Oilfield Services Market is Projected to Reach at CAGR 4.01% | Global Industry Size, Share, Growth Trends, Competitors Strategy, and Business Development Analysis by Top Key Vendors till 2023

“Global Oilfield Services Market Segmented by Service, Application, and Regions.”
The oilfield services market is expected to expand at 4.01% CAGR during the period 2019 to 2023

Market Highlights

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.

Based on service, the Oilfield Services Market is segmented as seismic, drilling, characterization, completion, production, well intervention, and others. Completion segment held the largest market share in 2017, primarily on account of the advances in completion technology. Some of the latest completion technology include permanent monitoring system, stimulation, and surface logging. Based on application, the oilfield services market is segmented as onshore and offshore. The onshore segment held the largest market share in 2017 owing to the rise in maturing wells.

The global oilfield services market is expected to grow at 4.01% CAGR during the forecast period.

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Industry/Innovation/Related News:

Ovivo Inc. (Canada), a global provider of water and wastewater treatment equipment, technology, and systems, announced the acquisition of FilterBoxx Inc. (Canada), a Water & Environmental Corp. and its subsidiaries.  The acquisition will help Ovivo benefitting from FilterBoxx’s expertise for modular and containerized water and wastewater treatment solutions.  With the solid reputation that FilterBoxx has built in the mobile, and modular water treatment sector representing a great platform from Ovivo can grow their industrial footprint in North America and bring more recurring revenues to the business.

Well-Centric (U.K.), a leading independent specialist in well integrity solutions for the global oil and gas industry launched new asset rental division.  The company will be investing a seven-figure sum into the development and resourcing of the new division, which will supply surface well and wellhead integrity support equipment to onshore and offshore clients around the world.

Key Players:

The market leaders profiled in the MRFR analysis include

  • Baker Hughes (US)
  • Halliburton Co. (US)
  • Transocean Ltd. (Switzerland)
  • Schlumberger Ltd (US)
  • Weatherford International Ltd. (Switzerland)
  • Oil States International Inc. (US)
  • B&B Oilfield Equipment Corp (US)
  • Superior Energy Services Inc. (US)
  • National Oilwell Varco (US)
  • Cameron International Inc.  (US)

Oilfield Equipment Rental Services Global Market – Segmentations

MRFR has segmented the report into three key dynamics for the enhanced understanding;

By Drilling Equipment                                            

  • Comprises Drill Pipes
  • Drill Collars
  • Heavy-Weight
  • Drill Subs among others

By Power & Flow Control Equipment      

  • Valves & Manifolds
  • BOPs among others

By Regions                                                                 :

  • Europe
  • North America
  • APAC
  • Rest-of-the-World

Oilfield Equipment Rental Services Market –Competitive Landscape

Despite significant performance challenges, the oilfield industry structure did not change significantly in 2015. However, the beginning of 2016 tables started turning up increasing M&A activities with considerable percentages. Even industry leaders such as Schlumberger and Halliburton were not able to create any value.

Yet, exhibiting buoyancy, those key players would be seen again marching significantly towards success, adopting different strategies such as M&A activities, contracts, collaboration, agreements, and partnerships, increasing their market shares. Emphasizing on R&D activities these dynamic players would shift the market dynamics during the forecasted period 2017 – 2023, to developing and implementing innovative technologies.

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