Zonal Isolation Market is gearing up at a fast pace with the increasing rate of production and exploitation of untapped oil and gas reserves worldwide. The latest evolution in shale gas production along with the volatility in crude oil prices is promoting a large number of drilling activities across the globe, which in turn is stimulating the market expansion. Operators in the past few years have deployed various mechanical and chemical techniques for the isolation process to prevent interflow of gas, water, and oil between geographical layers. As per Global Market Insights Inc., “Zonal isolation market worth over USD 17.5 billion is slated to have a revenue record of USD 31.18 billion by 2024, and will grow significantly at a CAGR of 6% over the period of 2016-2024.”
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Based on applications, offshore zonal isolation industry is expected to witness a comparatively larger demand over onshore application. Surging demand for drilling activities along with heavy investments in the exploration of offshore treasure is expected to boost the market from this sector. Offshore zonal isolation market is forecast to grow significantly at an annual rate of 7% over the period of 2016-2024 Onshore applications will also witness moderate growth at projected annual rate of 5% over the coming time frame.
The two basic technologies that are employed for isolating a particular zone during well invention are mechanical and chemical. Mechanical technology dominated the technology landscape of global zonal isolation industry and is expected to grow lucratively in the years ahead with a revenue estimation of USD 7 billion by 2024. The market from chemicals will also exhibit substantial annual growth rate of 6% over the coming seven years.
U.S., a major revenue pocket for North America zonal isolation market, solely accounted for more than half of the regional industry share in 2015, by collecting a revenue of USD 3.6 billion. Overall North America market held a revenue of USD 7 billion in that particular year. Rising offshore drilling activities, enormous production of shale gas across the Gulf of Mexico, and the growing exploration of untapped potentials in these regions are some of the key factors influencing the regional industry growth.
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Asia Pacific is another prominent region experiencing a lucrative growth trajectory in the global landscape. In APAC belt, China is a prominent region showing a considerable progress in zonal isolation industry. The country is estimated to be a landmark attributed to its abundance of shale gas resources. China’s huge investment of more than USD 1 billion on the shale gas revolution is set to stimulate the overall market dynamics in the years ahead. UK which is the major player in Europe zonal isolation market is projected to register a revenue of USD 173.5 million by 2024.
Key industry participants include FMC Technologies, Tendeka, Archer, and Weatherford.
Browse key industry insights spread across 90 pages with 69 market data tables & 9 figures & charts from the report, “Zonal Isolation Market Size by Application (Offshore and Onshore Zonal Isolation), By Technology (Chemical and Mechanical Zonal Isolation), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Norway, China, India, Saudi Arabia, Iran) Estimated to Reach USD 31.18 Billion by 2024. Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2024” in detail along with the table of contents:
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