LONDON, April 29, 2015 /PRNewswire/ -- With global oil prices declining, oil and gas NDT inspection service providers have faced questions regarding their growth strategies going forward. This research service answers these questions and provides an overview of the North American oil and gas NDT inspection services market. It discusses various possibilities of future oil prices and their effect on the market. The study provides revenue forecasts for the period 2015–2019, and a market breakup by vertical, into upstream, midstream, and downstream oil and gas.
Although production from the Alberta oil sands in Canada started in the early 2000s, the actual revolution that has taken over the Canadian oil and gas industry started only in 2010, when sustained high crude oil prices made drilling for heavy crude oil profitable. Similarly, shale gas production started in 2006 but the shale gas industry started gathering momentum in late 2008 before reaching its full potential. Since 2011, high oil prices have enabled the next generation of the shale boom to hit the market.
Considered by industry experts as the great American oil boom, shale oil or tight oil production has changed the global oil and gas industry landscape. In the midst of these petroleum booms in Canada and the United States, the NDT inspection services market has benefitted significantly. Since 2010, the North American oil and gas NDT inspection services market experienced revenue growth higher than % before the recent oil prices crash. In this period, a number of small-to-medium-sized NDT inspection service providers in the Permian basin, the Bakken shale, the Barnett Shale, and the Eagle Ford Shale plays flourished. Leading market participants such as Acuren, TEAM Industrial Services, and the MISTRAS Group grew at over % annually, consolidating this highly fragmented market.
Now, with oil prices approaching historically low levels, there has been growing uncertainty in the North American oil and gas NDT inspection services market. However, this research discovered that although the market is not expected to experience the revenue growth rates of the past years, depending on the oil prices, the market can expect to grow between % and % over the next years. This market was valued at $ million in 2014.
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