Global oil and gas fishing market is expected to witness high growth over the forecast period owing to continuous developments in oil And gas industry coupled with swelling crude demand across the world.
High drilling activities are conducted to produce oil from reserves. During these activities, a wide range of mechanical and immovable objects are prone to loses. Fishing services therefore include recovering these tools and objects from wellbore.
Recovering unwanted mechanical objects is also a part of conventional oil And gas fishing services. With the enhancement of crude exploration and production activities, the number of wellbore barriers also increases. These wellbore barriers include drilling tools, drill string components, and stuck equipment and objects.
Therefore, high number of wellbore barriers is expected to drive the global oil And gas fishing services market over the forecast period. Others activities, which are expected to drive overall industry, are packer retrieval, loss of debris during old/new well drilling & workover, and milling actions.
Continuous growth in crude exploration and production, mainly offshore, is expected to drive the overall demand over the forecast period. Investment initiatives by the government mainly in Asia Pacific countries such as India, China, Vietnam, and South Korea are expected to positively contribute towards industry growth in future.
Shale gas developments in the U.S. mainland has resulted into rise in exploration and production activities such as horizontal drilling and hydraulic fracturing. These drilling activities are expected to drive the global market demand over the forecast period.
Further, government initiatives in China to develop shale gas reserves by 2020 under shale gas program are expected to increase drilling actions in the country over the forecast period, which in turn is expected to significantly contribute towards the overall market demand in future.
Global industry is expected to be restrained by the requirement of skilled and experienced labors to increase efficiency of these fishing services. Growing demand for well maintenance is expected to establish as a key market opportunity over the forecast period.
Global industry is segmented based on product and application. Product segment consists of various fishing equipment such as overshot & spears, milling tools, fishing jars, and casing cutters. Milling tools are expected to witness high growth over the forecast period. Casing cutters are also expected to witness significant growth over the forecast period.
Application segment includes offshore and onshore. Onshore was the leading application segment, while offshore is expected to experience the highest growth in future owing to technological developments in oil And gas industry making it possible to conduct exploration and production activities in remote locations.