Global Oilfield Services Market By Type, By Service and By Region

Oilfield Services Market

The GMI Research stimulates that the Oilfield Services Market will experience an amplified demand over the forecast period. This is because of the augmenting endorsement of onshore exercises and their assistance to carry out efficient field services.

Introduction of the Oilfield Services Market

Oilfield services comprise different activities varying from detecting to extracting oil or gas. These companies provide the products required to construct, finish, and fabricate oil and gas wells and assist the process of evaluating, developing, finding, producing, and terminating oil and gas resources.

Key Players of Market:

  • Baker Hughes Company
  • Halliburton
  • Weatherford
  • National Oilwell Varco
  • Schlumberger Limited
  • Superior Energy Services, Inc.
  • Archer
  • TechnipFMC plc
  • China Oilfield Services Limited
  • Expro Group

Oilfield Services Market Dynamics

The augmentation in the investigation activities and oil and gas production due to the accelerating demand across different sectors which include, transportation and manufacturing, are exacerbating the growth of the global oilfield services market. In addition, the surge in the production of shale gas extrication, crude oil, and the existence of various offshore oil reserves have strengthened the market size. Further, the drastic expansion in the offshore industry and accelerating penetration of recreational activities concerned with oil reservoirs are other prime factors supplementing the growth of the market.

Simultaneously, the ongoing technological modernizations have raised the effectiveness of deracinating resources along with the increasing research and development activities to innovate novel technologies, processes, and products to preserve the environment further contribute to the market demand. In parallel, the increasing execution of the upgraded, enhanced oil recovery method owing to the effective usage of infrastructure and equipment across the novel locations and less land & habitat disturbance is another factor responsible for the market growth. However, fluctuations in crude oil prices and the remarkable switch towards sustainable energy have hindered market growth. Besides this, the outbreak of the coronavirus crisis led to a fall in market demand. This is because of the short-term halt of production units, manufacturing plants, and other offshore and onshore plants. Nevertheless, the market is expected to recover in 2021 while presenting robust growth from 2022.

Application Segment Drivers

Depending on the application, the onshore segment is contemplated to bolster at a faster rate during the next few years. This is because of the intensified endorsement of onshore applications for several services along with the increasing number of onshore oil and gas investigation activities across various countries.

Service Segment Drivers

In accordance with the service, the Well Completion Equipment & Services segment is anticipated to bolster at a faster rate over the coming years. This is because of the accelerating volume of drilling activities to complete the unfinished wells. In addition, the expansion in the fracking of aged oil & gas wells and ongoing shale functions are other factors fuelling the Oilfield Services Market  growth.

Geographical Drivers

North America is predicted to perceive faster growth during the coming years. The aggravating implementation of oilfield services led by the increasing generation and demand of oil and gas has impelled the market growth.  Furthermore, the growing consumption of energy by various areas, leading to an extension in the supervision activities and the mounting drilling of wells for shale gas exploration, are driving the market growth.

Oilfield Services Market Segmentation:

Segmentation by Application
  • Offshore
  • Well Intervention Services
  • Well Completion Services
  • Onshore
  • Well Completion Services
  • Well Intervention Services
Segmentation by Type 
  • Field Operation
  • Equipment Rental
  • Analytical Services
Segmentation by Service
  • Oil Country Tubular Goods
  • Pressure Pumping Services
  • Well Completion Equipment & Services
  • Wireline Services
  • Drilling & Completion Fluid Services
  • Well Intervention Services
  • Drilling Waste Management Services
  • Coiled Tubing Services
Segmentation by Region:
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • RoW
    • UAE
    • Brazil
    • South Africa
    • Saudi Arabia

About GMI Research

The market research and consulting organisation providing business perceptions and research reports to several enterprises is established with the prime motive to help clients achieve a long-term growth. The large team of analysts and experts from different regions offers a one-stop solution to support them in reaching a managerial decision. The research reports of GMI proffer a comprehensive analysis about forecasts, competitive landscape, growth drivers, and other market dynamics.

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