Global Oil & Gas Fishing Market is projected to be valued at USD 2.01 Billion by 2026, with a 4.92% CAGR during the forecast period, 2020–2026. Oil & gas fishing involves the use of specialized tools and procedures to recover objects that are stuck in borewells.
Global Oil & Gas Fishing Market, 2020–2026
In 2019, North America Dominated the Global Oil & Gas Fishing Market in Terms of Share: MRFR
The global oil & gas fishing market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. North America is expected to hold the largest share of the market during the forecast period. The increase in well drilling & completion activities is supported by various government regulations & policies in the region. Similarly, upstream activities are expected to continue their expansion in this region due to an increase in the demand for drilling and completion activities. According to the World Oil Outlook report, 2018, drilling activities in the US increased by 12% in 2018.
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These factors are expected to impact the growth of the oil & gas fishing market in North America positively. In the Asia-Pacific region, the oil & gas fishing market is expected to record a high growth rate owing to rapid economic development, and various policies and regulations that support the oil & gas fishing market. Europe is also expected to witness a steady growth rate owing to the development of unconventional oil & gas exploration activities such as shale in the region. South America and the Middle East & Africa are expected to exhibit a moderate growth rate owing to a significant amount of oil & gas production. Furthermore, rising investments and stringent government policies are expected to boost the growth of the global market during the forecast period.
The global oil & gas fishing market has been segmented based on product and application. Based on the product, the global market has been divided into overshoots & spears, milling tools, fishing jars, and casing cutters. The milling tools segment is expected to hold the largest share of the market and grow at the fastest rate during the forecast period. Milling tools are used for crushing objects into smaller pieces, which makes it easier to extract the stuck objects from the wellbore.
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Global Oil & Gas Fishing Market is expected to grow at a CAGR of 4.92% during the forecast period.
Scope of the Report
This report provides an in-depth analysis of the global oil & gas fishing market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global oil & gas fishing market by product, application, and region.
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