Market Analysis
Oilfield Services Market is projected to be worth USD 351.57 Billion by 2027, registering a CAGR of 6.3% during the forecast period (2021 - 2027), The market was valued at USD 273.41 billion in 2020.
Various factors are propelling the global Oilfield Services Market. According to the recent MRFR report, such factors include the global rise in oil gas production, increasing extraction of shale gas, discovery of new oil and gas fields, growing crude oil production, use of EOR in maturing oilfields, and demand for advanced equipment, tools, and technology to boost the efficiency of production and exploration activities in offshore onshore areas. Additional factors adding market growth include growing demand for energy, technological advances in the oilfield, rising productivity from new and mature reserves, growing investments in ultra-deep and deep-water exploration projects, rising consumption of oil gas resources, the launch of laser drilling techniques and its increasing use due to the different benefits like single diameter borehole, precision drilling, accuracy, and high ROP, and growing investments in RD activities to produce innovative products.
On the contrary, high initial investment cost and the ongoing COVID-19 impact may limit the global oilfield services market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global oilfield services market based on service and application.
- By service, the global oilfield services market is segmented into well intervention, production, completion, characterization, drilling, seismic, and others. Of these, the completion segment will lead the market over the forecast period. Advancements in completion technology are adding to the growth of the segment. Surface logging, stimulation, and permanent monitoring system are the latest completion technology.
- By application, the oilfield services market has been segmented into offshore and onshore. Of these, the onshore segment will dominate the market over the forecast period. The increase in maturing wells is adding to the growth of the segment.
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Regional Analysis
Based on the region, the global oilfield services market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Rising production levels of oil and gas, the US is the largest consumer and producer of oil and gas, the use of multi-stage hydraulic fracturing technologies, and the shale gas boom are adding to the global oilfield services market growth in the region.
The global oilfield services market in the APAC region is predicted to grow at a fast pace over the forecast period. Rising investment by the government in the oil and gas industry, increasing urbanization in different countries, and the growing need for oil gas are adding to the global oilfield services market growth in the region. Indonesia, India, and China have the maximum share in the market.
The global Oilfield Services Market Analysis in Europe is predicted to have sound growth over the forecast period, and in the RoW is predicted to have a steady growth.
Key Players
- Liberty Oilfield Service (US)
- Bronco Oilfield Services Inc (US)
- TechnipFMC plc (UK)
- Asian Oilfield Services Limited (India)
- National Oilwell Varco (US)
- Weatherford (France)
- Halliburton (US)
- General Electric (US)
- Schlumberger Limited (US).
Industry players have encompassed several strategies to stay at the forefront, such as acquisitions and mergers, partnerships and collaborations, joint ventures, new product launches, geographic expansions, strategic alliances, among others.
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Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
Continued…
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