Pune, India, April 20, 2022 (GLOBE NEWSWIRE) -- The global Oilfield Services market is projected to surpass around USD 346.45 billion by 2027, and is expanding growth at a CAGR of 6.6% from 2020 to 2027. The Oilfield Services market was worth 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, states Fortune Business Insights, in a report, titled “Oilfield Services Market Outlook 2020-2027.
Factors such as increased production of Oil and Gas and due to new offshore discoveries, increased investments in offshore sectors propelling the growth of global oilfield services market. Use of new advanced technology, tools and developments in oil and gas reserves to boost the overall industry growth.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/oilfield-service-market-100174
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2022-2029 CAGR | 6.6% |
| 2027 Value Projection | USD 346.45 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 267.82 billion |
| Historical Data for | 20216-2018 |
| No. of Pages | 320 |
| Market Segmentation | 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: Significant Downfall in Oil & Gas Industry
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
Growth Drivers and Restraining Factors:
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.
Halt on Exploration Projects and Services to Dwindle Market Growth
The substantial impact on the oil & gas industry is due to the disruption caused by coronavirus, which affected the operation and supply chain of the industry. Numerous companies have terminated exploration projects and services owing to the lockdown to curb the spread of the virus.
For instance, the International Energy Agency reported that oil demand is likely to decrease by 29 million barrels per day (BPD) in April 2020 and by 23.1 million bpd in the 2nd quarter. Moreover, the production cuts, obstructed investments, and economic downfall can result in heavy loss for the global market during COVID-19. However, improving the situation and growing oil demand will simultaneously help in the recovery, in turn, aiding the market.
Quick Buy - Oilfield Services Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100174
Market Segmentation:
Oilfield Services Market is mainly segmented by Type, Service, Application, and Region
- By Type its categorized into Equipment Rental, Field Operation, and Analytical Services. In this Equipment Rental segment growth is highest.
- By Service its further segmented into Geophysical, Drilling, Completion & Workover, Production, and Processing & Separation.
- By Applications the market is divide by Onshore and Offshore (Shallow Water, Deepwater, Ultra-Deepwater). New investments in Offshore Locations to propel market growth for this segment.
- By Geography the market is categorized by North America (U.S., Canada, and Mexico), Europe (U.K., Germany, France and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea and Rest of Asia- Pacific), and Rest of the World.
Regional Analysis:
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.
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).
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/oilfield-service-market-100174
List of the Key Companies Profiled:
- 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)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Oilfield Services Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued...
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/oilfield-service-market-100174
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Attachment
