This market research provides a detailed analysis and segmentation of the global oil and gas fishing tools market by tool type (internal & external catching, milling tools, jarring assemblies, junk baskets, accessories, remedial and repair, washover, drillpipe and casing cutters, safety joints, and reverse units and power swivels), by application (onshore and offshore), and by geography (EMEA, APAC, and the Americas). Key vendors are Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford International.
Technavio has released its new market research report, global oil and gas fishing tools market, which is expected to grow at a CAGR of 4% between 2015 and 2019. Much of this growth can be attributed to the growing exploration and production (E&P) activities, which is driven by the escalating demand for energy from across the globe. The Americas dominate the global market for oil and gas fishing tools, accounting for more than 59% of the overall market share. The completion of unconventional oil and gas resources coupled with the rise in exploration of deep and ultra-deep water reserves that are commercially and economically viable are some of the major factors that incite market growth in this region during the forecast period.
“Of late, the market vendors are making huge investments in researches to improve the reliability and efficiency of fishing tools and other downhole drilling tools. The advancements in rig technology will contribute to the increasing drilling efficiency and decreasing cost of drilling. Technological improvements will enhance fishing activities and facilitate fishing of unconventional reserves and mature fields,” says Navin Rajendra, Lead Analyst, Energy, Technavio Research.
The internal and external catching tools dominate the global oil and gas fishing tools market, occupying around 22% of the market. These are the primary fishing tools used to retrieve various types of fish from the well. These tools include overshots, die collar, taper tap, grapple releasing spear, itco-type releasing spear, wireline spear, and packer retriever spears. This segment will continue to dominate the market during the forecast period due to their lower failure risks and increase in drilling and well-completion activities.
The leading vendors in the global oil and gas fishing tools market are Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford International. This market is estimated to grow at a steady pace during the forecast period and consists of numerous vendors due to its high-growth potential. The launch of new products by the local vendors is estimated to intensify the level of competition in this market as they offer advantages like product customization features. Also, it has been estimated that the companies that have a strong financial standing and substantial technical expertise are expected to gain maximum traction in this market during the forecast period.
A more detailed analysis is available in the Technavio report, Global Oil and Gas Fishing Tools Market 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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