.
Competitive landscape and key vendors
This market is characterized by the presence of a considerable number of industrial lubricant vendors and appears to be fragmented. The market is highly competitive and pricing pressures in the market lead to constant price wars. Due to the introduction of new regulations by several governments across world
Overview of the global oil country tubular goods (OCTG) market
Market research analysts at Technavio predict that the global OCTG market will grow steadily during the next four years and post a CAGR of more than 6% by 2020. With drilling operations depleting the major hydrocarbon-rich regions around the globe, oil and gas industries will soon start displacing their oil drilling operations to unconventional avenues for hydrocarbon exploration. As the established areas such as the Middle East, Gulf of Mexico, and areas around the North Sea have started experiencing a reduction in production rates, energy companies have already started moving their exploration activities to other areas such as the Yamal basin in Russia, the Andaman Sea in the Indian sub-continent, and regions in the Arctic and Antarctic. Drilling operations in relatively new areas will require deeper wells, which will, in turn, create the need for larger pipes both in the drilling and the completion stages of the operations, driving the growth of the OCTG market.
A rise in the number of activities for drilling horizontal and multilateral wells will be one of the major trends that will gain traction in this market. The coming years will witness a rapid demand for directional drilling as it enables drilling into reservoirs where vertical drilling is not feasible. Additionally, directional drilling allows the grouping of wellheads in one surface location, which makes the entire process easier and cost-effective. Moreover, directional drilling can also be used to drill relief wells that can be used to reduce the pressure of the producing well. Since directional drilling will require tubular goods
Global outlook of the property insurance in oil and gas market
Technavio’s market research analysts predict the global property insurance in oil and gas market to grow steadily during the forecast period and post a CAGR of more than 3% by 2020. This industry research report identifies the need for hedging expensive oil and gas assets to be one of the major factors that will have a positive impact on the growth of the industrial property insurance market in the coming years. Due to the highly specialized nature of operations in the oil and gas industry, the machinery associated is extremely expensive. Since these expensive machineries are used in highly hazardous operations, oil and gas companies find it imperative to buy insurance policies that cover losses. Moreover, the cost of cleanup and debris removal is also high, which will again compel companies to develop risk management strategies and take up property risk insurance covers.
One of the major trends that will gain traction in this market is the emergence of engineering services. Oil and gas operations involve high temperatures, flammable liquids, high-pressure gases, and several other extreme conditions, which create a high probability for fire accidents or explosions. Realizing the value of engineering services in ensuring the success of the overall risk management process, insurance providers have started developing teams of engineers and technically experienced professionals to help them make better-informed underwriting decisions. Since the insurance premium mainly depends on the risks associated with the facilities, oil and gas companies will start focusing on developing and adopting advanced engineering services.
Competitive landscape and key vendors
The market is characterized by the presence of
Overview of the global natural gas pipeline market
Market research analysts at Technavio predict that the global natural gas pipeline market will grow moderately during the next four years and will reach a natural gas pipe length of more than 2651 miles by the end of the forecast period. This market research analysis identifies the decline in steel prices as one of the primary growth factors for this market. Steel is one of the major raw materials used in manufacturing natural gas pipelines and studies have shown that the cost of steel amounts to almost 16% of the total cost for manufacturing one mile of gas pipeline. As a result, the current trend of decreasing steel prices will signifiacntly drive the growth of the natural gas pipeline market in the next few years. Though the rise in energy prices increases the manufacturing costs, the reduction in prices of Iron ore and steel scrap, which are used as raw material to make steel, will fuel the growth of the natural gas pipleine market over the forecast period.
The need to rationalize the flow of data, make real-time choices, improving asset performance, and product quality, will soon result in the adoption of Internet of Things (IoT) by the oil pipeline industry. Through regular monitoring, tracking, controlling, and asset management, IoT will provide a detailed diagnostics and will also allow real-time data sharing. Moreover, IoT can also be used to report preventive maintenance directly at the source, which will allow immediate corrective responses that aids in minimizing leakages.
Competitive landscape and key vendors
The natural gas pipeline market plays a significant role in the global oil
Overview of the global crude oil pipelines market
Market research analysts at Technavio have predicted that the global crude oil pipelines market will grow moderately during the next four years and estimate the total length of crude oil pipelines to reach almost 538 thousand miles by 2020. The major hydrocarbon-rich regions identified in the early 20th century have started to change significantly, which will induce the exploration and production (E&P) companies to start oil and gas exploration activities in unconventional avenues. This market research analysis identifies this shift in the base of crude oil reserves as one of the primary growth factors for this market. The recent years have seen a significant reduction in the rate of production in the established areas such as the Middle East, the Gulf of Mexico, and the North Sea. As a result, crude oil companies have moved their exploration activities to relatively new areas such as the Yamal basin in Russia, the Andaman Sea in the Indian sub-continent, and most significantly regions in the Arctic and Antarctic. This will subsequently lead to the need for linking the producing regions to the consumer bases, in turn, fueling the growth of the market.
The transportation of heavy crude through pipelines is one of the major challenges faced by crude oil pipeline operators. The high density of these crude oils and rapid cooling makes their transportation through the long distance pipelines very cumbersome resulting in several operational issues in the pipeline system. This will lead to the increasing adoption of heated pipeline technology among oil and gas pipeline companies in the next four years. With the upstream oil and gas areas moving into hostile environments and the global change in climatic conditions, this technology will play a significant role in the growth of the market.
Competitive landscape and key
Global outlook of the floating production system market
Technavio’s market research analysts have predicted that the global floating production system market will grow steadily during the predicted period and will post a CAGR of almost 18% by 2020. The use of FPSO vessels is effective in remote or deep water locations since the incorporation of seabed pipelines in such locations incurs massive costs. Also, FPSO eliminates the requirement for long-distance pipelines from the oil well to onshore terminals. They prove to be more economical in smaller oil fields and marginal fields since these oil fields deplete in a few years and installing a fixed platform solution is not cost-efficient. Moreover, the FPSO unit can be moved to a new location once the field depletes and can also operate in harsh environments. The floating units can also navigate to safety during emergency situations, where the FPSO turret sinks beneath waves and can be reconnected later.
This market research and analysis estimates that the rise in deep water and ultra-deep water exploration will be one of the major trends to gain traction in the market in the next four years. New reservoirs are being discovered to meet the demand and supply of petroleum products. The recent discovery of a massive oil reserve in Golan Heights by an Israeli company and the discovery of a reservoir by BP will induce several other organizations to accelerate their exploration activities, in turn, driving the growth of the floating production system market.
Competitive landscape and key vendors
Characterized by the presence of several large international FPSO companies across the globe, the market appears to be highly fragmented. As all players equally compete to gain a better revenue share, the market is highly competitive. Intense competition
The oil and gas sector is transforming, with greater diversification and expansion of upstream, midstream, and downstream operations.
In the upstream segment, exploration of unconventional sources, like shale gas, tight gas, coal bed methane, and heavy oil, is the new area of focus for oil and gas experts. The shale gas revolution has been a big game changer for the US economy, and several other countries are expecting similar booms in the near future.
The downstream (oil and gas refinery) sector is also experiencing growth because of the increasing production of shale gas and tight gas.
Since the onshore oil and gas industry has reached a saturation point, attention is now turning to offshore operations.
However, growing environmental concerns have now compelled governments to mandate strict regulations on oil and gas production, which is likely to impact business dynamics in this market significantly through the projected period.