Oilfield Services Market Demand Would Increase Rapidly

Posted by Jayashri Tryambak Bhadane on February 4th, 2020

Global Oilfield Services Market: OverviewOilfield services refers to various oil related activities such as exploration, drilling, stimulation, completion, intervention, and production for the entire life cycle of the well exploration. These services help the operators in exploring and producing oil and gas from reservoirs by aid in perforation, well logging, well stimulation, zonal isolation, setting tubing plugs, and sand washing. With constantly increasing population, the oil and gas industry is currently thriving, and consequently the demand in the global oilfield services market is estimates to expand at a robust growth rate during the forecast period of 2016 to 2024.

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This report on global market for oil field services is an exhaustive analysis of all the prominent factors that are expected to influence the demand in the near future, positively or negative. And based on the analysis, it estimates the future state of the market until 2024. The report also takes a note of latest trends of the market, which must be noted by the players in order to make more of new opportunities. The company profile section of the report is a featured one, exploring various companies for their market share, competitors, and recent strategic decisions such as acquisitions and collaborations.The global oilfield services market can be segmented on the basis of application into onshore and offshore and by services into drilling and production. Geographically, the report studies the opportunities available in the regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Rest of the World.Global Oilfield Services Market: Trends & Opportunities

New oil and gas fields are being discovered in order to meet the escalating demand, especially from the end-user sectors such as transportation, power plants, and other industries, is the primary driver of this market, besides increasing volume of crude oil production. The report also observes that enhanced oil recovery (EOR) technique, which involves gas injection, thermal injection, and chemical injection, is revolutionizing the oil and gas sector and thereby significantly boosting the demand for oilfield services. Technological advancements have now enabled the operators to extract from sources that were inaccessible previously. For example, extraction of gas from shale and oil underneath bituminous sand was quite expensive but with new technologically advanced processes have made it economical. Moreover, these new technologies have helped in E&P activities in several aging oilfields across the globe.The application segment of onshore oilfield services currently accounts for most of the demand. However, offshore segment is also projected for a healthy growth rate, despite being expensive, due to depleting onshore resources, which has urged operators to explore alternatives. By services, the segment of drilling contributes most of the demand, which is a reflection of increased investment in technology by the OFS companies and increasing efficiency of several drilling processes.

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Global Oilfield Services Market: Regional OutlookCurrently, North America serves maximum demand for oilfield services, which is a reflection of deep-water productions in the countries of the U.S. and shale gas production in Canada. North America is expected to remain most prominent region throughout the forecast period.Companies mentioned in the research report
Some of the key companies currently operating in global oilfield services market are Schlumberger, Halliburton, National Oilwell Varco, Baker Hughes, Weatherford International, China Oilfield Services, Petrofac, Saipem, Transocean, and Worley Parsons.