Oilfield services include various crude oil production-related activities such as exploration, drilling, stimulation, completion, intervention, and production for the entire life cycle of oil exploration. In general, the oilfield services companies manufacture, repair, and maintain equipment used in the extraction, supply, and logistical support services required for oil exploration. Factors such as increasing demand for oil, increasing use of internal sources of funding, and technological advancements are considered to drive the growth of this market. Moreover, the discovery of new oilfields, mergers and acquisitions, and recent product launches are expected to provide significant opportunities in this market.
Increasing Demand For Oil, Increasing Use of Internal Sources of Funding, and Technological Advancements are Anticipated to Drive the Growth of Oil and Service Market. The discovery of new oil & gas fields along with the increasing volume of crude oil production and application of enhanced oil recovery (EOR) technique in maturing oilfields expected to drive the growth of the market. Liberalization of the Mexican oil & gas industry along with the Shale revolution in the U.S & China expected to boost the oilfield service market across the globe.
However, the adverse environmental effects of exploration & production (E&P) activities and stringent government regulations are likely to hinder the market growth.
“Global Oilfield Services Market was Valued at US$ 124.1 Bn in 2018 And it is Expected to Reach More than US$ 164.77 Bn by 2027, Likely to Grow with the CAGR of 3.20% During the Forecast Period.”
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Onshore Oilfield Services Dominates the Global Oilfield Services Market During the Forecast Period.The onshore application segment in the oilfield services accounts for most of the demand. Onshore application is highly implemented in regions such as North America and Middle East & Africa especially in countries such as Saudi Arabia, Kuwait, the U.S., and Canada, where the maximum number of onshore wells are located for oilfield services. Onshore oilfield services include the oil well maintenance, intervention, completion, production, supply, and logistical support services to the onshore oil well production sites. The new oil well discoveries and global increasing production of earth oil are primarily driving the growth of this market segment.
However, the offshore segment is also projected for a healthy growth rate, despite being expensive, due to depleting onshore resources, which has urged operators to explore alternatives.
North America Is Expected to Hold Largest Market Share in the Global Oilfield Services Market During the Forecast Period. The market in North America is expected to dominate the global oilfield services market and is expected to remain the most prominent region throughout the forecast period. currently, North America serves the maximum demand for oilfield services, which is a reflection of deep-water productions in the countries of the U.S. and shale gas production in Canada.
Middle-East Oilfield Services Market is Expected to Grow Significantly During the Forecast Period.The presence of huge oil & gas resources in the region offers extensive opportunities to the Oilfield services providing companies in the Middle-East as compared to any other geographical region across the globe. Saudi Arabia is one of the major oil producers globally The natural gas production in Saudi Arabia has been planned to be doubled in the coming decade, which is expected to result in increased activities related to gas production.
Baker Hughes is a leading global oilfield service market for the oil and natural gas industry. The company also provides services for the process , industrial products, and pipeline service and downstream chemical industries.
Some of the key players in the global xx market are Halliburton Company, National Oilwell Varco, Inc., Baker Hughes Incorporated, Nabors Industries Ltd., Weatherford International Ltd., Schlumberger Limited, Precision Drilling Corporation, Superior Energy Services Inc., and Trican Well Service Ltd.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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