Growing demands from petrochemicals and energy in APAC region has led to increasing productivity of upstream oil and gas services. Apart from this, there is increasing deep-water exploration activities, which is gaining traction in the APAC region. Several large scale and small scale technological advancements has led to increasing productivity as well as decreasing overall manufacturing cost is likely to play a crucial role in the growth of APAC market for upstream oil and gas services.
Future Market Insights has stated in a recent study of theirs that there is likely to be a moderate growth by 4.0% CAGR of the APAC market for upstream oil and gas services during the projected period, 2016-2021. Likewise, the APAC market for upstream oil and gas services reached an evaluation of approximately US$ 52.6Bn by 2016-end. Initiating effective upstream oil and gas services for end-users has been apparently considered as a vital trend, which supports in driving the growth of APAC market for upstream oil and gas services. The report furthermore provides highly satisfactory information regarding the growth of APAC market for upstream oil and gas services, for the approaching years.
Our analysts that have been holding an important position during the development of report have made sure that they have delivered an exceptionally beneficial insight on the subject of expansion of APAC market for upstream oil and gas services, through 2027. Furthermore, our analysts had spent incredible efforts, for catering to the growing concerns of market spectators and industry sponsors regarding APAC market for upstream oil and gas services.
Is it possible that you state some of the foremost reasons that stand out while driving the growth of APAC market for upstream oil and gas services?
Oh yes. Definitely I can. One of the foremost reasons behind the significant growth of APAC market for upstream oil and gas services are the increasing productivity along with decrease in the overall production costs. Apart from this, industrialization, high urbanization rate, increasing vehicle ownership and growing population has been surging the need for upstream oil and gas services.
Is it possible that you state some of the foremost reasons that stand out while restraining the growth of APAC market for upstream oil and gas services?
Yes. It is. One of the foremost reasons for restraining the growth of APAC market for upstream oil and gas services has been shale gas production. Apart from this, oversupply of the crude oil along with economic slowdown has significantly affected demand and supply of upstream oil and gas services.
In the APAC market for upstream oil and gas, region-wise, can you state some beneficial insights?
Sure. I can. When it comes to regions in the APAC market for upstream oil and gas, China is expected to take the lead during the forecast period.
What do you think the manufacturers will be doing for the growth of APAC market for upstream oil and gas services?
Well, analysis indicates that manufacturers together with key players will be focusing more towards R&D for the purpose of sampling techniques. Heavy investments are also made for product advancements as well as innovations.
Can you specify just the players that are currently leading in the APAC market for upstream oil and gas services?
Well, analysis has clearly indicated Saipem S.p.A, China Oilfield Services Limited, Petrofac Limited, Schlumberger Limited, Flour Corporation, TECHNIP and Baker Hughes Incorporated amongst others are the players that are currently leading in the APAC market for upstream oil and gas services.
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