Digital Oilfield Services Market
The global oilfield services market is expected to
exhibit a solid if unspectacular 4.01% CAGR over the forecast period from 2017
to 2023, according to the latest research report from Market Research Future
(MRFR). The report states that the increasing demand for shale exploration and
production is likely to be a key driver for the oilfield services market over
the forecast period. The report provides a comprehensive review of the major
drivers and restraints acting on the global oilfield services market and
presents a detailed analysis of how the factors are expected to affect the
global oilfield services market over the forecast period. The historical growth
trajectory of the global oilfield services market is profiled in the report to
find out the major factors characterizing the trajectory of the market.
The Digital
Oilfield Services Market has experienced a slump in demand in recent
years due to the falling demand for conventional exploration and production of
crude oil. The increasing concern regarding scarcity in traditionally rich oil
fields, increasing awareness about the adverse environmental effects of
conventional methods of oil and gas drilling, and falling oil prices have
resulted in a decline in the demand from the oilfield services market. This has
affected the operational trends within the oilfield services market, as players
have sought to make up for the losses by coming up with innovative product innovations
and cost-effective renting strategies.
The growing shale gas production and exploration
efforts are likely to hand a lifeline to the global oilfield services market,
as unconventional oil drilling operations have risen in demand over the last
few years. The increasing concern regarding the scarcity of natural gas and
other petroleum fuels has led to an increasing dependence on unconventional E&P
methods such as fracking and shale gas production. These endeavors are likely
to be crucial for the global oilfield services market over the forecast period.
Competitive
Analysis:
Leading players in the global oilfield services market
include Liberty Oilfield Service, Bronco Oilfield Services Inc., TechnipFMC
plc, Asian Oilfield Services Limited, National Oilwell Varco, Weatherford, Halliburton,
General Electric, and Schlumberger Limited.
In July 2019, Fircroft Group launched a new dedicated
oilfield services provider named Fircroft Oilfield Services.
In June 2019, C&J Energy Services and Keane Group
announced a merger valued at USD 1.8 billion. This could be a sign of the times
in the global oilfield services industry, as the degree of consolidation in the
market is likely to grow rapidly over the forecast period due to the scarcity
of demand, forcing smaller players to merge with larger entities in order to survive.
Digital Oilfield Services Market Segmentation:
The global oilfield services market is segmented on
the basis of service, application, and region.
By service type, the global oilfield services market
is segmented into seismic, drilling, characterization, completion, production, well
intervention, and others. Completion is the leading segment in the global
oilfield services market and is likely to retain the lead over the forecast
period.
By application, the global oilfield services market is
segmented into onshore and offshore. The onshore segment currently dominates
the global oilfield services market. However, offshore oilfield services are
likely to grow at a higher growth rate over the forecast period due to the
increasing demand for offshore oil exploration and production.
Regional
Analysis:
The global oilfield services market is segmented into
North America, Europe, Asia Pacific, and rest of the world on the basis of
region.
The global oilfield services market is likely to be
dominated by North America over the forecast period due to the increasing number
of oilfield service providers setting up shop in the U.S. and Canada as well as
the increasing demand for shale gas exploration and production in North
America.
The Middle East is likely to remain a vital region for
the oilfield services market, as it is one of the few regions in the world
where conventional onshore oil production has continued at the same rates over
the last few years.
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More: https://blog.naver.com/mrfr123/221639749248
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