Global Market Research Company US Global Oil & Gas Coring System Market Forecast and | Page 18

Industry Brief
Schlumberger to Continue Dominating Oil & Gas Coring System Market until 2023
According to a recently published TechSci Research report “Global Oil & Gas Coring System Market By Type,
By Application, By Region, Competition Forecast & Opportunities, 2013-2023’’, the global oil & gas coring
system market is projected to cross $ 9.7 billion on account of rising demand for oil & gas and development
of new fields. Moreover, growing number of exploration & production (E&P) activities coupled with rising
crude oil prices and increasing investment in research & development is further likely to positively influence
global oil & gas coring system market in the coming years. Schlumberger Limited grabbed the largest share in
the global oil & gas coring system market in 2017, followed by The Halliburton Company, and Baker Hughes.
Among different types, global oil & gas coring system market is dominated by bottom coring as this is an
essential activity and is carried out after every drilling operation. In 2017, onshore segment had the largest
share in the global oil& gas coring system market, and the application segment is likely to maintain its
dominance throughout the forecast period as well. Dominance of this segment is led by higher number of
wells drilled onshore as compared to offshore, thereby making it essential to use bottom coring.
Furthermore, a large demand for oil & gas coring system emanates from North America backed by increasing
oil & gas exploration activities in the region.
“As of 2017, the global crude oil consumption stood at around 98 million barrels per day. Growing
investments in onshore and offshore exploration & production across the globe is likely to propel demand
for coring systems in the coming years. Additionally, collaborations and acquisitions in order to expand
operations, increase cost efficiency and pursue new product developments would further steer growth in
the global oil & gas coring system market during the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting firm.
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TechSci Research