Press release content from Business Wire. The AP news staff was not involved in its creation.
Global Subsea Production and Processing Market 2020-2024: Accelerating Market Growth Momentum Will Boost the Market Growth - Technavio
December 28, 2020 GMT
Technavio has announced its latest market research report titled Global Subsea Production and Processing Market 2020-2024 (Graphic: Business Wire)
Technavio has announced its latest market research report titled Global Subsea Production and Processing Market 2020-2024 (Graphic: Business Wire)
LONDON (BUSINESS WIRE) Dec 28, 2020
The subsea production and processing market is expected to grow by USD 6.73 billion, progressing at a CAGR of almost 6% during the forecast period.
Drill Quip Inc.
Increasing Demand from the Offshore Sector
The offshore oil and gas industry accounts for about 30% of the global crude oil production. The Middle East, North Sea, Brazil, and the Gulf of Mexico are the major offshore oil and gas producing regions.
In 2017, around 40% of shallow water oil production came from mature regions, such as Europe, North America, and Asia-Pacific. The mechanical liner hangers are deployed in shallow waters, as they are relatively less expensive and technically less challenging for the operators to explore and drill. These systems are in high demand, where the well construction cost is the key priority for the customer.
Worldwide Liner Hanger System Industry to 2025 - Increasing Demand from the Offshore Sector - ResearchAndMarkets com morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
Technavio Research: Insights on the Oilfield Drilling Derrick And Mast Market 2020-2024: COVID-19 Industry Analysis, Market Trends, Market Growth, Opportunities and Forecast 2024 - Technavio
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201222005522/en/
Technavio has announced its latest market research report titled Global Oilfield Drilling Derrick and Mast Market 2020-2024 (Graphic: Business Wire)
Click Get Free Sample Report in Minutes
The increase in oil and gas E&P activities is one of the major factors propelling the market growth. However, factors such as the adoption of alternative energy sources will hamper the market growth.
Business Wire Your browser does not support the audio element.
National Oilwell Varco Inc. revealed plans to change its corporate name to NOV Inc., effective January 1, 2021. The company’s ticker symbol, NOV, will remain unchanged.
“Our company has a long and proud legacy of innovation and technology dating back to the earliest days of the oilfield. We are committed to continuously improving the drilling and production operations of our customers,” Clay Williams, NOV chairman, president and CEO, said. “As the world looks to expand its energy portfolio to lower-carbon sources, we find our core engineering, manufacturing and project management expertise is providing new and exciting opportunities within this transition. The corporate name change reflects the company’s broadening mission within energy to continue to drive economic efficiency and safety, as we have done for decades within traditional oil and gas.”