Oilfield services are the various
solutions provided by companies to enhance oil recovery and to produce from
remote areas. Oilfield services primarily run on IT solutions provided by
companies which allow E&P companies to analyse large amounts of data, which
further helps in production optimization. Hardware also plays an important role
in the oilfield services market, as equipment like sensors are installed to
gauge the well conditions. As per the BP Statistical Review 2018, the US is the
largest producer of oil in the world. The primary factor for the tremendous
growth in oil production in the US is the intense research and development
conducted by companies in the country.
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The growing demand for oilfield
services market is attributed to the rising demand enhanced oil recovery
solutions. Presently, the global oil reserves are depleting, and E&P
companies are working on extracting higher amounts of fossil fuels from the
existing and maturing wells. Also many reserves prospect reserves are located
in unconventional areas, which can be extracted using various oilfield
services. This is another major driver for the growth of the global oilfield
services market. There are major growth opportunities in the Middle East &
Africa region as numerous shale fields have been identified in the region and
production in these fields will have a positive impact on the global oilfield
services market.
Industry
Segmentation
The market for oilfield services
market is segmented based on service as seismic, drilling, characterization,
completion, production, well intervention, and others. Completion segment held
the largest market share in 2017, mainly on account of the advanced completion
technology available in the market. Based on application the global oilfield
services market is segmented as onshore and offshore. The onshore segment held
the largest market share in 2017, as many of the onshore production wells are
aging and extensive oilfield services are applied to enhance recovery.
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Leading
Players
The key players of the global
oilfield services market are Schlumberger Limited (US), General Electric (US),
Halliburton (US), Weatherford (France), National Oilwell Varco (US), Asian
Oilfield Services Limited (India), TechnipFMC plc (UK), Bronco Oilfield Services
Inc (US), and Liberty Oilfield Service (US).
Scope of the Report
This research report provides
insights into various levels of analysis, such as industry analysis and market
share analysis for the leading industry competitors, along with their profiles.
It also helps in studying the target segments by providing views on the
emerging & high-growth segments. The market data comprises the basic
assessment of the competitive scenarios and strategies in the global oilfield
services market, including high-growth regions and/or countries, and political
and economic environments. The project report further provides both –
historical market values and pricing & cost analysis
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