NEW
YORK, July 3, 2024 /PRNewswire/ -- The global
oil and gas fishing market size is estimated to grow by
USD 2.01 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a
CAGR of almost 6.06% during the forecast period. Rise in
demand for oil and gas is driving market growth, with a
trend towards technological advancements in oil and gas
fishing tools and equipment. However, lack of workers with
expertise in carrying out oil and gas fishing services poses
a challenge. Key market players include Archer Ltd., Ardyne
Technologies Ltd, Baker Hughes Co., China Oilfield Services Ltd.,
Equity Petroleum Services Nigeria Ltd., Expro Group Holdings NV,
Falcon Downhole Services LLC, NOV Inc., Odfjell Technology Ltd.,
Schlumberger Ltd., Tecon Oil Services Ltd., Tobitem DownHole
Solutions Co. Ltd., Weatherford International Plc, Wellbore
Integrity Solutions, and Wenzel Downhole Tools.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Oil And Gas Fishing
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
6.06%
|
Market growth
2024-2028
|
USD 2012.8
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.62
|
Regional
analysis
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
North America at
37%
|
Key
countries
|
US, China, Russia,
Canada, and Saudi Arabia
|
Key companies
profiled
|
Archer Ltd., Ardyne
Technologies Ltd, Baker Hughes Co., China Oilfield Services Ltd.,
Equity Petroleum Services Nigeria Ltd., Expro Group Holdings NV,
Falcon Downhole Services LLC, NOV Inc., Odfjell Technology Ltd.,
Schlumberger Ltd., Tecon Oil Services Ltd., Tobitem DownHole
Solutions Co. Ltd., Weatherford International Plc, Wellbore
Integrity Solutions, and Wenzel Downhole Tools
|
Market Driver
The oil and gas fishing market has experienced significant
growth due to technological advancements. Innovative drilling tools
with real-time data transmission capabilities and robotic systems
for downhole operations have improved efficiency, safety, and
cost-effectiveness. High-strength alloys and composite materials
have increased the durability of fishing tools. Data analytics
software processes large volumes of data to optimize fishing
strategies and predict equipment failure, reducing downtime. These
advancements are driving market growth.
The Oil and Gas Fishing Market is experiencing significant
trends with various technologies and processes in use. Actives,
such as drilling rigs and production units, are essential in this
industry. Oversights and onshores host these activities. Fishing
for resources involves procedures like drilling and production.
Tools like probes and cutters are used. Services like seismic and
reservoir are also crucial. Devices like sensors and pumps are
integral. Costal areas and shallow waters are common fishing
grounds. Regions like the Middle
East and North America are
major players. Producers aim to increase efficiency and reduce
costs. Regions like Europe and
Asia Pacific are also growing
markets.
Research report provides comprehensive data on
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Report
Market Challenges
- The oil and gas fishing market faces a significant challenge
due to the scarcity of skilled laborers. The lack of proper
training and educational facilities contributes to this issue. The
highly specialized nature of fishing services necessitates in-depth
knowledge and practical experience. Few institutions offer
comprehensive courses, resulting in a shortage of skilled workers.
High demand from companies leads to intense competition, making it
difficult for smaller players to attract and retain personnel. The
cyclical nature of the industry and its physically demanding
requirements further deter potential candidates, limiting the pool
of skilled workers and hindering market growth.
- The Oil and Gas Fishing Market faces several challenges in
today's industry. Production projects require substantial resources
and investments. Drilling and production technologies are
constantly evolving, making it essential to stay updated. Producers
must navigate regulatory environments and address environmental
concerns. Ground and subsurface conditions can be unpredictable,
leading to unexpected delays and costs. Additionally, market
volatility and price fluctuations impact profitability. Projects
must be managed efficiently to maximize returns. The use of
advanced technologies and innovative solutions can help overcome
these challenges and improve overall productivity.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This oil and gas fishing market report extensively covers market
segmentation by
- Application
- Product
- 2.1 Casing cutters
- 2.2 Milling tools
- 2.3 Overshoots and spears
- 2.4 Fishing jars
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Onshore- The Oil and Gas Fishing Market
involves the production of fish and other marine species in areas
where oil and gas exploration and production activities take place.
This market provides an essential source of food and income for
local communities and industries. Companies use specialized fishing
vessels and equipment to ensure sustainable fishing practices and
minimize disruptions to oil and gas operations. The market faces
challenges such as environmental regulations, competition from
other fishing industries, and fluctuating oil prices. Despite these
challenges, the Oil and Gas Fishing Market continues to grow,
driven by increasing demand for seafood and the need for
sustainable solutions for waste management in the oil and gas
industry.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Oil and Gas Fishing Market encompasses the use of
specialized tools and techniques for retrieving lost or stuck
drilling equipment in drilling projects, particularly in the
context of onshore and offshore drilling activities. Key components
of fishing operations include overshots and spears for retrieving
drill strings, milling tools for removing obstructions, fishing
jars for catching and holding drill pipes, and casing cutters for
cutting and removing damaged casing. Well maintenance in offshore
regions relies heavily on fishing operations to ensure the
integrity of wellbores and the extraction of valuable oil reserves,
such as crude oil, gasoline, diesel, and aviation fuel. Mechanical
elements, including pumps and rig floor equipment, are essential
for the successful execution of fishing operations. Technical
advancements continue to shape the Oil and Gas Fishing Market, with
innovations in fishing tools and techniques contributing to
increased efficiency and productivity in drilling projects,
particularly in the exploration of unconventional resources like
shale gas.
Market Research Overview
The Oil and Gas Fishing Market refers to the industry involved
in the exploration and production of underwater resources using
fishing techniques. This market employs various technologies such
as seismic surveys, sonar systems, and remotely operated vehicles
(ROVs) to locate and extract oil and gas deposits from the seabed.
The market is driven by the increasing demand for energy and the
depletion of onshore reserves, leading to a focus on offshore
exploration. The use of advanced technologies and the challenges
posed by harsh marine environments require significant investment
and expertise. The market also faces regulatory and environmental
concerns, making sustainability and innovation key factors for
success. Overall, the Oil and Gas Fishing Market is a dynamic and
complex industry that plays a crucial role in meeting the world's
energy needs.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Product
-
- Casing Cutters
- Milling Tools
- Overshoots And Spears
- Fishing Jars
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio