The market is barely sustaining growth, with CAGRs of 0.8 percent and 0.2 percent for oil and gas, respectively, thanks to some serious challenges such as political instability. Widespread political turmoil in the Middle East is adversely affecting the market, as this region produces more than 25 percent of the world's oil.
“The flow of funds and investment in onshore exploration and production is being hampered because of the loss of access to crude oil wells, which has led to insufficient capital returns,” says Faisal Ghaus, Vice President of TechNavio.
“Political risks like war, expropriation, fiscal changes, price increases, production restrictions, devaluation and embargoes may also affect investment and market growth.”
However, increased demand for oil and gas is anticipated to moderately boost the growth of the Global Onshore Oil and Gas Market through the projected period. The expansion of onshore oil and gas exploration and production activities and advances in technology in the field of oil production and processing will stimulate overall growth during the forecast period.
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Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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