Oilfield Services Market Research Report: Information by Service (Seismic, Drilling, Characterization, Completion, Production, Well Intervention, and Others), Application (Onshore & Offshore) and Regions (North America, Europe, Asia-Pacific) – Forecast till 2023
Oilfield Services Market Highlights
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 is expected to grow significantly during the forecast period on account of the growing demand for enhanced oil recovery services.
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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. The demand for oilfield services is growing globally, for instance in May 2018 Saudi Aramco signed a contract with Halliburton to operate in shale fields in the country.
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).
Global Oilfield Services Industry Segmentation
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.
Oilfield Services Market Regional Analysis
Region wise, North America held the largest market share of the global oilfield services market in 2017. It is estimated that the Middle East & Africa region will continue to dominate the market during the forecast period, mainly due to the availability of huge reserves of shale. The region has substantial prospects in the countries including Saudi Arabia, UAE and Jordan.
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Process
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.2 Value Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
List Of Tables
Table 1 Global Oilfield Services Market: By Region, 2018-2023
Table 2 North America Oilfield Services Market: By Country, 2018-2023
Table 3 Europe Oilfield Services Market: By Country, 2018-2023
Table 4 Asia-Pacific Oilfield Services Market: By Country, 2018-2023
Table 5 RoW Oilfield Services Market: By Country, 2018-2023
List Of Figures
Figure 1 Research Process Of MRFR
Figure 2 Top Down & Bottom Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
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