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 global oilfield
services market size is expected to grow at 4.01% CAGR during the forecast
period.
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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