Global Oilfield Services Market – Overview
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.
The global oilfield services market has experienced a slump in demand in recent years due to the falling demand for conventional exploration and production of crude oil. The increasing concern regarding scarcity in traditionally rich oil fields, increasing awareness about the adverse environmental effects of conventional methods of oil and gas drilling, and falling oil prices have resulted in a decline in the demand from the oilfield services market.
- Liberty Oilfield Service,
- Bronco Oilfield Services Inc.,
- TechnipFMC plc,
- Asian Oilfield Services Limited,
- National Oilwell Varco,
- Weatherford, Halliburton,
- General Electric, and
- Schlumberger Limited.
The global oilfield services market is segmented on the basis of service, application, and region.
- Well Intervention
- North America
- Rest of the World
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. A conservable growth in reserves has been observed in South and Central America. The region has witnessed a rise from 125.58 Mn thousand barrels in 2007 to over 300 Mn thousand in the 2017.
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.
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