An Incisive, In-depth Analysis on the Asia Pacific Upstream Oil And Gas Services Market
This study offers a comprehensive, 360 degree analysis on the Asia Pacific Upstream Oil And Gas Services market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Asia Pacific Upstream Oil And Gas Services market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Upstream oil & Gas Services Definition
Upstream oil & gas services are services provided for exploration and production of oil & gas on offshore and onshore fields in order to increase production efficiency and production lifespan of projects. A basic level Oil & Gas Upstream process involves three stages: Exploration, Development and Production. Upstream oil & gas services comprise services, such as inspection, repair & maintenance, sampling, decommissioning, remotely operated vehicle (ROV) drill support, subsea umbilical, risers and flowlines (SURF) support and well stimulation. Exploration involves sampling services which include attaining and analysing reservoir fluid samples using various techniques, such as wireline formation testers, formation interval testers or modular dynamics testers (MDT). The development stage consists of ROV Drill Support services which involve maintenance of remotely operated vehicles for supporting exploration & appraisal and development of wells on oil & gas fields. Drilling support services include various services, such as removal of drilling slurry and measurement services. The production stage consists of the remaining services, such as operations and eventual abandonment of the site.
APAC Upstream Oil & Gas Services Market Overview: SURF Support-Based Upstream Oil & Gas Services to Be High Growth Segment, by Service Type, During the Forecast Period
The APAC Upstream oil & Gas Services market is anticipated to grow at high CAGR during the forecast period, i.e. 2016-21. During the past decade, increasing oil & gas exploration sites coupled with growing subsequent production of crude oil and natural gas in countries of Asia Pacific i.e. Australia, Indonesia, New Zealand and Myanmar, have facilitated the need for Upstream oil & gas services in the region. The market size of APAC Upstream oil & gas services market is estimated to be over US$ 2.5 Bn in 2018. Significant profit margins drawn in providing Upstream oil & gas services are encouraging market participants to venture out extensively in the fields of Upstream oil & gas services.
Upstream Oil & Gas Services Market Dynamics- Consistent Focus on Technical Know-How by Adapting Advanced Technological Trends for Saving Capital and Labour Cost
Focusing on research and development for sampling techniques as well as investment in product innovation has been the major focus of leading companies providing Upstream oil & gas services in the Asia Pacific region. For e.g., remotely operating vehicles that provide drill support services and provide oil & gas customers with light, medium and heavy ROVs that can be used for deeper exploration & drilling services have been introduced by Upstream oil & gas services companies in Australia and Indonesia.
The APAC Upstream oil & Gas Services market is considered to be a highly consolidated market with a base of Upstream oil & Gas Services manufacturers already operating at a global scale. The upstream oil & gas services’ annual growth has been estimated to be 1.5X the annual growth represented by midstream and downstream oil & gas services in the year 2017.
Upstream Oil & Gas Services Market Analysis by Segmentation- SURF Support Identified as the High Growth Segment Compared to Other Service Types in APAC Upstream Oil & Gas Services Market
The SURF support upstream oil & gas service type is expected to be a high growth segment as compared to other segments in APAC Upstream Oil & Gas services market. ROV drill support, sampling and well simulation are the other segments estimated to witness high growth (as compared to the industry average) during the forecast period.
Regional Analysis and Outlook for Upstream Oil & Gas Services Market- Australia to Witness Robust Growth in the APAC Upstream Oil & Gas Services Market During the Forecast Period
Australia is expected to exhibit relatively higher CAGR over other countries in the APAC Upstream Oil & Gas Services during the forecast period. This is due to the fact that the nation has large reserves of coal, natural gas and crude oil. Australia is one of the top-three net exporters of hydrocarbons in the world. The country is a net exporter of natural gas and has the largest reserves of natural gas in Asia Pacific. As of 2014, the natural gas production in Australia stood at 2,214.9 Bn cu. ft. Backed by encouraging trade policies amongst the trans-pacific regions and countries as well as the high contribution of the services sector to the country’s GDP growth, Australia is indeed expected to witness high growth in the APAC Upstream Oil and Gas services market. That apart, the Australian economy has favourable regulatory environment for local firms -- it has been ranked 10th in terms of doing business list by World Bank. Also, the foreign trade policy of Australia promotes trade enhanced trade linearization and open markets. The overall trade of Australia accounted for 42% of its GDP in 2015. Indonesia and Myanmar are considered to be emerging markets for Upstream Oil and Gas services in Asia Pacific with market participants devising market entry strategies for the same.
Competitive Landscape Overview and Associated Market Participants in the APAC Upstream Oil & Gas Services Market - Market Footprint Expansion and Development of Advanced Service Offerings Employed by APAC Upstream Oil & Gas Service Providers
Some of the market participants involved in the production and sales of Upstream oil & Gas Services include Chevron Corporation, BP PLC, Eni S.p.A, Origin Energy Ltd., Murphy Oil Corporation, BHP Biliton Limited, INPEX Corporation, Quadrant Energy Australia Limited, Woodside Petroleum Limited and Royal Dutch Shell PLC. The APAC Upstream oil & Gas Services market has been found to be highly consolidated with the market share distributed within the major Upstream oil & Gas Services providers. The APAC upstream oil & gas service providers operate through regional subsidiaries specific to the region which enable better administration of operations per site involving local labour as against a centralized mode of control. For e.g. Eni S.p.A operates through its subsidiaries, such as Eni Adfin, Ecofuel SpA, Eni SpA Fuel Centrosud, Eni Corporate University and Eni International Resources, in various geographical regions of the globe, including the Asia Pacific. On the other hand, the Murphy Oil Corporation operates through its three subsidiaries, Murphy Exploration & Production Company (Murphy Expro), Murphy Oil Company (MOCL) and Murphy Expro International. The upstream oil & gas services companies are investing in adoption of advanced technologies to strengthen their position in the global market. For e.g., BHP Billiton Limited made an investment of US$ 900 Mn in 2014 and has employed seismic and geophysical surveys in its exploration of oil & gas basins in Western Australia. Another strategy of interest for expansion and consolidation of market footprint in APAC Upstream Oil & Gas services market has been that the companies are targeting their next line of business in greenfield specific projects as compared to existing sites. This is due to the fact that securing high value project sales orders lead to significantly high earnings. Recent project initiations in countries of Indonesia and Myanmar by leading APAC Upstream Oils & Gas services providers support this fact.
This FMI research study on APAC Upstream Oil & Gas Services market offers a ten-year analysis and forecast of the APAC Upstream Oil & Gas Services market for the period between 2016 and 2021. The study on Upstream Oil & Gas Services considers 2015 as the base year with market values estimated for the year 2016 and forecast developed for the duration of 2016 to 2021. Compound Average Growth Rate (CAGR) has been represented from 2016 to 2021. The study covers various perspectives of the APAC upstream oil & gas services market, including market dynamics, PEST analysis, industry background and outlook, value chain, market size estimation and forecast for the APAC Upstream Oil & Gas Services market as well as competition landscape, where data has been provided on consolidated and granular levels, thus ensuring the analysis of APAC Upstream Oil & Gas Services market in a comprehensive manner.
The value of the APAC Upstream Oil & Gas Services market size has been provided in US$ Mn. Analysis has been provided for total defined Upstream Oil & Gas Services market. That apart, individual analysis by designated countries of the APAC Upstream Oil & Gas Services market has also been provided. The report on APAC Upstream oil & gas services comprises service components, such as inspection, repair & maintenance, sampling, decommissioning, remotely operated vehicle (ROV) drill support, subsea umbilical, risers and flow lines (SURF) support and well stimulation. The APAC Upstream Oil & Gas Services market is estimated to witness high growth rate during the forecast period as per FMI’s research findings and subsequent analysis which has been presented in the research report. As per the findings of the study and perspectives of industry participants, the Upstream Oil & Gas Services market in APAC is projected to grow at a CAGR over 9% between 2016 and 2021, in terms of revenue.
This Future Market Insights report on Upstream Oil & Gas Services analyses the market at a detailed level for four countries of interest viz. Australia, New Zealand, Indonesia and Myanmar. The Asia pacific Upstream Oil & Gas Services market research and analysis section of the report offers key insights regarding market scenario and factors responsible for shaping the Upstream Oil & Gas Services market. Qualitative and quantitative analysis has been done and key takeaways with respect to scope of services and cost structure involved have been highlighted. Competition analysis includes key developments and overview of key strategies employed by the Upstream Oil & Gas Services providers, sales revenue generated, growth rates and other relevant information and statistics pertaining to various stakeholders of the Upstream Oil & Gas Services market.
Industrial Valve – Market Segmentation
The report on Upstream Oil & Gas Services market is structured to facilitate readers to develop a thorough understanding of the market scenario and associated developments. Assessment of market size, trade dynamics, pricing mechanism, service lifecycle, trends and competition landscape have also been done. This Upstream Oil & Gas Services report begins with an executive summary which provides Upstream Oil & Gas Services market overview alongside the analysis of the market scenario, current market size of Upstream Oil & Gas Services in APAC and expected CAGR during the forecast period. Major growth segments, market drivers, restraints and trends related to Upstream Oil & Gas Services for the concerned countries of APAC level have been cited as well.
Following the executive summary, the report on APAC Upstream Oil & Gas Services market provides market introduction, which includes definitions pertaining to Upstream Oil & Gas Services with respect to their scope in end use industries and specific definitions for each upstream oil & gas service type. Next, market taxonomy and segment definitions of Upstream Oil & Gas services have been outlined.
The report also provides an outlook for the APAC Upstream Oil & Gas Services market for the historical as well as the forecast period in terms of value generated by Upstream Oil & Gas Services market
The next section begins with detailed analysis of Upstream Oil & Gas Services by each country of interest (Australia, New Zealand, Indonesia and Myanmar). The APAC Upstream Oil & Gas Services market analysis for each country starts with PEST (Political, Economic, Social and Technological) analysis, which describes the reigning scenario in the particular country. This is followed by Upstream Oil & Gas Services market size estimation and forecast for the period 2016-2021. The potential absolute dollar opportunity generated during the period has been provided in terms of the market size figures for Upstream Oil & Gas Services of the particular country.
The final section of the Upstream Oil & Gas Services report covers competition landscape, which consists of market analysis of prominent companies offering Upstream Oil & Gas Services. The competition analysis of Upstream Oil & Gas Services market has been provided in the form of a dashboard which has been categorized on the basis of company’s estimated market share in the Upstream Oil & Gas Services market, extent of APAC presence, key differentiating factors and strategies. The report then provides credentials of by tier-1 Upstream Oil & Gas Services providers individually where key financial, business overview, product/brand portfolio, key developments and strategies employed have been mentioned to evaluate their long-term and short-term strategies, key offerings and recent developments in the Upstream Oil & Gas Services market.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the APAC Upstream Oil & Gas Services market is expected to develop in the future. Given the characteristics of the Upstream Oil & Gas Services market, we triangulated the outcome of three different types of analysis, based on primary research, secondary research and our own analysis. However, forecasting the market in terms of various Upstream Oil & Gas Services is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the completion of the forecast exercise.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecast in terms of CAGR, but also analyze the market on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the Upstream Oil & Gas Services market and identify the right opportunities available.
Another key feature of this report is the analysis of all the key segments in the Upstream Oil & Gas Services market, sub-segments and regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales and delivery perspective in the Upstream Oil & Gas Services market.
In order to understand the key market segments in terms of the growth and installation of Upstream Oil & Gas Services across concerned regions, Future Market Insights has developed the Upstream Oil & Gas Services Market Attractiveness Index, which will help providers identify real market opportunities.
Another key feature of this report is the analysis of all the key segments in the Upstream Oil & Gas Services market, sub-segments and the regional adoption and revenue forecast in terms of absolute dollar opportunity. However, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources and earnings from a sales and delivery perspective in the Upstream Oil & Gas Services market.
Upstream Oil & Gas Services Market Reports - Table of Contents
1. Executive Summary
2. Research Methodology
3. Assumptions and Acronyms Used