Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The global oilfield services market size is expected to gain momentum by reaching USD 346.45 billion by 2028 while exhibiting a CAGR of 6.6% between 2020 to 2027. In its report titled "Oilfield Services Market, 2020-2027," Fortune Business Insight mentions that the market stood at USD 267.82 billion in 2019.
The surging shale gas extraction from hydraulic fracturing and other stimulation procedures will bolster the growth of the market. Oilfield Services Market to gain colossal advantage; Award won by TechnipFMC for Pipelaying and Subsea Installation in Norwegian continental shelf (NCS) to aid growth.
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The Report Lists the Key Companies in the Oilfield Services Market:
- Schlumberger (Texas, United States)
- Halliburton (Texas, United States)
- Baker Hughes (Texas, United States)
- Weir Oil and Gas (Glasgow, United Kingdom)
- Emerson (Missouri, United States)
- National Oilwell Varco (Texas, United States)
- Weatherford (Texas, United States)
- AlMansoori Specialized Engineering (Abu Dhabi, UAE)
- Saudi Aramco (Dhahran, Saudi Arabia)
- Protiviti (California, United States)
- Abu Dhabi Oilfield Services (Abu Dhabi, UAE)
- YAS Oilfield Services (Texas, US)
- Superior Oilfield Services LLC (Abu Dhabi, UAE)
- National Arabian Petroleum Services Company (Dammam, Saudi Arabia)
- Larsen & Toubro (Mumbai, India)
- Oceaneering (Houston, Texas)
- China Oilfield Services Ltd. (Beijing, China)
- Petroleum Dynamics Oil and Gas (East Ahmadi, Kuwait)
- Petroleum Services Co. Kuwait (Kuwait)
- SPECIAL OILFIELD SERVICES CO. L.L.C. (Muscat, Oman)
- Vallourec (Boulogne-Billancourt, France)
- BJ Services (Texas, U.S.)
- STARK International (Doha -Qatar)
- Ruker Inc. (Billerica, Massachusetts)
- Xi'an Huayang Oil&Gas Equipment Co., Ltd. (Xi'an, Shaanxi)
- ADES - Advanced Energy Systems (Egypt)
- Biyaq Oilfield Services (Mawaleh, Muscat)
- Petrodar Operating Company (PDOC) (Khartoum, Sudan)
- Middle East Oilfield Services LLC (Muscat, Oman)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 TO 2027 CAGR | 6.6% |
| 2027 Value Projection | USD 346.45 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 267.82 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 320 |
| Segments covered | Type, Service, Application, Geography |
| Growth Drivers | Increasing Shale Gas Extraction to Drive Market Growth |
| Increasing Production & Exploration Activities in Oil & Gas Industry to Favor Market Growth. |
COVID-19 Impact:
The coronavirus disaster has financially drained various industries and sectors around the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
To get to know more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/oilfield-service-market-100174
Market Drivers:
Growing Demand for Shale Gas to Propel Market
The increasing demand for shale gas has led to the advancement in technologies such as directional drilling and hydraulic fracturing technology to improve the production process in reservoirs. The high requirement for oilfield services during extraction can spur opportunities for the market. The ongoing plans and strategies to enhance the production of shale gas will simultaneously enrich the business of the market during the forecast period. For instance, China has announced that it will escalate its production up to 30 bcm/per year by 2020, and 80-100 bcm/per year by 2030 through advanced technologies and drilling techniques. China accounts for a high percent of shale gas production, which originally comes from the Sichuan Basin located in the Chongqing area. Moreover, the increasing exploration activities for untapped resources will enable healthy growth of the market in the forthcoming years.
Regional Insights:
Offshore Oil Projects to Influence Growth in North America
The market in North America is expected to account for the largest share in the global market owing to the offshore assets in the Gulf of Mexico and the North Sea. The ongoing oil extraction activities will enable the healthy growth of the market in North America. Moreover, the increasing partnerships and acquisitions by major players will further aid development in the region. For instance, in January 2017, Schlumberger limited announced that it has acquired the Peak Well System, which is a specialist in the design and development of advanced downhole tools for flow control, well intervention, and well integrity. Europe is expected to account for a significant share during the forecast period. The reduced cost of offshore drilling activities will favor growth in the region. For instance, in Norway, the operating cost of an oil well has been reduced by 30% from 2014 to 2017, thus the cost incurred for drilling an exploratory well offshore was half in 2017 compared to 2014.
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Industry Development: Key Development:
June 2020: Norwegian oil and gas company Equinor awarded two contracts worth up to USD 187,1 million to oilfield services provider Technip. Under the contract, TechnipFMC will provide pipelaying and subsea installation for three projects on the Norwegian continental shelf (NCS).
Segments:
By Type
- Equipment Rental
- Field Operation
- Analytical Services
By Service
- Geophysical
- Seismic Equipment
- Seismic Service
- Drilling
- Offshore Drilling
- OCTG
- Directional Drilling
- Drilling Fluid
- Well Casing
- Well Cementing
- Drill Bits
- Drilling Rigs
- Logging While Drilling
- Measurement While Drilling
- Managed Pressure Drilling
- Waste Management
- Others
- Completion & Workover
- Well Intervention
- Completion Fluid
- Hydraulic Fracturing
- Sand Control
- Mud Logging
- Wireline Logging
- Other
- Production
- Artificial Lift
- Floating Production Vessel
- Support Vessel
- Well Testing
- Subsea Equipment
- Christmas Tree
- Enhanced Oil Recovery
- Digital Oil Field
- Others
- Processing & Separation
- Water Treatment
- Oil Treatment
- Gas Treatment
- Solids Management
- Others
By Application
- Onshore
- Offshore
- Shallow Water
- Deepwater
- Ultra-Deepwater
By Geography
- North America (the United States and Canada)
- Europe (United Kingdom, Germany, France, Italy, Norway, Russia, and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand, and Rest of Asia Pacific)
- Middle East & Africa (Oman, UAE, Qatar, Kuwait, Saudi Arabia, Iraq, Algeria, Egypt, Nigeria, and Rest of the Middle East & Africa)
- Latin America (Brazil, Argentina, Mexico, Venezuela, Colombia, Chile, and Rest of Latin America)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oilfield Services Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Oilfield Services Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Equipment Rental
- Field Operation
- Analytical Services
- Market Analysis, Insights and Forecast – By Service
- Geophysical
- Seismic Equipment
- Seismic Service
- Drilling
- Offshore Drilling
- OCTG
- Directional Drilling
- Drilling Fluid
- Well Casing
- Well Cementing
- Drill Bits
- Drilling Rigs
- Logging While Drilling
- Measurement While Drilling
- Managed Pressure Drilling
- Waste Management
- Others
- Completion & Workover
- Well Intervention
- Completion Fluid
- Hydraulic Fracturing
- Sand Control
- Mud Logging
- Wireline Logging
- Others
- Production
- Artificial Lift
- Floating Production Vessel
- Support Vessel
- Well Testing
- Subsea Equipment
- Christmas Tree
- Enhanced Oil Recovery
- Digital Oil Field
- Others
- Processing & Separation
- Water Treatment
- Oil Treatment
- Gas Treatment
- Solids Management
- Others
- Geophysical
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Shallow Water
- Deepwater
- Ultra-Deepwater
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Continued…
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