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North American Markets for Prime Movers in the Oil and Gas Industry
Frost & Sullivan, April 2010, Pages: 85
The market for prime movers in the oil and gas industry in North America presents exciting opportunities for the key players involved. Moreover, the market is entering into a steady growth phase, which is expected to continue over the forecast period. The principal driver for the market is the higher oil prices, which have remained between $60-70 per barrel. With economists and end-users forecasting that oil prices will remain strong, even in a worst case scenario, investment is expected to continue. The present research service analyzed these trends along with the revenues, unit shipment and output forecasts. Supported by identifying the drivers and restraints, as well as challenges, facing by these markets.
The North American prime movers market in the oil and gas industry has shown visible growth in 2009, generating $xxx.x million in revenues. Although the market is mature, it continues to grow moderately at a CAGR of x.x percent. The prime mover market is conditioned by the oil and gas industry status, which has been hit over the past couple of years by the current economic downturn and price volatility. Moreover, at the end of 2008, prime movers sales slowed as the financial crisis began to hit the exploration and production, pumping, and refining activities.
During the short term, this challenging landscape and 2008’s decline are likely to cause growth rates to decline. However, the prime movers market is expected to gradually return to its previous growth rate as oil and gas industry recovers. Prime movers sales are expected to increase as result of enhanced investments in upstream activities. The key targets for global producers are the more technically difficult fields, such as those in deepwater and oil sands in Canada, since onshore fields are mature and are seeing production decline.
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