DUBLIN, November 7, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Oil Country Tubular Goods Market 2016-2020" report to their offering.
The global OCTG market to grow at a CAGR of 6.214% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global OCTG market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of the products in the market. It also includes the revenues generated from the replacement of previously used products. The report also includes a discussion of the key vendors operating in this market. Increasing directional drilling activity worldwide is one of the major trends observed in the global offshore drilling market. The market for directional drilling is rapidly increasing because it enables drilling into the reservoirs where vertical drilling alone is not feasible. Moreover, directional drilling enables the grouping of wellheads together in one surface location. This makes the entire process easier and cost-effective and has less impact on the environment as multiple wells are bored from a single location. According to the report, opening up of new avenues for oil and gas markets will drive growth in the market. As discussed in earlier sections, the era of easy oil is coming to an end. This has resulted not only in inflated costs of hydrocarbon acquisition but has also displaced oil drilling operations geographically. Much of the past century saw drilling operations being carried out at established locations worldwide. The major hydrocarbon-rich regions around the globe were identified in the early 20th century and most operations were based out of these areas for the next century or so. However, things have started to change significantly now and the E&P companies have started to look at unconventional avenues for hydrocarbon exploration.