Irving, TX (PRWEB) July 24, 2012
The global oil and gas well completion and production industry experienced a robust growth over the last five years and is expected to continue its growth momentum reaching approximately US$157.3billion in 2017 with a CAGR of 5.3% over the next five years (2012-2017).
Lucintel, a leading global management consulting and market research firm, has analyzed the global oil and gas well completion industry and presents its findings in “Global Oil and Gas Well Completion and Production Industry 2012-2017:Trend, Profit, and Forecast Analysis.”
The global oil and gas well completion and production industry is a fragmented market. A combination of factors such as strong oil price and higher customer spending is seen to impact market dynamics significantly. APAC witnessed the highest growth with a CAGR of 23.6% during the last five years, mainly driven by increasing oil and well completion activities in Australia and the India geo-market and higher activities in all well services lines in Malaysia and Indonesia.
Lucintel’s research indicates that in 2011, the industry witnessed a good growth over 2010 due to rising capital expenditure by oil and gas companies and high demand of pressure pumping services.North America was the region with the highest growth in 2011 as it has a large number of wells and rising demand for production enhancement services in the US land market.
As per the study, increasing demand of oil and gas, new technology advancement, rising unconventional resources development, high oil prices, and increasing deep water services are anticipated to boost the industry.The industry is expected to face certain challenges, such as political instability, geographic challenges, emerging sources, government regulations, scarcity of skillful workforce, and environmental challenges.
This study provides an overview of the global oil and gas well completion and production industry.The report tracks four geographic regions for the global oil and gas well completion and production industry.
For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at +1-972-636-5056 or via email at helpdesk(at)lucintel(dot)com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency.