Global
Oilfield Services Market Synopsis
Oilfield services are being applied
by all E&P companies to enhance recovery of fossil fuels. Aging production
wells is a primary factor driving the growth of the global oilfield services
market. Analytics plays a very important role in operating a successful
business today, and oilfield services primarily use analytics to improve
production. The demand for oilfield services is growing globally, for instance
in May 2018 Saudi Aramco signed a contract with Halliburton to operate in shale
fields in the country.
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.
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.
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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