Global “Oilfield Services Market” trend analysis report 2020 aims to provide in-depth information about the oilfield services industry with market overview, key trends, business plans, and future prospects of the industry. It involves the current market status with some changing trends that can affect the oilfield services market growth rate.
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 global 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 Industry include Liberty Oilfield Service, Bronco Oilfield
Services Inc., TechnipFMC plc, Asian Oilfield Services Limited, National
Oilwell Varco, Weatherford, Halliburton, General Electric, and Schlumberger
Limited.
Industry Related News:
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.
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.
Get Complete Report at: https://www.marketresearchfuture.com/reports/oilfield-services-market-6835
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw
Research Reports (3R), Continuous-Feed Research (CFR), and Market Research
& Consulting Services.
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
No comments:
Post a Comment