Zonal Isolation Market Size

Zonal Isolation Market Size

Zonal Isolation Market size for 2017 was valued over USD 22.5 billion and is expected to grow over 6% by 2024.

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Growing emphasis toward the Exploration and Production (E&P) of oil & gas wells coupled with increasing investments toward offshore activities will boost the market. As per the International Energy Agency (IEA), the yearly capital expenditure for the offshore O&G production activities in Brazil alone will reach to USD 60 billion by the year 2040. In addition, constant efforts to improve the production efficiency of the aging oil wells will further stimulate the industry growth.
 

Increasing capital expenditure budgets in proportion to the rising oil & gas demand is propelling the demand for oil field equipment & services which in turn will drive the market. Rising focus toward the exploration of deep and ultradeep wells on account of their high potentiality will stimulate the deep-water drilling activities thereby enhancing the industry landscape.
 

Rising government focus toward enhancing the production from mature oil fields along with ongoing investments to improve the efficiency of production wells will boost the market. In addition, increasing investments toward subsea production on account of advancing deep water drilling technologies will further boost the industry outlook.