Oil and Gas
Global outlook of the drilling bits market in oil and gas
Technavio’s market research analysts predict the global drilling bits market in oil and gas to grow steadily during the forecast period and post a CAGR of almost 5% by 2021. This industry research report identifies the migration of drilling into unconventional areas to be one of the major factors that will have a positive impact on the growth of this market in the coming years. It has been observed that the conventional crude oil will account for only about 60% of the liquid fuel supply by 2040. With the era of easy oil nearing the end, oil and gas companies will start looking out for unconventional avenues around the globe for exploration and production activities. For instance, the decreasing production rates in the established regions such as the Middle East, Gulf of Mexico, and North Sea has already induced energy companies to move out to other areas like the Yamal basin in Russia, Andaman Sea in the Indian sub-continent, and several regions in the Arctic and Antarctic. This increase in new exploration and production activities will result in the rise in demand for drilling equiment, in turn, driving market growth.
This market research and analysis estimates that in terms of geographical regions, the Americas will be the major revenue contributor to the market throughout the predicted period. Factors such as the constant demand for crude oil from the North American countries such as the US, Canada, and Mexico that induces the production of crude oil from unconventional resources such as
Overview of the global smart well market
Technavio’s market research analyst predicts the global smart well market to grow steadily at a CAGR of above 4% by 2021. One of the primary drivers for this market is the migration of drilling into unconventional areas. The most striking outcomes of the current generation of oil and gas exploration is the reaffirmation of the fact that the era of easy oil is coming to an end. This has resulted not only in inflated costs of hydrocarbon acquisition, but has also displaced operations geographically. The generally established areas such as the Middle East, Gulf of Mexico, and North Sea areas have started witnessing reduction in the rates of production in the past few years. This has led the energy companies, with an insatiable thirst for new resources, to move out to areas like Yamal basin in Russia, Andaman Sea in the Indian sub-continent, and most significantly, regions in the Arctic and Antarctic. The high dependence of the global economy on hydrocarbons will augment the growth of this market during the forecast period.
One of the latest trends gaining traction in this market is the IT integration and digitization of oil fields. The recent fall in oil prices has reduced the profit margins for oilfield services companies. This has induced companies to leverage the use of IT to improve efficiencies and reduce operational losses. Integrating IT with software such as total asset managers, has allowed for continuous monitoring to find any irregularities in the performance of equipment that can be fixed immediately. This tracking method has substantially reduced the maintenance time and devices failures, which resulted in monitory losses and delay in the completion of projects. Digital oilfield technologies are
Overview of the global lubricants market for mining and quarry applications
Market research analysts at Technavio predict that the global lubricants market for mining and quarry applications will grow steadily during the next four years and in terms of volume, will post a CAGR of around 3% by 2021. This market research analysis identifies the increased implementation of automatic lubrication systems as one of the primary growth factors for this market. It has been observed that the lack of effective lubrication accounts for about 55% of bearing failures and is mainly due to the lack of insufficient manual lubrication practices. The implementation of automatic lubrication system (ALS) decreases equipment downtime and also helps industries in reducing their maintenance costs. Moreover, these systems also offer the benefit of lubricating multiple points from any mounted position and can be used in both mobile and static equipment. The increased awareness about the usage of these systems among end-users in Europe and stringent environmental laws that demand the usage of ALS for maintaining environmental efficiency, will rise the demand for automatic lubrication systems, which will consequently fuel market growth.
The high economic growth and gross domestic product (GDP) of the emerging economies such as India, Brazil, South Africa, Indonesia, Mexico, and Kazakhstan will result in increased mining activities in these regions. For instance, the Latin American countries are experiencing major growth in the gold mining sector and
Overview of the global bunker oil market
Technavio’s market research analyst predicts the global bunker oil market to grow moderately over the forecast period, registering a CAGR of more than 3% by 2021. The world mercantile trade is expected to surge in the coming years, leading to the larger volumes of goods transportation, which will subsequently witness an increase in the overall fleet size as well as the carrying capacities of individual vessels. The growing need for global economic growth and the continuance of the merchandise trade has propelled the overall demand for seaborne trade volumes and maritime transport services, which will further contribute to the consumption of bunker oil. Moreover, as most of the cargo is transported by ships, the presence of large shipping industries in many countries directly contributes to the growth of the global bunker oil market.
As per this market analysis, APAC is expected to be the largest region in the global market by 2021, thanks to the rapidly changing trade dynamics in countries like India and China. With APAC expected to be the major hub of mineral, manufacturing, defense, and energy requirements, the market for bunker oil will witness huge growth in the coming years. Also, with the country’s export-oriented economic policy and rising amount of merchandise exports from China, the global market for bunker oil is expected to shift to the Chinese shores in the coming years.
Competitive landscape and key vendors
The global bunker oil market is well-diversified and very well distributed across the globe. There are over 400 ports worldwide that offer bunker oil fuel services worldwide. Chemoil
Overview of the global offshore oil and gas seismic equipment and acquisitions market
Technavio’s market research analyst predicts the global offshore oil and gas seismic equipment and acquisitions market to grow at a CAGR of close to 8% between 2016 and 2020. The global offshore oil and gas seismic equipment and acquisitions market is heavily dependent on the growth of the global oil industry and the connected crude oil prices. The primary purpose of the offshore oil and gas seismic equipment is concentrated in the upstream oil and gas sector. Seismic surveys have helped several E&P companies to get the exact dimensions of the reservoir, which helps the firms to drill a well at the position that is best suited to strike a productive well. Also, the growing implementation of 3D and 4D seismic survey technologies have drastically increased the drilling and exploration activities across the globe. Also, the shift of drilling activities in unconventional areas will further create a demand for seismic survey equipment and services, which in turn, will accelerate the overall market growth during the forecast period.
One of the latest trends gaining traction in the market is the growing digitization of oilfields. Digital oilfield includes the application of advanced software, hardware, and data analysis techniques to boost the E&P efficiency of oil and gas industry. Digital oilfields facilitate in maximizing oilfield recovery by minimizing downtime. These oilfields increase ROI and profitability through effective integration of workflows and design, and by reducing the
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
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.