Zonal Isolation Market size worth $31.18bn by 2024
Published Date: September 19, 2016 Author: Global Market Insights, Inc.
Zonal Isolation Market size is expected to reach USD 31.18 billion by 2024, according to a new research report by Global Market Insights, Inc.
Operators use cementing technique to deliver isolation method throughout the life cycle of a well. In the past few years, several chemical and mechanical techniques have been developed to prevent the cross flow of gas, water, or oil between unlike formations.
Global zonal isolation market size is further segregated on application basis as offshore and onshore. Offshore applications accounted for over 66% of global revenue in 2015 owing to increasing offshore projects across the region Chemical technologies accounted for more than 59% of global zonal isolation market share in 2015 due to is wide applications in offshore drilling.
Mechanical technology comprises the practice of mechanical equipment such as packers, plugs, sliding sleeves, and slotted/perforated liners. Chemical on the contrary, involves the practice of monomer systems, polymer gels, elastomers, and biopolymers.
Multiple technologies including remedial and primary cementing are employed by well operators for isolating a specific zone during well intervention and completion. The employment of technology depends on several parameters, which include type of producing zone (oil/gas), wellbore geometry, depth of well, and wellbore temperature.
Zonal isolation method is considered critical for evolving unconventional resources owing to high initial investment. It is essential to anticipate flow rates successfully to implement and design, multistage hydraulic fracturing is low in permeable shale gas reservoirs.
Cost incurred for isolating particular zone is 2.5% to 5% of total well completion cost. The shift of exploration activities from offshore to onshore areas coupled with the increasing focus towards the development of unconventional reserves will drive the zonal isolation market during the forecast period.
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:
Key insights from the report include:
- Norway zonal isolation market size was valued at over USD 186.2 million in 2015. Increasing shale gas exploration coupled with growing demand for oil & gas will drive the industry growth over the forecast period.
- U.S. zonal isolation market share was valued at over USD 3.6 billion in 2015. Increasing production and exploration of natural oil &gas in the region, growing production of shale gas in the Gulf of Mexico, increasing drilling offshore activities, and the detection of untapped oil & gas reservoirs are anticipated to drive the industry growth.
- China is estimated to hold around 30 trillion cubic meter technically recoverable shale gas resources. It has invested over USD 1 billion on shale gas revolution. These investments in oil and gas industry will drive the China zonal isolation market over the forecast timeframe.
- UK is forecast to reach USD 173.5 million by 2024. Increasing exploration in the country is likely to drive industry growth up to 2024.
- Saudi Arabia zonal isolation market is projected to expand at a CAGR of over 5.5% up to 2024. Increasing rig count and growing demand for oil & gas are key factors propelling industry growth.
- Major industry participants included in the zonal isolation market are OILSERV, FMC Technologies, Archer, Weatherford, Tendeka, Expro International Group, Superior Energy Services, Baker Hughes Incorporated, Schlumberger Limited, C&J Energy Services, TAM International, Inc., and Halliburton.
- According to the National Board of Canada, 90% of Canada’s natural gas is produced mainly using tight and shale gas. It is anticipated that Canadian industry would grow due to an increase in the exploration of tight and shale gas owing to the growing population.
Global Market Insights has segmented the zonal isolation market on the basis of application, technology, and region:
Global Zonal Isolation by Application Analysis (Revenue: USD Billion, 2013 - 2024)
- Onshore Zonal Isolation
- Offshore Zonal Isolation
Global Zonal Isolation by Technology Analysis (Revenue: USD Billion, 2013 - 2024)
- Mechanical Zonal Isolation:
- Sliding Sleeves
- Perforated/Slotted Liners
- Chemical Zonal Isolation:
- Polymer Gels
- Monomer Systems
Global Zonal Isolation Regional Analysis (Revenue: USD Billion, 2013 - 2024)
- North America
- Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia