Global Oilfield Services Market Scenario Growing demand and increased production of crude oil has reflected favourably on the global oilfield services market. The data released by BP Statistical Review of World Energy revealed that the global production of natural gas grew by 4% and oil grew by 0.7% in 2017. Oilfield services are used in various processes associated with oil and gas drilling activities. Market Research Future (MRFR) projects that the global oilfield services market is set to witness a steady growth over the next couple of years. These services enable drilling companies to cope with the different operating environments. Moreover, drilling companies are inclining towards oilfield services in order to optimise oilfield operations. Oilfield services are mainly bifurcated into drilling services and oil drilling rig services. These services are utilised in both the upstream industry and the downstream industry. The Oilfield Services Market Share has tremendously benefited from the shale revolution in US. The advent of fracking technology is viewed as a stepping stone, which has bolstered the prospects of the oil & gas sub-markets. Adoption of innovative technologies in the oil and gas sector has made a positive influence on the overall production. Increased collaboration and partnership programs between industry leaders and technology companies has led to development of novel and ground-breaking technologies. Excavation of new share resources in regions such as Africa and the Middles East has likely to support the market growth in the years to come. Energy Information Administration (EIA) reported that Algeria has over 700 trillion cubic feet (TCF) technically recoverable reserves. The rising global demand for oil is prompting the industry to bolster exploration efforts and adopt advanced oil recovery services. This is factoring into the rapid growth of the oilfield service market. In near future, oilfield services are likely to gain further momentum owing to factors such as depleting oil reserves, increased R7D and emergence of unconventional resources. The growth prospects of oilfield services market are somewhat undermined by the high initial investment of hardware and software setups. In addition, high expenditure on research, manpower, equipment associated with oilfield services limit the expansion of the consumer pool.
Global Oilfield Service Market: Segmental Analysis The segmental analysis of the market has been conducted based on application, service and region. On the basis of application, the market has been segmented into offshore and onshore. The onshore segment currently accounts for the largest market share in terms of value. Whereas, the offshore segment is anticipated to demonstrate a relatively higher growth rate during the assessment period. The segments growth is primarily driven by the increased offshore exploration activities. On the basis of services, the market has been drilling, seismic, completion, characterization, well intervention, production and others. In terms of value, the
completion segment holds a relatively higher market share and this trend is expected to continue beyond 2019. The segment’s growth is primarily driven by the exponential advancements in completion technology in recent years. Several new completion technologies have come up in recent years, some of the popular ones include surface logging, stimulation and permanent monitoring systems. Global Oilfield Service Market: Regional Analysis Emerging countries in regions such as the Asia Pacific (APAC), South America, Africa and the Middle East (MEA) are posting a higher demand for oil and gas. This is reflecting favourably for the market in the region mentioned above. A conservable growth in reserves has been observed in South and Central America. The region has witnessed a rise from 125.58 Mn thousand barrels in 2007 to over 300 Mn thousand in the 2017. Global Oilfield Service Market: Competition Analysis Some of top-notch companies operating in the market include General Electric (US), Weatherford (France), Asian Oilfield Services Limited (India), Liberty Oilfield Service (US), Bronco Oilfield Services Inc (US), Halliburton (US), TechnipFMC plc (UK), Schlumberger Limited (US), and National Oilwell Varco (US). About Market Research Future: 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. Contact: Market Research Future +1 646 845 9312 Email: sales@marketresearchfuture.com