London, 28 January 2015: TechNavio, the independent tech-focused global research firm, has published a report on the Global Offshore Oil and Gas Market 2015-2019, which is expected to grow at a CAGR of 2.7 percent for the Global Offshore Oil market and 1.9 percent for the Global Offshore Gas market during the forecast period of 2014-2019.
The growth of the market is mainly attributed to the growing demand for oil and gas worldwide. It is assisted by the presence of abundant offshore petroleum resources. The development of this market is dependent on the cost-effectiveness, environmental impact, and advances in technology of the Global Offshore Oil and Gas market. With the increase in demand for oil and gas worldwide, offshore drilling is being increasingly used because it will increase production and maintain supply-demand imbalances in the market.
“The demand for oil and natural gas is growing worldwide because of the steadily growing populations, economic growth in various countries, and rapid industrialization and urbanization,” says Faisal Ghaus, Vice President of TechNavio.
Key Market Drivers
- Exhausting Onshore Oil Reserves
- Increase in Global Oil and Gas Consumption
- Increase in Offshore Drilling
- Rise in Crude Oil Prices
Key Market Trends
- Rapid Advances in Technology in the Offshore Oil and Gas Market
- Increase in Focus Toward Directional Drilling
- Growing Need for Energy Security
- Increased Investment by Market Vendors
Key Market Vendors
- BP plc
- Chevron Corporation
- Exxon Mobil Corp.
- Royal Dutch Shell
- Total SA
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
