Published on : May 16, 2016
ALBANY, New York, May 16, 2016: The market study, titled “Oil & Gas Industry Business Outlook and Procurement Report H1 2016,” provides a complete and unbiased overview of this market on the basis of its performance, specifically in the first half of 2016.
The research report presents an analysis of growth drivers as well as challenges, emphasizing on the major trends that are influencing the worldwide oil and gas industry. It also provides an analysis of potential opportunities in this market during the first half of 2016, taking the key trends and prospects of this market in consideration.
According to the study, enterprises operating in the global oil and gas industry are likely to increase their focus on enhancing their operational efficacy, since the decline in the demand and prices of oil has spurred uncertainty in this market. Companies are also focusing on expanding their operational bases and strengthening their presence in their existing regional markets.
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Over the coming years, the report anticipates the frequency of mergers, acquisitions, and strategic partnerships to rise within the global industry of oil and gas owing to the increasing growth opportunities in emerging economies such as India, China, and various countries in the Middle East. The procurement of offshore equipment is also projected to escalate in Asia Pacific in the near future due to the increasing construction of oil production facilities in this region.
The report also talks about other developments and future prospects of this market in detail. According to it, experts predict the US to provide a significant thrust to the global oil and gas industry in the first half of 2016. A majority of respondent projects are likely to rise at a significant pace. Also an increase in mergers and acquisitions will be noted during the same period.
Apart from this, analysts also estimate an average spending of less than US$1.0 mn for drilling outfit, tool, and equipment is expected in the first half of 2016. However, a remarkable surge is expected in the capital expenditure on the procurement of machinery and equipment during the period of forecast in this research report.
In addition to this, the report indicates towards a decline in the revenue generation by a number of small and large companies operational in the oil and gas equipment market in the Middle East and Africa during the period from 2016 to 2020.
The study attempts to provide a clear understanding of the current business framework of the global oil and gas industry stakeholders. Information included in the report also assists companies looking to venture into this industry.
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