Unconventional resources will experience the highest
exploration, witnessing the fastest growth during the forecast
period
Unconventional resource exploration through pressure
pumping is an emerging market trend and is expected to hold
highest growth rate of 19.2% throughout the entire forecast
period. The market held nearly 40% of the global market share
in 2016. Advancements in the exploration methodologies have
made unconventional oil sources more accessible for the E & C
companies, and have reduced the cost of extraction. As
conventional sources of oil are getting exhausted and getting
too expensive to use, unconventional sources are expected to
make up a larger share of fossil fuel production in the near
future. According to a research done by EIA, the world has
7576.6 trillion cubic feet of wet shale gas and 418.9 billion
barrels of tight oil which is technically recoverable.