Global Oilfield Services Market Scenario
The global oilfield services market is expected to exhibit a solid if unspectacular 4.01% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR).
The report states that the increasing demand for shale exploration and production is likely to be a key driver for the oilfield services market over the forecast period. The report provides a comprehensive review of the major drivers and restraints acting on the global oilfield services market and presents a detailed analysis of how the factors are expected to affect the global oilfield services market over the forecast period. The historical growth trajectory of the global oilfield services market is profiled in the report to find out the major factors characterizing the trajectory of the market.
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Oilfield services are being applied by all E&P companies to enhance recovery of fossil fuels. Aging production wells is a primary factor driving the growth of the global oilfield services market. Analytics plays a very important role in operating a successful business today, and oilfield services primarily use analytics to improve production. The demand for oilfield services is growing globally, for instance in May 2018 Saudi Aramco signed a contract with Halliburton to operate in shale fields in the country.
The growing demand for oilfield services market is attributed to the rising demand enhanced oil recovery solutions. Presently, the global oil reserves are depleting and E&P companies are working on extracting higher amounts of fossil suels from the existing and maturing wells. Also many reserves prospect reserves are located in unconventional areas, which can be extracted using various oilfield services. This is another major driver for the growth of the global oilfield services market. There are major growth opportunities in the Middle East & Africa region as numerous shale fields have been identified in the region and production in these fields will have a positive impact on the global oilfield services market.
- Liberty Oilfield Service,
- Bronco Oilfield Services Inc.,
- TechnipFMC plc,
- Asian Oilfield Services Limited,
- National Oilwell Varco,
- General Electric, and
- Schlumberger Limited.
Oilfield Services Market Segmentation:
The global oilfield services market is segmented on the basis of service, application, and region.
By service type, the global oilfield services market is segmented into seismic, drilling, characterization, completion, production, well intervention, and others. Completion is the leading segment in the global oilfield services market and is likely to retain the lead over the forecast period.
By application, the global oilfield services market is segmented into onshore and offshore. The onshore segment currently dominates the global oilfield services market. However, offshore oilfield services are likely to grow at a higher growth rate over the forecast period due to the increasing demand for offshore oil exploration and production.
Regional Analysis of Oilfield Services Market
The global oilfield services market is segmented into North America, Europe, Asia Pacific, and rest of the world on the basis of region.
The global oilfield services market is likely to be dominated by North America over the forecast period due to the increasing number of oilfield service providers setting up shop in the U.S. and Canada as well as the increasing demand for shale gas exploration and production in North America.
The Middle East is likely to remain a vital region for the oilfield services market, as it is one of the few regions in the world where conventional onshore oil production has continued at the same rates over the last few years.
It is estimated that the Middle East & Africa region will continue to dominate the market during the forecast period, mainly due to the availability of huge reserves of shale. The region has substantial prospects in the countries including Saudi Arabia, UAE and Jordan.
Industry Related News
In July 2019, Fircroft Group launched a new dedicated oilfield services provider named Fircroft Oilfield Services.
In June 2019, C&J Energy Services and Keane Group announced a merger valued at USD 1.8 billion. This could be a sign of the times in the global oilfield services industry, as the degree of consolidation in the market is likely to grow rapidly over the forecast period due to the scarcity of demand, forcing smaller players to merge with larger entities in order to survive.
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Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Process
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.2 Value Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
5 Global Oilfield Services Market, By Service
5.7 Well Intervention
6 Global Oilfield Services Market, By Application
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