LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the global oil and gas market over the next four years as several markets including biodiesel, syngas, and oilfield services, will witness an increase in revenues.
Based on the far-reaching analysis conducted by Technavio researchers, the global syngas market is expected to grow significantly and post a CAGR of over 14% during the period 2016-2020. This growth is due to the growing demand for industrial chemicals, fuels, agriculture products, and electricity from across the globe. Growing environmental concerns and increasing initiatives by governments to reduce emissions has also contributed to the growth of this market.
In terms of geography, the APAC region is estimated to account for the largest share of the market by 2020. Due to economic sourcing and reduced manufacturing costs, the vendors in this region have achieved a low-cost advantage. This low-cost advantage allows the vendors to increase the number of installations, which in turn results in this region’s profound market share of more than 75% by 2020.
“The global syngas market is further classified into four major end-user segments, including chemicals, liquid fuel, power, and gaseous fuel. Of these four segments, the chemicals segment is expected to lead the market through 2020 by contributing more than half of the overall market share,” says Sayani Roy, a lead analyst at Technavio for research on energy.
Apart from syngas market, Technavio also labels the global biodiesel market as another fast-growing segment in the oil and gas market. The global biodiesel market is predicted to post a CAGR of about 10% during the period 2015-2019. The fluctuating oil prices and the unstable economic conditions in several developing and developed countries have amplified the interest in biofuels over the last decade. The high dependence on non-renewable fuels has created environmental concerns like the rising greenhouse gas (GHG) levels. According to the US EPA, biodiesel produces nearly 80% lesser greenhouse gas emissions than conventional fuels, into the atmosphere and reduces hydrocarbon emissions by more than 60%. These benefits over the conventional diesel usage are driving the demand and making biodiesel into a mainstream fuel across the globe.
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Another trending segment is the global oilfield services market which is projected to grow at a CAGR of about 5% during the period 2016-2020. The increased consumption of oil and natural gas by various end-users such as transportation, industries, and power plants is creating high demand for energy. To meet this demand, governments and vendors are investing in exploration and production activities for increasing the production of oil and gas. Technavio researchers segment the oilfield services market into three key regions: The Americas, EMEA, and APAC. The Americas accounted for close to 65% of the market share during 2015. The deep-water productions are driving the oil field services market in the Americas, and this trend is likely to follow into 2020.
Some of the key vendors for the oil and gas market include Schlumberger, Baker Hughes, and Halliburton for oilfield services; Dakota, General Electric, and Sasol for syngas; and Cosan, Diester, and INEOS for biodiesel.
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