The global oilfield services market value is anticipated to reach of around US$ 332 Bn by 2027 and is anticipated to grow at a CAGR of around 4% in terms of revenue during the forecast period 2020 – 2027.
Oilfield services cover various activities related to oil exploration, drill, implementation, stimulation, production, and intervention for many other purposes across the entire life cycle. Oilfield services include a variety of oil activities such as it provide assistance in well logging, drilling, insulation of the zones, stimulation of the well, sand washing and tube plugging. This helps the operators to explore and produce oil and gas reservoir.
In terms of growing government and vendor investments in exploration and production activities, global oilfield services market is expected to experience lucrative growth during the forecast period. In establishing oil and gas wells, oilfield services companies assist. Such businesses generally manufacture, repair and operate oil extraction and transportation machinery. Services may also be used to proper log, dig, exposed places, stimulate wells, wash sand and position tubing plugs. In the offshore market, oilfield facilities and equipment are important and account for a large proportion of oil and gas spending. The rising use of petroleum and gas across the globe is projected to boost the demand in oilfield services. The growing demand spurred to investments in the drilling and research of oil and gas resources from various governments and the private sector. Moreover, the growth of the oilfield services market will be further propelled within the forecast period by increasing shale gas production. The increased focus on renewable energy is expected to curb the growth of the oilfield services sector in the coming years in order to control the problems related to he global climate change. However technical development in oil extraction and gas production, along with the removal of oil export penalties in Iran, is expected to open up new prospects for the market in oilfield services in the forecast period.
The market research study on “Oilfield Services Market (By Service: Workover & completion services, Production, Drilling services, Subsea services, Seismic services, Processing & separation services; By Type: Equipment rental, Field operation, Analytical & consulting services; By Application: Onshore, Offshore) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global oilfield services market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global oilfield services market are service, type, application, and major geographic regions. The oilfield services market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
In North America, Asia Pacific and Europe respectively had a significant market share in the global consumer growth. The trend is expected to continue throughout the prevision phase, with major offshore operations planned in the Gulf of Mexico and the North Sea, which raise demand for oilfield services. This trend is expected to continue. The U.S. made up approximately 50% of the latest well drilled in 2018 worldwide, followed by China and other Asian nations. Oilfield services are projected to increase in the Middle East & Africa region at a comparatively higher CAGR between 2020 and 2027, due to a rising focus on offshore properties in the Golf Countries and an immense investment budget.
Major players included in this report China Oilfield Services Limited (COSL), Schlumberger Limited, Archer Limited, Halliburton Company, Weatherford International, PLC, Basic Energy Services, Superior Energy Services, Inc., Baker Hughes GE, FMC Technologies, Inc., Welltec, National Oilwell Varco, The Weir Group PLC, Oil States International, Inc, and others. The market is extremely competitive for automated oilfield services. There are many smaller companies on the market, with more than one-third of the global oilfield services industry responsible for the top 10 participants. It was noted in the past that many digital oilfield suppliers had entered into deals with oil production and manufacturing firms to achieve a strategic advantage over other digital oilfield services providers. For Instance, in 2017, Halliburton and Microsoft collaborated together for the digitally of the oil and gas sector and smart cloud technologies. The next generation of productive oil and gas exploration and development will be powered by these technologies.
The global oilfield services market is segmented as below:
Oilfield Services Market By Service
Oilfield Services Market By Type
Oilfield Services Market By Application
Oilfield Services Market By Geography
Middle East & Africa
Oilfield services cover various activities related to oil exploration, drill, implementation, stimulation, production, and intervention for many other purposes across the entire life cycle.
Increasing exploration and production activities is the major drivers for the growth of the oilfield services market.
Poor data quality and increased cyber security risk is a major factor expected to restraint the growth of the market.
The market value of oilfield services is anticipated to be hit around US$ 332 Bn in 2027.
The oilfield services market is anticipated to grow around 4% CAGR amid the forecast period 2020-2027.
Major players included in this report China Oilfield Services Limited (COSL), Schlumberger Limited, Archer Limited, Halliburton Company, Weatherford International, PLC, Basic Energy Services, Superior Energy Services, Inc., Baker Hughes GE, FMC Technologies, Inc., Welltec, National Oilwell Varco, The Weir Group PLC, Oil States International, Inc, and others.
North America held maximum share in 2019 for oilfield services market.