12 Jun Oil & Gas: On the up and up
According to Research and Markets, the global oil and gas corrosion protection marketplace will increase to USD 12.2 billion by 2025. The projected forecast period illustrates that the market is expected to gain significant growth within the next decade – this is highly attributed to rising demand from the North America region. Cathodic protection products are widely consumed in various applications oil and gas sectors such as upstream, midstream and downstream.
Globally, the upstream sector is expected to witness moderate revenue growth from 2016-2025, growing at a rate of 4.9% between 2016 and 2025. This is highly attributed to the growing need for transportation or supply infrastructure coupled with increasing energy consumption worldwide — which is driving the demand for advanced cathodic protection products and services.
North America is expected to experience higher growth rates primarily due to the presence of upstream sector and presence of the number of rigs, coupled with the availability of shale and other tight resources. Furthermore, coating type products dominated the market globally.
Additional key findings from the report suggest:
North America dominated the global market in 2015 with an estimated value of USD 2.22 billion and is expected to increase significantly in the upcoming years considering inclined infrastructural projects in oil and gas industry, such as the installation of refinery projects, rig installation, and others. The U.S. is projected to experience high growth for corrosion protection products and is projected to continue its market domination considering continuous need for maintenance of oil and gas components and new infrastructure development.
For more information on cathodic protection product and service solutions, please contact Charlie Poore at 505.866.8901.
Report Link: http://www.researchandmarkets.com/research/4nd8z9/oil_and_gas