Oilfield Services Market

Oilfield Services Market worth $125.5 billion by 2022

The report "Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region - Global Forecast to 2022", The oilfield services market is expected to grow from an estimated USD 106.4 billion in 2017 to USD 125.5 billion by 2022, registering a CAGR of 3.4%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing shale gas exploration, increasing oil & gas production, and growing efforts in exploring new oil & gas reserves.

Browse 86 Market Data Tables and 113 Figures spread through 248 Pages and in-depth TOC on"Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region - Global Forecast to 2022"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/oilfield-services-market-263907746.html

The onshore segment is expected to hold the largest share of the oilfield services market, by application, during the forecast period.

The onshore sub-segment, within the application segment, led the oilfield services market in 2016, and is projected to dominate the market during the forecast period. Onshore applications are highly popular in the Middle East and North America, especially in countries such as Saudi Arabia, Kuwait, the U.S., and Canada, where the maximum number of oilfields are located onshore. The market in North America is key for onshore applications due to increasing shale gas production in the US and well intervention activities in the shale basins in the region. Despite the decline in oil prices since 2014, production activities are being carried out, which is expected to increase the demand for oilfield services, such as, well intervention.

However, the offshore segment is expected to grow at the fastest rate during the forecast period. The growth of this segment is primarily driven by new exploration and production activities being carried out in offshore areas.  This would ultimately create new revenue pockets for the oilfield services market during the forecast period. Oilfield services plays a critical role in challenging environmental conditions such as HPHT and unconventional reservoirs.

The pressure pumping services oilfield services sub-segment, within the services segment, is expected to hold the largest share of the oilfield services market during the forecast period.

The pressure pumping services oilfield sub-segment, within the services segment, led the oilfield services market in 2016, and is projected to dominate the market during the forecast period. Pressure pumping oilfield services are used for applications such as well cementing and stimulation.  Increasing drilling activities for extraction of oil & gas has raised the demand for EOR and advanced drilling technologies, further increasing the demand for pressure pumping services. The pressure pumping market is expected to grow in the future as a result of shale gas exploration and production activities in North America. Additionally, the markets in Asia Pacific and Africa offer opportunities for service providers as offshore exploration activity is on the rise in these regions. Currently, production activities from aging reservoirs of the North Sea are leading to an increased demand for pressure pumping services despite dwindling oil and gas reserves. Countries such as the US and China are expected to drive the market demand, mostly because of the ongoing shale boom.

North America: The largest oilfield services market.

In this report, the oilfield services market has been analyzed with respect to 6 regions, namely, North America, South America, Europe, Asia Pacific, Middle East, and Africa. The market in North America is expected to dominate the global oilfield services market, given increased oil & gas exploration & production activities, especially in the U.S.  According to the IEA, the US is determined to become the net exporter of energy by 2020; and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US retained its position as a top oil producer in 2018, due to the shale revolution. The Mexican government has recently begun expanding its oil & gas industry with the liberalization of its domestic energy sector. The government has enacted reforms that have ended the monopoly of the state-run PEMEX in an effort to attract foreign investors and operators. Mexico is estimated to have the world’s sixth-largest reserve of recoverable shale gas—approximately 600 Tcf. The production of oil & gas from oil sands, tight gas, and natural gas from coal, in Canada, combined with shale gas activities in the U.S., would drive the oilfield services market in North America.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the oilfield services market.

Some of the key players are Schlumberger (US), Halliburton (US), Baker Hughes (US), Weatherford (US), Superior Energy Services (US), and GE Oil & Gas (UK). The leading players are adopting various strategies to increase their share in the oilfield services market. They are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share. Contracts & agreements has been a widely adopted strategy by the major players in the oilfield services market.

Don’t miss out on business opportunities in Oilfield Services Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

Report Code
EP 2487
PR Published ON
6/25/2019
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Oilfield Services Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
ONLINE CHAT
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved
...

Digital Virtual Assistant - MarketsandMarkets

Home