Oilfield Services Market Analysis
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.
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.
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.
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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