The global oilfield service market accounted for a value of US$ 250 Bn in the year 2018 and is estimated to reach US$ 330 Bn by 2026. The global market for “oilfield service” is anticipated to post a steady CAGR of 3.7% during the forecast period. Fortune Business Insights recently published this information in a report, titled “Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till 2026.”
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The growing advancements in technology is the chief factor driving the oilfield service market. Several oilfield services across the world use these improved tools and technologies to enhance their E&P activities in offshore and onshore areas. The oil and gas (O&G) industry is presently thriving on account of rising population, which in turn, may enable growth in the oilfield services market at a steady rate.
1. By Service
- Seismic Service
- Drilling Service
- Completion & Workover Service
- Production Service
- Processing & Separation Service
2. By Application
3. By Geography
- North America (USA and Canada)”:
- Europe (UK, Germany, France, Italy, Norway, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand and Rest of Asia Pacific)
- Latin America (Argentina, Venezuela, Mexico, Brazil and Rest of Latin America)
- Middle East & Africa (GCC, Algeria, Egypt, Nigeria and Rest of Middle East & Africa)
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Oilfield Service Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
North America to Remain Dominant and Offer Huge Growth Opportunities
Among regions, North America is expected to account for a major share in the global oilfield service market by 2026. Moreover, the U.S. covered a share of around 50% in the year 2017. The rising demand for oilfield services in the U.S. includes directional and horizontal drilling activities, primarily owing to the presence of shale gas reservoir. Another reason responsible for the growth of oilfield services in this region is the rising number of deep-water projects especially in the U.S. The market in Asia Pacific is also expected to grow at a significant rate owing to factors such as increasing number of offshore activities especially in China and rising number of oil rigs. Lastly, the oilfield service market in the Middle East and Africa is likely to witness higher CAGR. This is primarily attributable to the rising investment budget in Gulf countries and focus on offshore assets.
Key Companies Covered In The Reports
- National Oilwell Varco
- Baker Hughes, a GE company
- BJ Company
- Oil States Industries
- Weir Oil and Gas
- COSL – China Oilfield Services Limited
Discovery of New and Improved Oil and Gas Fields to Spur Growth
The report observes that the discovery of new oil and gas fields is expected to fuel demand for oilfield services especially from sectors such as power plants and transportation. Over the past few years, there has been a significant increase in the extraction of oil and gas resources such as natural gas and crude oil. This rise, as per the report is another factor driving the oilfield service market. The oil and gas sector is revolutionizing owing to the enhanced oil recovery or EOR technique which involves chemical injection, gas injection, and thermal injection techniques. This is further expected to fuel demand for oilfield equipment, thus transforming oilfield services industry outlook. Technologies such as remotely operated vehicles or ROVs and robotic oil rigs may facilitate the development of offshore oilfields, thereby driving the oilfield service market. Furthermore, this is anticipated to enable growth in the oilfield services industry during the forecast period. Oilfield operators are continuously focusing on improving the production output and reducing cost of oilfield equipment to boost the oilfield service market.
Strategic Alliances between Companies Intended to Upscale their Operations
The highly fragmented O&G service industry witnesses the presence of several leading players in the oilfield service market. Companies are forging strategic alliances and involving in M&A activities to improve their market share. Presently, Schlumberger is leading the global oilfield service market in terms of revenue. Moreover, a few days ago, the company signed an earn-in-agreement with Pure Energy Minerals Ltd. The agreement was signed with an aim to develop the later company’s lithium project in Clayton’s valley of Nevada.
Key Industry Developments
- In July 2019, i3 Energy PLC has awarded an oilfield service contract to Baker Hughes GE to carry out drilling at Liberator and Serinity assets in North Sea.
- In March 2019, Petrofac achieved a milestone by securing $1 billion contract by Groupment Isarene for commissioning, engineering and procurement services related to the Ain Tsila project in Algeria.
- In January 2019, Ex-CEO of Halliburton Dave Lesar who stepped down in May 2017 is planning to start an oilfield services company with funding from private equity firm CSL capital management.
- In August 2018, Conglomerate Baker Hughes (GE) has been awarded a contract by Cairn Oil and Gas (Vedanta Subsidiary) for integrated oilfield services for the development of the Mangala, Bhagyam and Aishwarya (MBA) field in Rajasthan.
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/oilfield-service-market-100174
Key Features of Oilfield Service Market Research Report:
- This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the market.
- Market Forecast by regions, type and application, with sales and revenue, from 2020 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2020 to 2023 of industry.
- The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2020 and 2023. In 2020, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Table of Content
5. Global Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Service
5.2.1. Seismic Service
5.2.2. Drilling Service
5.2.3. Completion & Workover Service
5.2.4. Production Service
5.2.5. Processing & Separation Service
5.3. Market Analysis, Insights and Forecast – By Application
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.3. Asia Pacific
5.4.4. Middle East & Africa
5.4.5. Latin America
6. North America Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Service
6.2.1. Seismic Service
6.2.2. Drilling Service
6.2.3. Completion & Workover Service
6.2.4. Production Service
6.2.5. Processing & Separation Service
6.3. Market Analysis, Insights and Forecast – By Application
6.4. Market Analysis, Insights and Forecast – By Country
7. Europe Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings
7.2. Market Analysis, Insights and Forecast – By Service
7.2.1. Seismic Service
7.2.2. Drilling Service
7.2.3. Completion & Workover Service
7.2.4. Production Service
7.2.5. Processing & Separation Service
7.3. Market Analysis, Insights and Forecast – By Application
7.4. Market Analysis, Insights and Forecast – By Country
7.4.7. Rest of Europe
Queries Addressed In Oilfield Service Market Report:
- What opportunities are present for the market players to enhance their business footprint?
- What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
- Which segment is witnessing huge traction from the consumers?
- For what purposes, is the market being utilized?
- How many units are estimated to be sold in 2020?
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