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The oil and gas fishing market size is estimated to grow at a CAGR of 5.79% between 2022 and 2027. The market size is forecast to increase by USD 1,811.46 million. The growth of the market depends on several factors including a rise in demand for oil and gas, a rise in need for well intervention and maintenance activities in existing oil and gas wells, and the declining prices of raw materials.
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Technological advancements in oil and gas fishing tools and equipment is the key trend driving the growth of the market. The industry has been transformed by technological advancements, which have brought bout significant improvements in efficiency, safety, and cost-effectiveness. These advancements include the development of cutting-edge tools, the use of upgraded materials, and the integration of data analytics capabilities. For instance, operators can remotely monitor and control drilling operations by using intelligent drilling tools that are equipped with sensors and real-time data transmission capabilities.
Furthermore, advancements in data analytics have improved the efficiency and effectiveness of oil and gas fishing operations. These solutions can now process and analyze large volumes of data from various sources which include sensors, logs, and historical records. Hence, these factors are expected to drive market growth during the forecast period.
The onshore segment is estimated to witness significant growth during the forecast period. Onshore fishing activities such as the drilling of wells, the installation and maintenance of equipment, and the extraction of oil and gas. These activities are mainly carried out in onshore areas where oil and gas resources are easily available, and they play an important role in the overall production and supply chain in the oil and gas industry. One example of onshore fishing is during the drilling of wells. Oil and gas companies deploy drilling tools on land, which makes a hole in the Earth's surface and reaches the reserves of oil and gas underneath.
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Another example of onshore fishing is when equipment is being installed and maintained. The extraction and transportation of oil and gas from a well requires a variety of equipment and machinery. This includes pipelines, pumps, separators, and storage tanks, among others. In addition, a key component of onshore fishing is the extraction of oil and gas from onshore wells. Companies can start extracting the resources after drilling and infrastructure are set up. To maximize production and ensure the operation's profitability, efficient extraction is necessary. Hence, the above-mentioned factors are expected to raise the demand for oil and gas fishing services in the onshore segment, which will boost the growth of the global oil and gas fishing market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. With abundant energy resources and advanced technologies, North America has become a major region in the industry. Vast oil and gas reserves are one of the key factors for North America's dominance in the industry. North America is home to some of the largest oil and gas market players, such as the Permian Basin in the US and the Alberta Oil Sands in Canada. These resources provide a solid foundation for the oil and gas fishing market, attracting investment and boosting growth.
Moreover, the region's oil and gas fishing sector is expanding because of North America's well-established infrastructure and supportive policies. The region has a well-established pipeline network and storage facilities, making it possible to transport and store mined resources in an efficient manner. Additionally, favorable government policies and incentives promote industrial investment and exploration. This will create a demand for fishing services to recover debris or equipment that has been lost during drilling operations. Therefore, such factors are expected to raise the demand for oil and gas fishing services, which will fuel the growth of the regional oil and gas fishing market during the forecast period.
In 2020, the outbreak of COVID-19 had a negative impact on the oil and gas fishing market in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown, maintenance activities in the oil and gas industry resumed, and oil and gas prices also recovered. In addition, the decreasing number of COVID-19 cases, in turn, led to the resumption of transportation, thereby rising the demand for crude oil. This helped exploration and production companies to recover and raise investments in oil and gas projects in 2021 and 2022. These factors have boosted the adoption of oil and gas fishing services, which is expected to propel the growth of the market during the forecast period.
The rise in demand for oil and gas is the key factor driving the growth of the market. Due to the rising demand and consumption of energy, the demand for oil and gas is continuously increasing. The consumption of oil and gas will grow during the forecast period due to rising industrialization and urbanization in emerging countries. As emerging nations countries are urbanizing steadily, countries such as China and India are also showing substantial growth in the demand for energy. Thus, the consumption of liquid fuels and natural gas has raised. For instance, according to The World Bank Group, the percentage of the urban population in China grow by 6.25% in 2022 compared to 2019. The increasing use of fuel and electricity across the globe has led to high demand for oil and natural gas.
Subsequently, because of the rising demand for energy, oil and gas research and production companies will raise well-drilling activities to explore untapped reservoirs. Fishing operations will be needed to collect these things from the oil well so that well operations may be carried out effectively since mechanical and other parts are prone to falling during drilling activities. Hence, the increase in the global demand for oil and gas will boost oil and gas exploration and production activities and will fuel the growth of the global oil and gas fishing market during the forecast period.
The lack of workers with expertise in carrying out oil and gas fishing services is a significant challenge for the growth of the market. For maintaining and enhancing the productivity of drilling and production operations fishing services in the oil and gas industry are essential. Although, the lack of skilled laborers in this field has become a significant concern for companies operating in the oil and gas sector. The lack of proper training and educational facilities is one of the primary reasons for the shortage of workers with expertise in oil and gas fishing services. Market players are constantly seeking skilled workers to ensure the efficiency and safety of their operations. This high demand for skilled workers leads to raised competition among companies, making it challenging for smaller market players to retain these individuals
Thus, many skilled workers often choose to work for larger and more well-established companies, leaving smaller companies struggling to find competent personnel. Furthermore, the cyclical nature of the oil and gas industry also creates a challenge in terms of skilled workers. The industry is subject to boom-and-bust cycles, which may lead to layoffs and unstable employment markets. Because of the unpredictable nature of the employment market, fewer people are motivated to pursue careers in this area, further exacerbating the shortage of skilled workers. Thus, such factors are expected to hinder the growth of the global oil and gas fishing market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Oil and Gas Fishing Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Archer Ltd.: The company offers oil and gas fishing services with high-quality equipment and innovative solutions such as Mills, Overshots, Spears, Junk, and Debris Catchers.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The oil and gas fishing market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Oil And Gas Fishing Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.79% |
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Market growth 2023-2027 |
USD 1811.46 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.43 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 40% |
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Key countries |
US, Canada, Saudi Arabia, China, and Russia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Archer Ltd., Ardyne Technologies Ltd, Baker Hughes Co., China Oilfield Services Ltd., Equity Petroleum Services Nigeria Ltd., Expro Group Holdings NV, Falcon Downhole Services LLC, NOV Inc., Odfjell Technology Ltd., Schlumberger Ltd., Tecon Oil Services Ltd., Tobitem DownHole Solutions Co. Ltd., Weatherford International Plc, Wellbore Integrity Solutions, and Wenzel Downhole Tools |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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