Oilfield Services Market to Witness 4.67% CAGR Growth to 2020

Oilfield Services Market to grow at a CAGR of 4.67% to2020 Driven by Increased Global Oil and Gas Consumption
In 2015, drilling services segment held highest oilfield services market share of 62% while persistent demand for drilling is encouraging OFS companies to invest in technology and increase the efficiency of various drilling processes.

Analysts forecast global oilfield services market to grow at a CAGR of 4.67% during the period 2016-2020. The consumption of oil and gas by end-users such as transportation, industries, and power plants has increased steadily over the past few years. To meet this demand, governments and vendors have invested in exploration and production activities to increase the production of oil and gas. The diminishing quantities of oil and natural gas among onshore reserves have forced governments and vendors to focus on offshore exploration and production. This has been increasingly driving offshore oilfield services.

Complete report on oilfield services market spread across 76 pages, analyzing 5 major companies and providing 49 data exhibits is now available at:

The oilfield services (OFS) market consists of a diverse set of services such as exploration, drilling, production, and completion. The market is unpredictable, as it is vulnerable to oil and gas price fluctuations. Despite this vulnerability, oilfield services providers are investing in and developing new technologies to boost production. These new technologies, such as enhanced oil recovery (EOR) and vertical drilling, reduce drilling time and enable efficient extraction of oil.

The demand for oil and gas is likely to remain stable in the future. Although renewables have been gaining attention, the global energy mix will be mostly dominated by oil and gas in future. As the demand for oilfield services depends on the expenditures by the oil and gas industry, oilfield services companies remain optimistic for the future. The investments in oil are expected to be slightly higher than those in gas. These major investments will drive the growth of oilfield services in the future.

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The global oilfield services market report covers the present scenario and the growth prospects to 2020. It provides a detailed study of both onshore and offshore applications, along with revenue and growth patterns. Investments are also aimed at reducing the drilling impact on the environment and in maintaining the ecosystem balance in onshore and offshore drilling.

The market is presently dominated by large and established players who have a large portfolio of oilfield-related equipment and services that can also be customized depending on customer needs.  This makes the market competitive. They also have high capital resources and dedicated R&D funds that are being used in developing new technologies.

The key players in the Global Oilfield Services Market: Schlumberger, Halliburton, Weatherford International, National Oilwell Varco, and Baker Hughes. Other Prominent Vendors in the market are: China Oilfield Services, Saipem, Petrofac, Transocean, Fluor, and Worley Parsons.

Further, the report states that OFS companies are facing the challenge of increased cost of production.

Another related report is Global Syngas Market 2016-2020, the analysts forecast global syngas market to grow at a CAGR of 14.1% during the period 2016-2020. Coal gasification is an aboveground process. UCG is an in-situ gasification process, which takes place in non-mined coal seams, and brings the product gas to surface through production wells. One well is used to inject air or oxygen, while the other is used to collect the syngas produced. The lifespan of a pair of UCG wells is approximately 15 years.

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Global Syngas Market main palyer are Dakota, General Electric, Sasol, and Royal Dutch Shell. Other Prominent Vendors in the market are: Agrium, Air products and chemicals, Biomethanol Chemie Nederland, CF Industries, ConocoPhillips, Dow Chemicals, Foster Wheeler, Haldor Topsoe, KT-Kinetics Technology, Siemens, Linde Group.

Further, the report states that apart from massive capital investments, other barriers to the growth of the syngas market include longer construction time, and annual maintenance and operating costs.

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