Global Oilfield Services Market Analysis
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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These services enable drilling companies to cope with the different operating environments. Moreover, drilling companies are inclining towards oilfield services in order to optimise oilfield operations. Oilfield services are mainly bifurcated into drilling services and oil drilling rig services. These services are utilised in both the upstream industry and the downstream industry.
The oilfield services market has tremendously benefited from the shale revolution in US. The advent of fracking technology is viewed as a stepping stone, which has bolstered the prospects of the oil & gas sub-markets. Adoption of innovative technologies in the oil and gas sector has made a positive influence on the overall production. Increased collaboration and partnership programs between industry leaders and technology companies has led to development of novel and ground-breaking technologies.
Some of top-notch companies operating in the market include General Electric (US), Weatherford (France), Asian Oilfield Services Limited (India), Liberty Oilfield Service (US), Bronco Oilfield Services Inc (US), Halliburton (US), TechnipFMC plc (UK), Schlumberger Limited (US), and National Oilwell Varco (US).
Global Oilfield Service Market: Segmental Analysis
The segmental analysis of the Oilfield Service Market has been conducted based on application, service and region.
On the basis of application, the market has been segmented into offshore and onshore. The onshore segment currently accounts for the largest market share in terms of value. Whereas, the offshore segment is anticipated to demonstrate a relatively higher growth rate during the assessment period. The segments growth is primarily driven by the increased offshore exploration activities.
On the basis of services, the market has been drilling, seismic, completion, characterization, well intervention, production and others. In terms of value, the completion segment holds a relatively higher market share and this trend is expected to continue beyond 2019. The segment’s growth is primarily driven by the exponential advancements in completion technology in recent years. Several new completion technologies have come up in recent years, some of the popular ones include surface logging, stimulation and permanent monitoring systems.
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.
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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