Asia-Pacific To Witness Highest Growth In The Global Oil & Gas Field Equipment And Services Market
North America, the Middle East, and Africa account for more than 50% of the global oil field services market, but APAC is expected to witness highest growth in the Global Oil & Gas Field Equipment and Services market in 2012-2017.The Global Oil & Gas Field Equipment market is expected to continue its growth momentum, reaching approximately US $613 billion by 2017 with a CAGR of 6.9% over the next five years.
Lucintel, a leading global management consulting and market research firm, has analyzed the global oil and gas field equipment and services market and presents its findings in “Global Oil & Gas Field Equipment and Services Industry 2012-2017:Trend, Profit and Forecast Analysis.”
The Oil and Gas Field Equipment & Services industry comprises sales of equipment and services used in crude oil and natural gas extraction. The industry is highly fragmented in terms of suppliers and buyers; it highly depends on the upstream business of the oil and gas companies.
Government and environmental regulations political instability in many oil producing regions are some of the challenges facing the industry but increasing demand and stronger pricing for pressure pumping services are expected to drive the market. APAC is forecast to be the region with highest growth during next five years. Robust demand for oilfield services in North American unconventional oil and gas shale is expected to lead the industry.
This study provides an overview of the Global Oil & Gas Field Equipment and Services industry. The report tracks five industry segments for four regions; thus, it tracks 20 segments of the Global Oil & Gas Field Equipment and Services industry. The industry includes the sale of equipment, evaluation, contract drilling and well completion and production services related to the extraction of oil and gas. The scope of this study is limited to annual trends for past five years and forecasts for next five years 2012-2017. It also identifies the high growth areas and markets for the future business expansion and market expansion.
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