ID: MRFR/E&P/5370-HCR | February 2021 | Region: Global | 111 pages
Oilfield services refers to the various solutions provided by companies to help in the drilling process. Drilling companies must operate in a variety of environments leading to the requirement of different types of technology and equipment. Most drilling companies tend to obtain these services from industry leaders in the oilfield services market, which in return leads to higher productivity from the oilfield. There are two major types of service providers in the market, oil drilling rig providers and drilling service providers. Services are available for all processes in the upstream sector including exploration and production. Use of oilfield services is mostly for enhancing the oil recovery from wells.
The shale revolution in US has changed the oil market to a large extent, and presently many countries in the Middle East are looking forward to applying this technology in their region to improve production. It is expected that this will be a major factor driving the growth of the global oil field services market during the forecast period. For instance, in May 2018 Saudi Aramco signed a deal with Halliburton to improve production in three shale fields. The fracking technology has been essential in the growth of the oilfield services market in the recent years. Many geopolitical factors led to the fall in oil prices in 2014 and profits in oil production fell leading to a negative impact on many oil producing economies. However, research and development in North America continued which has been driving the growth of the oilfield services market. Oilfield services companies in North America are technology leaders in the market and are being sought out by oil producers throughout the world to enhance oil & gas recovery.
The oilfield services market has extensive growth opportunities, but the high initial cost of investment is the restraining factor for the market. Initial costs involve research, equipment, manpower, and the ability to operate in remote and harsh locations. Substantial shale resources have been found in the African continent in countries including Algeria, Tunisia, Morocco and South Africa. This is anticipated to be a major opportunity for oilfield services companies during the forecast years. As per reports for from the Energy Information Administration (EIA), Algeria has more than 700 trillion cubic feet (TCF) technically recoverable reserves. There are also major prospects of shale gas production in Tanzania and Mozambique, which are expected to drive the market for oilfield services.
The global oilfield services market is projected to grow at a high rate during the forecast period, mainly due to the growing demand for energy in the form of oil and natural gas. Over the years of oil production, the reserves are depleting, and research organizations are constantly working on the development of unconventional resources. However, currently oil exploration companies need to enhance the recovery from oil wells with the assistance of advanced oilfield services.
Global oilfield services market has been segmented based on service, application, and region. Based on service, the market is classified into seismic, drilling, characterization, completion, production, well intervention, and others. Completion segment is leading the market and held the largest market share in 2017, mainly on account of the advances in completion technology. Some of the latest completion technology include permanent monitoring system, stimulation, and surface logging. Based on application, the market has been segmented as onshore and offshore. The onshore segment held the largest market share in 2017. However, the offshore segment is expected to grow substantially during the forecast period as the offshore exploration is growing constantly.
The global oilfield services market is expected to grow at 4.01% CAGR during the forecast period.
Global Distributed Generation Market
Global oilfield services market is expected to grow significantly during the forecast period on account of the growing demand for enhanced oil recovery services. The demand and production of crude has been growing substantially over the years. For instance, as BP Statistical Review of World Energy 2018 in 2017 the world production of oil grew by 0.7% and world production of natural gas grew by 4%. Substantial reserves have been witnessed in South and Central America, where distribution of proven reserves have grown from 125.58 million thousand barrels in 2007 to 330.84 million thousand barrels in 2017.
The key players of global oilfield service 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).
|Market Size||2027: Significant Value|
|CAGR||4.01% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Service, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Growing Shale Production|
|Key Market Drivers||Growth of the global oil field services|
Frequently Asked Questions (FAQ) :
A 4.01% CAGR is predicted to reinforce the market in the forthcoming period.
A steady income generation rate is estimated to transform eh market’s growth potential.
Asian Oilfield Services Limited (India), National Oilwell Varco (US), and TechnipFMC plc (UK) are the noteworthy contenders in the global market.
The North American region is estimated to boost the global market in the forthcoming period.
The developments in fracking technology are expected to be essential to the growth of the oilfield services market in the impending period.