A recent report published by research nester titled “Oil Country Tubular Goods Market Global Historical Growth & Future Outlook 2022-2030 Demand Analysis & Opportunity Evaluation” delivers a detailed overview of the global enhanced oil country tubular goods market in terms of market segmentation by technology, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
The enhanced oil country tubular goods market is segmented into technology types such as thermal injection, gas injection, and chemical injection. Among these segments, the thermal injection segment is expected to occupy the top position in the market by the end of the forecast period.
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The rise of the thermal injection segment can be attributed to low cost and high recovery rates of thermal injection techniques. Additionally, the high flexibility of the thermal injection method for shallow, dipping, thick, and high permeability reservoirs is also a key factor that is envisioned to drive the growth of the market across the globe.
Apart from this, a growing preference for CO2 enhanced oil recovery is expected to drive the growth of the gas injection segment over the forecast period.
enhanced oil country tubular goods market is expected to register a ~7% CAGR over the forecast period. Moreover, the enhanced oil country tubular goods market is primarily driven by growing energy demand across all regions. Furthermore, the increasing need to boost the oil extraction to meet the energy demand is expected to enhance the growth of enhanced oil country tubular goods market in near future.
The onshore segment by application is accounted for major market shares in 2016 and is expected to maintain this dominance over the forecast period. Furthermore, the presence of a large base of onshore reservoirs as compared to offshore reservoirs is a major reason which is why this segment is expected to grab major shares in the market of enhanced oil recovery by the end of the forecast period. Factors such as the increasing number of aging onshore oil fields coupled with growing concern towards heavy oil reservoirs are expected to drive the growth of this segment over the forecast period.
Some of the factors such as rising consumption of energy and rising oil prices are included which has led various oil & gas companies to use enhanced oil recovery techniques to improve the production rate. Further, the shortage of conventional energy sources is also a major factor that may bolster the growth of this segment over the forecast period.
Growing Oil & Gas Sector
Exploration of new oil fields and government support to boost the growth of the oil & gas sector to fulfill the rising demand for energy are predicted to bolster the growth of the market in the future. However, the presence of other technologies to boost the extraction rate in oil fields is likely to inhibit the growth of the enhanced oil country tubular goods market in the near future. This report also provides the existing competitive scenario of some of the key players of the enhanced oil country tubular goods market which includes company profiling: JFE Steel Corporation, TMK Group, NOV Inc., United States Steel Corporation, Weatherford International plc, Vallourec, TENARIS, Nippon Steel Corporation, PetroChina Company Ltd.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the enhanced oil country tubular goods market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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