Rise in the number of exploration and production activities of oil and gas wells will stimulate the zonal isolation market. This industry is gaining a remarkable momentum due to the growing number of offshore and onshore activities. Moreover, technical advancements and innovations in zonal isolation and Drill pipe industry has helped the industry players to explore novel oil & gas wells and rigs. As per Global Market Insights, Inc., “Zonal Isolation Market is estimated to witness a CAGR of 6% over the period of 2016-2024.”
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Onshore and offshore are the major application areas of the zonal isolation industry. The offshore isolation market is estimated to grow at a rate of 7% CAGR. Heavy investment in the offshore exploration activities along with rising production will propel the market growth. Furthermore, onshore application will register a CAGR of 5% over the period of 2016-2024. Redevelopment and increase in undertaking of contracts in the onshore application market will support the segment growth.
Based on technology, mechanical and chemical are the two segments driving the zonal isolation market. These mechanical and chemical techniques have been used to prevent the cross flow of water, oil, and gas between formations. Mechanical technology is used to prevent the passage of gas & oil between different geographical layers. This segment is further sub-segmented into perforated lines, sliding sleeves, plug, and packers. Mechanical technology market is projected to witness substantial gains in the coming seven years. On the other hand, the chemical technology is anticipated to register a CAGR of 6% over the period of 2016-2024. The chemical technology is used to separate or isolate gas and water producing zone in the horizontal wells. This segment is further segmented into three chemicals, including polyacrylamide, monomer, and plastic.
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Below mentioned are the regional drifts pertaining to the zonal isolation industry over 2016-2024
Norway zonal isolation market was pegged at USD 186.2 million in 2015. Rising demand for oil & gas and increase in the number of shale gas exploration will surge the regional industry demand.
U.K. with target market size slated to reach USD 173.5 million by 2024 is also witnessing healthy growth with increasing exploration activities in the region.
U.S. zonal isolation industry worth USD 3.6 billion in 2015, is poised to attain maximum growth over the coming timeframe. Increasing production of shale gas and natural oil& gas in the region will drive the market growth.
Canada industry will exhibit lucrative growth in the coming years, as growing population has resulted into rising demand and exploration of shale gas resources.
Saudi Arabia zonal isolation market is anticipated to register a CAGR of 5.5% over the period of 2016-2024.
China has the highest recoverable shale gas resources, technically holding around 30 trillion cubic meter. Heavy investments in the regional oil & gas industry will fuel the China zonal isolation industry over the coming seven years.
MEA zonal isolation industry is estimated to grow at an annual rate of 6.53% over the period of 2016-2024. Increase in the number of the rig count in Middle East countries will drive the regional trends.
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Key players in the zonal isolation industry include Halliburton Company, Superior Energy Services, TAM International, Baker Hughes, Expro International Group Holdings Limited, Weatherford International, Oilsery, and FMC Technologies.