Wireline Services Market Growth Slowing

The wireline services market is expected to grow from an estimated $8.26 billion in 2016 to $9.15 billion by 2021, at a CAGR of 2.1%. The global market is set to witness growth, due to the aging reservoirs, increasing oil production, and lifting of Iranian oil export sanctions. Also, oil export sanctions on Iran were lifted in January 2016, allowing the country to export oil. This has led to an increase in Exploration & Production investments in the country, leading to a rise in oil production.

Upsurge in Oil and Gas Driving Hydraulic Workover Unit Market

The hydraulic workover unit market is expected to grow from $9.8 billion in 2019 to $12.0 billion by 2024, at a CAGR of 3.97% during the forecast period. The hydraulic workover unit market in North America is estimated to be the largest, followed by Asia Pacific. The major factors driving the hydraulic workover unit market include upsurge in oil and gas production after decline in oil prices and growing shale gas production. Major heavy oil reserves are present in countries such as Canada, Venezuela, Mexico, China, and Colombia.

Significant Growth Expected in Robotic Drilling Market

The robotic drilling market is expected to grow from an estimated $658 million in 2018 to $923.3 million by 2023, at a CAGR of 7.01% from 2018 to 2023. This market growth is driven by the increased drilling activities due to the development of unconventional hydrocarbon resources and the adoption of automation and robotics in oil and gas drilling, which results in higher efficiency drilling and improved safety in rigs.

Offshore Exploration Supporting Offshore Support Vessel Market

The global offshore support vessel market was valued at $20.06 billion in 2018 and it is projected to reach $25.66 billion by 2023, growing at a CAGR of 5.04%, from 2018 to 2023. The offshore support vessel market is set to witness growth due to the ongoing offshore activities across the US, China, Brazil, and the North Sea, as well as the increasing focus on deepwater fields.

Strong Growth in Offshore Pipeline Market

The offshore pipeline market is projected to reach $15.8 billion by 2023 at a CAGR of 6.54% from an estimated $11.5 billion in 2018. In 2018, the offshore pipeline markets in Europe were estimated to be the largest, followed by the Americas. The major factors driving the Offshore Pipeline Market include increasing demand for crude oil and natural gas, especially from the Asia Pacific region. Increasing demand for safe, economical, and reliable connectivity is expected to drive the Offshore Pipeline Market.

Intelligent Completion Market Growing Strong

The intelligent completion market is projected to reach $2.16 billion by 2023, from an estimated $1.61 billion in 2018, at a CAGR of 6.05% from 2018 to 2023. This growth can be attributed to the increasing focus toward the production of oil & gas wells and improved economical and operational benefits across the globe. High initial costs coupled with a lack of data processing infrastructure on the oil & gas rigs can hinder the growth of this market.

Offshore Decommissioning Market Doing Well

The offshore decommissioning market is projected to reach $8.76 billion by 2025, growing at a CAGR of 5.05%, from 2017 to 2025. Offshore decommissioning is plugging the oil and gas wells which are matured and are non-productive. Maturing oil and gas fields and aging infrastructure in the North Sea and Gulf of Mexico are driving the offshore decommissioning market. Low crude oil prices are other major driver for this market.

Subsea Systems Market Rebounding

The subsea systems market is projected to grow from an estimated $15.78 billion in 2016 to $17.44 billion by 2021, at a CAGR of 2.02% from 2016 to 2021. Despite steep revenue declines 2015 onwards, the global market is set to witness growth after 2018 due to the increasing production from deepwater fields. Offshore exploration and production investments in Africa and Asia-Pacific region will also boost the market growth. Increasing deepwater production and exploration activities and investments by emerging economies in offshore exploration are major factors driving the subsea system market.

New Technology Driving Digital Oilfield Market

The global Digital Oilfield Market is projected to grow from an estimated $24.1 billion in 2019 to $30.4 billion by 2024, at a CAGR of 4.77% from 2019 to 2024. The Digital Oilfield market is set to witness growth due to the increasing focus on optimization through digitization mostly in mature fields. New technological advancements, increased need from oil and gas operator to scale up production, and increased focus on the remote management of oil field for process optimization & automation are expected to be the key factors driving the digital oilfield market.