Research and Markets has announced the addition of the "Global Turbomachinery Market - Growth Trends and Forecasts (2015-2020)" report to their offering.
The report estimates suggests that approximately 80 million more bpd of oil equivalent of new production capacity will be needed by 2020. But it wont be as easy as conventional resources are being rapidly depleted. Other factors such as rise in electricity demand of 75% and water demand of 54% by 2030, while CO2 emissions will jump 35% in that same period are forcing the oil and gas operators to increase their use of turbo machinery in their daily operations, in order to achieve greater production levels and better efficiencies.
Factors such as increase in CAPEX spending per barrel of new capacity additions, growth in unconventional and subsea energy spend, and technological advances easing daily operations are driving the market towards growth. Whereas high initial costs and political uncertainties are some of the factors pulling the market back.
Like other oil and gas markets, North America is expected to lead the turbo machinery market in the coming decade. The regions included in the market are primaril driven by increasing shale activity across US, Canada and increasing offshore exploration in Gulf of Mexico.
Europe and Asia Pacific are growing rapidly in terms of market demand. Demand is high particularly in some countries such as China, India, UK, and the Netherlands. The North Sea region presents a decent market opportunity for drilling and completion fluids segment as its new exploration activity is at an all time high primarily because of the decreasing production levels since past few years and going into much deeper waters to find new oil and gas reserves.
You can read the full report here.
Adapted from press release Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/31122015/global-turbomachinery-market-outlook-2015-2020-1989/