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Market size for oil and gas fishing is anticipated to reach USD 2901.59 million between 2023 and 2030, growing at a 5.9% CAGR.
During the forecast period, increased drilling and completion activities are anticipated to increase demand for the worldwide oil & gas fishing market, which is anticipated to fuel market growth. The primary factors fueling the expansion of the global market are the rising drilling activity and associated demand for energy. Additionally, as crude oil exploration progresses, there are now additional wellbore barriers. Wellbore obstructions include things like drilling machinery, items that have become trapped, and drill string parts. Therefore, if the quantity of wellbore obstructions rises, the market for oil and gas fishing is probably going to grow.
Oil and gas fishing is employed at oil and gas drilling and completion sites to recover damaged or lodged objects from wellbores. Important elements of the fishing process include comprehending the type and dimensions of the object, the circumstances under which it became lodged, the geometry of the borehole, and the conditions inside the wellbore. The equipment utilised in oil and gas fishing operations and the growth of the oil and gas fishing business includes overshoots and spears.
The expansion of drilling operations and the ensuing rise in energy consumption are the main drivers propelling the growth of the worldwide oil and gas fishing industry. Additionally, as crude oil exploration has improved, there are now more wellbore obstructions. These wellbore obstructions can be drill bits, tangled items, or drill string parts. As a result, the market for oil and gas fishing is anticipated to rise as the number of wellbore barriers increases. A barrier to the expansion of the global industry is the need for qualified labourers to boost the productivity of these fishing services globally.
Based on product and application, the global oil & gas fishing market has been divided into segments. The global market is segmented into overshots & spears, milling tools, fishing jars, and casing cutters based on the product. The market segment for milling tools is anticipated to have the biggest market share and see the fastest growth throughout the study period. The object is broken into tiny pieces using milling equipment, which makes it simpler to remove the impaled object from the wellbore. At oil and gas drilling and completion sites, damaged or stuck objects are recovered using oil and gas fishing. Understanding the nature and dimensions of the object, the circumstances under which it became lodged, the geometry of the borehole, and the conditions inside the wellbore are the main components of the fishing process. Overshots and spears are a couple of the equipment used in the oil and gas fishing operation. When using these instruments to simply pull an object free is insufficient, jars and accelerators are utilised to exert more force. Scrub grabs, reverse circulating trash baskets, section mills, boot baskets, and hydraulic cutting tools are other items that are critical to recovering the item or equipment lost or trapped downhole.
The signing of contracts and agreements with oil and gas operators is a top priority for a number of significant firms, including Baker Hughes Co. (US), Halliburton Co. (US), National Oilwell Varco, Inc. (US), Odfjell Drilling Ltd. (Norway), and Weatherford International Plc (US). For instance, Baker Hughes and Equinor signed a deal in 2018 to assist a sizable percentage of the latter's drilling and well construction activities in the Norwegian area of the North Sea. Additionally, Baker Hughes has offered completions and mechanical washing services under this contract. During the projected period, these market developments are anticipated to propel the expansion of the worldwide oil & gas fishing market.
Report Coverage
Global Oil & Gas Fishing research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil & Gas Fishing report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil & Gas Fishing competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil & Gas Fishing market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil & Gas Fishing market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil & Gas Fishing market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Archer Ltd. (Bermuda), Ardyne Technologies (UK), Baker Hughes Co. (US), China Oilfield Services Ltd. (Beijing), Expro Holdings UK 2 Ltd. (UK), Halliburton Co. (US), National Oilwell Varco, Inc. (US), Odfjell Drilling Ltd. (Norway), Weatherford International Plc (US), Wellbore Integrity Solutions LLC (US), A GE Co. (US), Wellsite Fishing (US), Magnum Oil Tool International (US), and Bilco Tools (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Oil & Gas Fishing market based on the below-mentioned segments:
Global Oil & Gas Fishing Market, By Products
Overshoots & Spears
Milling Tools
Fishing Jars
Casing Cutters
Global Oil & Gas Fishing market, By Application
Offshore
Onshore
Global Oil & Gas Fishing market, Regional Analysis
During the forecast period, increased drilling and completion activities are anticipated to increase demand for the worldwide oil & gas fishing market, which is anticipated to fuel market growth. The primary factors fueling the expansion of the global market are the rising drilling activity and associated demand for energy. Additionally, as crude oil exploration progresses, there are now additional wellbore barriers. Wellbore obstructions include things like drilling machinery, items that have become trapped, and drill string parts. Therefore, if the quantity of wellbore obstructions rises, the market for oil and gas fishing is probably going to grow.
Oil and gas fishing is employed at oil and gas drilling and completion sites to recover damaged or lodged objects from wellbores. Important elements of the fishing process include comprehending the type and dimensions of the object, the circumstances under which it became lodged, the geometry of the borehole, and the conditions inside the wellbore. The equipment utilised in oil and gas fishing operations and the growth of the oil and gas fishing business includes overshoots and spears.
The expansion of drilling operations and the ensuing rise in energy consumption are the main drivers propelling the growth of the worldwide oil and gas fishing industry. Additionally, as crude oil exploration has improved, there are now more wellbore obstructions. These wellbore obstructions can be drill bits, tangled items, or drill string parts. As a result, the market for oil and gas fishing is anticipated to rise as the number of wellbore barriers increases. A barrier to the expansion of the global industry is the need for qualified labourers to boost the productivity of these fishing services globally.
Based on product and application, the global oil & gas fishing market has been divided into segments. The global market is segmented into overshots & spears, milling tools, fishing jars, and casing cutters based on the product. The market segment for milling tools is anticipated to have the biggest market share and see the fastest growth throughout the study period. The object is broken into tiny pieces using milling equipment, which makes it simpler to remove the impaled object from the wellbore. At oil and gas drilling and completion sites, damaged or stuck objects are recovered using oil and gas fishing. Understanding the nature and dimensions of the object, the circumstances under which it became lodged, the geometry of the borehole, and the conditions inside the wellbore are the main components of the fishing process. Overshots and spears are a couple of the equipment used in the oil and gas fishing operation. When using these instruments to simply pull an object free is insufficient, jars and accelerators are utilised to exert more force. Scrub grabs, reverse circulating trash baskets, section mills, boot baskets, and hydraulic cutting tools are other items that are critical to recovering the item or equipment lost or trapped downhole.
The signing of contracts and agreements with oil and gas operators is a top priority for a number of significant firms, including Baker Hughes Co. (US), Halliburton Co. (US), National Oilwell Varco, Inc. (US), Odfjell Drilling Ltd. (Norway), and Weatherford International Plc (US). For instance, Baker Hughes and Equinor signed a deal in 2018 to assist a sizable percentage of the latter's drilling and well construction activities in the Norwegian area of the North Sea. Additionally, Baker Hughes has offered completions and mechanical washing services under this contract. During the projected period, these market developments are anticipated to propel the expansion of the worldwide oil & gas fishing market.
Report Coverage
Global Oil & Gas Fishing research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil & Gas Fishing report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil & Gas Fishing competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil & Gas Fishing market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Archer Ltd. (Bermuda), Ardyne Technologies (UK), Baker Hughes Co. (US), China Oilfield Services Ltd. (Beijing), Expro Holdings UK 2 Ltd. (UK), Halliburton Co. (US), National Oilwell Varco, Inc. (US), Odfjell Drilling Ltd. (Norway), Weatherford International Plc (US), Wellbore Integrity Solutions LLC (US), A GE Co. (US), Wellsite Fishing (US), Magnum Oil Tool International (US), and Bilco Tools (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Oil & Gas Fishing Market from 2021 to 2030.
- Market Forecast for Oil & Gas Fishing Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Oil & Gas Fishing competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Oil & Gas Fishing
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil & Gas Fishing market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil & Gas Fishing market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Archer Ltd. (Bermuda), Ardyne Technologies (UK), Baker Hughes Co. (US), China Oilfield Services Ltd. (Beijing), Expro Holdings UK 2 Ltd. (UK), Halliburton Co. (US), National Oilwell Varco, Inc. (US), Odfjell Drilling Ltd. (Norway), Weatherford International Plc (US), Wellbore Integrity Solutions LLC (US), A GE Co. (US), Wellsite Fishing (US), Magnum Oil Tool International (US), and Bilco Tools (US)
Primary Target Market
- Market Players of Oil & Gas Fishing
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Oil & Gas Fishing market based on the below-mentioned segments:
Global Oil & Gas Fishing Market, By Products
Overshoots & Spears
Milling Tools
Fishing Jars
Casing Cutters
Global Oil & Gas Fishing market, By Application
Offshore
Onshore
Global Oil & Gas Fishing market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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