Oilfield Services Market Size 2020 Upcoming Opportunities and Forecast To 2023

Posted by Anvi on March 11th, 2020

Oilfield Services Market Analysis

Oilfield services are being applied by all E&P companies to enhance recovery of fossil fuels. Aging production wells is a primary factor driving the growth of the global oilfield services market. Analytics plays a very important role in operating a successful business today, and oilfield services primarily use analytics to improve production. Oilfield services primarily run on IT solutions provided by companies which allow E&P companies to analyse large amounts of data, which further helps in production optimization. The global Oilfield Services Market Size is expected to grow at 4.01% CAGR during the forecast period. Hardware also plays an important role in the oilfield services market, as equipment like sensors are installed to gauge the well conditions. As per the BP Statistical Review 2018, the US is the largest producer of oil in the world. The primary factor for the tremendous growth in oil production in the US is the intense research and development conducted by companies in the country.

The growing demand for oilfield services market is attributed to the rising demand enhanced oil recovery solutions. Presently, the global oil reserves are depleting, and E&P companies are working on extracting higher amounts of fossil fuels from the existing and maturing wells. Also many reserves prospect reserves are located in unconventional areas, which can be extracted using various oilfield services. This is another major driver for the growth of the global oilfield services market. There are major growth opportunities in the Middle East & Africa region as numerous shale fields have been identified in the region and production in these fields will have a positive impact on the global oilfield services market.

Industry Segmentation

The market for oilfield services market is segmented based on service as seismic, drilling, characterization, completion, production, well intervention, and others. Completion segment held the largest market share in 2017, mainly on account of the advanced completion technology available in the market. Based on application the global oilfield services market is segmented as onshore and offshore. The onshore segment held the largest market share in 2017, as many of the onshore production wells are aging and extensive oilfield services are applied to enhance recovery.

Leading Players

The key players of the global oilfield services 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).

Scope of the Report

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global oilfield services market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis

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