The global oilfield services market is projected to grow at a CAGR of 3.35%, from 2017 to 2022. The market in North America is estimated to be the largest for oilfield services, followed by the market in Europe in 2017. This trend is expected to continue till 2022. The growth of the oilfield services market is driven by the increasing oil & gas production, shale gas extraction especially in North America, and lifting of Iranian oil export sanctions, which would ultimately encourage more E&P investments in the country.
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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