Irving, TX (PRWEB) September 16, 2012
The global evaluation and exploration industry experienced a robust growth over the last five years and is expected to continue its growth momentum, reaching approximately $20.5billion in 2017 with a CAGR of 6.9% over the next five years (2012-2017).Offshore exploration activities in Southeast Asia are anticipated to drive the APAC industry growth.
Lucintel, a leading global management consulting and market research firm, has analyzed the global evaluation and exploration industry and presents its findings in “Global Exploration and Evaluation Industry 2012-2017 Trend, Profit and Forecast Analysis.”
The industry is highly consolidated. North America dominates this market. A combination of factors such as high oil prices and new technology are seen to impact market dynamics considerably.The industry witnessed a huge growth during 2006-2012 due to rise in exploration activities in offshore regions and an increase in demand for high-end technologies and solutions. ROW increased with a robust growth rate due to strong activities in the Angola geo market, land seismic activities in the Middle East, new surveys in North Africa and West Africa, and stronger offshore exploration activities in Nigeria and the Gulf of Guinea. North America, the Middle East, and Africa recorded a robust growth in this market and have huge reserves in onshore and offshore areas, which create room for further discoveries of new resources.
Lucintel’s market research indicates that the industry increased 31.0% in 2011compared to 2010, mainly driven by improved land seismic activity in the Middle East and new surveys in North Africa and substantial demand in the Gulf of Mexico and offshore areas.
Geographical challenges, political instability, government regulations, scarcity of skillful workforce, environmental challenges, and OPEC regulations are the biggest challenge for the industry. Increasing demand of oil and gas, new technology advancement, availability of oilfield services, and high oil prices are anticipated to boost the industry.
The report tracks one market segments for four regions – thus it tracks four segments of the industry.
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