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The growth in exploration and production activities is a major driver for the oilfield services market.
The leading companies of the oilfield services market focus on new technology launches to enhance their business reach. Thus, the new technological developments of drilling and exploration activities are a trend followed by major industry players as their growth strategy.
The companies leading the oilfield services market currently are Halliburton (U.S.), Schlumberger (U.S.), Baker Hughes (U.S.), and Weatherford (Switzerland). However, this is a very dynamic market, where one innovation could give a company a competitive edge over others.
The oilfield service operations require highly skilled manpower and technologically advanced equipment. Safety is a major concern of oilfield services, as one small mistake can lead to the damage of an entire reservoir and equipment set up. Keeping this in mind, the best way for companies to increase their geographic presence and market penetration is through the launch of new and advanced services and technologies. Additionally, well-known and established brand names of the market have an edge in the oilfield services market.
The major service providers are based in North America and their focus is now towards other regionsí countries for their market expansion. Hence, investments in these regions through new set-up bases provides the companies an edge to access local businesses.
Companies such as Halliburton (U.S.), Schlumberger (U.S.), Baker Hughes (U.S.), and Weatherford (Switzerland) have been the most active companies from January 2011 to July 2013. Most of these market players are present in the North American region and have been actively participating in the competitive developments for the oilfield services market.
The oilfield services market is mostly governed by a few major players, and the rest of the market share is divided between small companies. The top players in this market include Halliburton (U.S.), Schlumberger (U.S.), Baker Hughes (U.S.), and Weatherford (Switzerland).
Oilfield Services Market by Type (Coiled Tubing Services, Completion Equipment & Services, Drilling & Completion Fluids, Drilling Waste Management, OCTG, Pressure Pumping Services, Well Intervention Services and Wireline services), by Geography (Asia-Pacific, Europe, Middle East, Africa, North America and South America) - Global Trends and forecasts to 2019
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