Oilfield Services Market to Observe Strong Development | 2020
Oilfield
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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Report Overview @
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 Outlook
Currently,
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.
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