Global Oilfield Services Market by Type, Application, Service and Region, Global Industry Analysis and Forecast 2022 – 2030 offers assembled trends and predictions to clients. The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. The report is an intensive investigation portraying the details and the new opportunity appraisal of the market.
Rise in demand for energy across the globe and technological developments in oilfield are the key factors that are expected to drive the global oilfield services market over the forecast period. Increase in deep-water exploration and production activities in the Gulf region is expected to propel the demand for the drilling sector over the forecast period. On the basis of application, the global oilfield services market can be segmented into onshore and offshore; and by services, it is divided into drilling and production.
In addition, increase in productivity from mature reserves and higher investment in deep-water exploration projects are other factors that are expected to further fuel the growth of the global market. Increase in investment in R&D activities of innovative products is expected to generate lucrative opportunities for players operating in the market. However, environmental effects of E&P activities and strict government regulations are expected to hinder the market growth. Moreover, the oil & gas industry continuously witnesses fluctuations in crude oil prices, which restrict the market growth over the forecast period.
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New oil & gas fields are being explored to meet the rise in demand, especially from industries such as transportation, power plants, and other industries. Technological advancements have now enabled the operators to extract oil & gas from difficult sources. For example, extraction of gas from shale and oil underneath bituminous sand was quite expensive; however, new technologically-advanced techniques have made it economical. The other trend observed in the market is introduction of laser drilling techniques in the oil & gas industry due to various benefits such as high accuracy, precision drilling, and single diameter borehole.
North America dominates the target market in terms of revenue over the forecast period. Increase in oil & gas exploration activities and rise in oil & gas production from oil sands are the major contributors to the market growth. However, Asia-Pacific is also anticipated to develop with the highest growth rate over the forecast duration. Factors, including growing oil production, increase in a variety of oil rig counts, and developing offshore activities in China and India are expected to boost the oilfield services market growth in this region.
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Key players operating in the market:
Schlumberger, Halliburton, National Oilwell Varco, Baker Hughes, Weatherford International, China Oilfield Services, Petrofac, Saipem, Transocean, and Worley Parsons
Key benefits of the report:
- This study presents the analytical depiction of the oilfield services market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the oilfield services market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the oilfield services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
By Type
- Equipment Rental
- Field Operation
- Analytical & Consulting Services
By Application
- Onshore
- Offshore
By Service
- Workover & Completion Services
- Production
- Drilling Services
- Subsea Services
- Seismic Services
- Processing & Separation Services