APAC Oilfield Roller Chain Market to Cross $51 million Sales by 2022
Increasing exploration of unconventional
reservoirs, surging applications of EOR and rise in drilling activities to drive Asia-Pacific oilfield roller
chain market through 2022
According to a recently published TechSci Research report, “Asia-Pacific
Oilfield Roller Chain Market By Application, By Type, By Country,
Competition Forecast & Opportunities, 2012-2022”, oilfield roller chain market in
the region is anticipated to cross $ 51 million by 2022, on account of tremendous growth in
exploration of unconventional reservoirs of shale gas/oil, especially in China,
and use of enhanced oil recovery techniques such as carbon capture sequestration,
microbial EOR, etc. Upstream companies present
in the region have been reducing their budget on capital expenditure due to
declining crude oil prices, over the past few years. However, since crude oil
prices have started to firm up, companies are willing to invest in exploration
activities. In 2016, ONGC announced plans to invest around USD10 billion in
offshore East coast in India. In addition, China has the world’s
highest 36.1 trillion cubic meter (TCM) of shale gas reserves and Australia has
11.2 TCM of shale reserves. Drilling activities of these shale reservoirs would
lead to huge demand for oilfield roller chains.
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22 Figures 2 Market Data Tables spread through 78 Pages and an in-depth TOC on "Asia-Pacific Oilfield Roller Chain Market"
https://www.techsciresearch.com/report/apac-oilfield-roller-chain-market-by-application-hoisting-operations-sucker-rod-pump-mud-pump-others-by-type-drive-chain-conveyor-chain-multi-strand-chain-others-by-country-competition-forecast-opportunities/1095.html
Asia-Pacific oilfield roller
chain market was governed by hoisting operation application in 2016, on the
back of new oil and gas development projects in the region and the exploration
of new shale reserves in countries like China and Australia. The application segment
is expected to maintain its dominance through 2022. The second largest share
was held by sucker rod pump followed by mud pump and others in the indicated
year. Power transmission is the main segment where roller chains such as drive
chains are majorly employed, which garnered a lion’s share in the market in
2016. Some of the prominent players operating in the market
include Timken, DAIDO KOGYO CO., LTD., Tsubakimoto Chain Co., Jereh Global Development
LLC, Zhejiang Gidi Industrial Chain Co., Ltd., Rombo Chain, Sugiyama
Chain Co., Ltd., ARK ENGINEERING WORKS, and Hengjiu Group.
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“Recovery in oil and gas
prices, recuperation of investments in oil and gas sector, surging exploration & production due to maturing onshore
oil & gas fields coupled with declining production are forecast to propel oilfield
roller chain market in Asia-Pacific during 2017-2022. Moreover, low reserve to
production ratio, enhanced utilization of EOR methods and increase in drilling
activities across the region are anticipated to provide
growth opportunities for the market through 2022.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Asia-Pacific
Oilfield Roller Chain Market By Application, By Type, By Country, Competition
Forecast & Opportunities, 2012 – 2022” has evaluated the
future growth potential of Asia-Pacific oilfield roller chain market and provides statistics and
information on market structure and trends. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes emerging trends
along with essential drivers, challenges and opportunities available in Asia-Pacific
oilfield roller chain market.
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