A recent report published by Infinium Global Research on oilfield services market provides in-depth analysis of segments and sub-segments in global as well as regional markets of oilfield services market. The report defines oilfield services industry as all the products and services that are required in oil and gas exploration and production process. Several oil companies such as Exxon Mobile and Chevron among others seek the aid from engineering and industrial firms that build and operate the oil rigs, transport, pipelines etc. These engineering and industrial companies are also known as oilfield equipment and services companies. Moreover, the oilfield services companies provide infrastructure, equipment and all the support required for the oil and gas exploration and transport to the oil companies. Stable recovery in the crude oil prices and continual rise in the demand for oil and gas in transport and other end-use industries are likely to drive the growth in the oilfield services market as the leading oil and gas companies are looking to augment their production capacities to exploit growing demand for petroleum products.
The global oilfield services market is expected to grow at a CAGR of 3.87% between 2018 and 2024 in terms of value. Globally, the oilfield services market is expected to be driven by factors such as growing demand for petroleum products and other crude oil based products, global recovery of crude oil prices and, growth in shale gas extraction are some of the drivers promoting the growth in this market. Moreover, rapidly growing offshore industry especially in the gulf countries are further expected to augment the market size of oilfield services market. The growth in the world oilfield services market is primarily restrained by fluctuating crude oil prices, which affect the profitability of the oil companies and thereby affect the oilfield services companies. On the other hand developing new digital efficiencies and expansion and addition of new product offering coupled with long-term contracts is likely to provide the opportunities for the oilfield services market.
The report segments the global oilfield services market on the basis of services, types and applications. Among the services, the production services accounted for the largest market size of USD 36.04 billion in 2017 while drilling services segment is projected to grow at the highest CAGR over the forecast period. Among the types, the field operation accounted for the largest market size in the year 2017 while technical and analytical services are projected to grow at the highest CAGR over the period of 2018 to 2024.
The report on global oilfield services market covers segments such as service, application, and type. The service segments include Seismic services, processing & separation services, workover & completion services, production, drilling services, subsea services, and others. On the basis of application the global oilfield services market is categorized into onshore, and offshore. Furthermore, on the basis of type the oilfield services market is segmented as field operation, Technical and analytical services and others.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2016 – 2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia and among others. Moreover, European region covers countries such as Germany, UK, France, Spain, and rest of Europe. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2018 - 2024.
The report provides profiles of the companies in the global oilfield services market such as, BAKER HUGHES INCORPORATED (A GE COMPANY), Calfrac Well Services Ltd., Archer Limited, Superior Energy Services, Inc., Schlumberger Limited, Halliburton, C&J Energy Services Pvt Ltd., Trican Well Services Pvt. Ltd, CUDD ENERGY SERVICES, INC., TechnipFMC and Weatherford International Inc.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global oilfield services market. Moreover, IGR-growth matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as porter’s five forces analysis and DRO analysis of oilfield services market. Moreover, the study highlights current market trends and provides forecast from 2018 to 2024. We also have highlighted future trends in the oilfield services market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the oilfield services market to understand the present and future trends in this market and formulate their strategies accordingly.