Oilfield Services Market
The Oilfield Services Market is anticipated to grow at a significant CAGR during the forecast period (2020-2027).
The factors driving the growth of Oilfield Services Market includes the increasing oil exploration activities, growing demand for oil field services in manufacturing and transportation sector and rising oil consumption levels across the world. As per the report published by Economic Times, the oil demand in India is expected to increase by 8.2%, to 5.15 million barrels per day in 2022, which will increase the Oilfield Services Market Size in Asia-Pacific. Moreover, the growing technological advancements such as directional drilling and hydraulic fracturing, which helps in enhancing the shale gas production and increasing focus on minimizing the oilfield service cost, are some of the factors, boosting the Oilfield Services Market Share. In addition, the discovery of new oil resources and growing population levels are set to increase the demand for oilfield services in the coming years, as per report published by Offshore Energy, the United Arab based company Dragon Oil discovered oil in the Gulf of Suez, around 45 to 50 million barrels that can be extracted from it.
The major players operating in the market includes National Oilwell Varco, Superior Energy Services, Halliburton, Baker Hughes Company, Weatherford, Schlumberger Limited, National Oilwell Varco, TechnipFMC plc, Archer, Expro Group and China Oilfield Services Limited among others.
Application: Segment Analysis
As per Oilfield Services Market Analysis, the Onshore segment is expected to grow at a faster CAGR during the forecast period due to increasing oil well discoveries, rising production of crude and growing investments in subsea and oil gas assets. The onshore oil production increased from 69% in 2010 to 71% in 2015, which will increase the growth of the segment in the coming years.
Service: Segment Analysis
As per Oilfield Services Market Research, the Well Completion Equipment & Services segment is projected to expand at a faster CAGR during the forecast period due to growing demand for drilling activities around the world.
Region: Segment Analysis
Based on the region, North America is expected to grow at a significant Compound Annual Growth Rate during the forecast period due to growing consumption of oil and gas in various industries.
On the other hand, Asia-Pacific region is expected to grow at a faster rate during the forecast period due to increasing number of onshore activities in China and rising oil production and rig counts. China’s State-owned company, China National Offshore Oil Corporation (CNOOC), plans to drill 132 exploratory wells, which will boost the Global Oilfield Services Market.
Market Segmentation
Global Oilfield Services Market by Application
- Offshore
- Well Intervention Services
- Well Completion Services
- Onshore
- Well Completion Services
- Well Intervention Services
Global Oilfield Services Market by Type
- Field Operation
- Equipment Rental
- Analytical Services
Global Oilfield Services Market by Service
- Oil Country Tubular Goods
- Pressure Pumping Services
- Well Completion Equipment & Services
- Wireline Services
- Drilling & Completion Fluid Services
- Well Intervention Services
- Drilling Waste Management Services
- Coiled Tubing Services
Global Oilfield Services Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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