Growing Upstream Oil & Gas Activity - Drives the Market
Owing to the oil price crisis as of 2014-16, the expenditure in the upstream oil & gas industry dropped by about 60%. However, oil prices stabilized during 2016-17, as a result of which the oil & gas production activity experienced a substantial growth. The capital expenditure in the upstream oil & gas industry was estimated to register a significant growth rate of 25% during 2016-17. The growing upstream oil & gas activity is expected to drive the global water management services market. Factors such as technological advancements, stringent government regulations, and growing hydraulic fracturing activity, is also expected to drive the global water management services market in the oil & gas industry. The high cost associated with water management services and lower for the longer oil price scenario are expected to restrain the market growth.
North America to Lead the Market
Over 80% of the global hydraulic fracturing activity takes place in this region. The hydraulic fracturing process involves a large amount of water injection and, hence, water management services are essential in this process to minimize the environmental impact. Owing to a large share of oil & gas production and hydraulic fracturing activity, North America is a market leader in the global oil & gas water management services market. This region is expected to experience a significant growth rate during the forecast period, owing to a positive outlook in the United States and Canada. The United States is expected to experience a substantial growth in oil and gas activity, owing to increasing level of production from Permian basin of Texas and the Gulf of Mexico. Canada, with stability in oil prices, is expected to experience increase in investments in the oil & gas industry, allowing private players to explore some of its most prominent oil sand reserves.
Growing Investments in Upstream and Downstream Sector in Saudi Arabia
The Saudi government has planned to invest on up scaling the production of hydrocarbons and maintain the dominance in the global oil & gas business. Moreover, this country has invested, heavily, in the downstream infrastructure. Therefore, the water management services market in upstream and midstream industry in the country is expected to register a substantial growth rate, during the forecast period.
Notable Developments in the Market
• January 2018: The US Interior Department announced that it will allow drilling in nearly all US continental waters. This is the single largest expansion of offshore oil & gas leasing by the federal government in the history of the United States.
MAJOR PLAYERS: HALLIBURTON COMPANY, BAKER HUGHES (a GE COMPANY), OVIVO Inc., NUVERRA ENVIRONMENTAL SOLUTIONS, SCHLUMBERGER Ltd, AQUATECH, amongst others.
Reasons to Purchase this Report
• Effects of oil prices, investments in and dynamics of oil & gas industry, government regulation, and technological developments in water management services on the global oil & gas water management services market.
• The various market perspectives, with the help of Porter’s five forces analysis
• The water management service expected to dominate the market
• The regions expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel).
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