By Infinium Global Research Aug, 2020
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, the rapidly growing offshore industry especially in the Gulf countries is further expected to augment the market size of the 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 offerings coupled with long-term contracts is likely to provide opportunities for the oilfield services market. Among the services, the production services accounted for the largest market size of USD 36.04 billion in 2017 while the 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 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 are provided over the period of 2016-2024. The report provides profiles of the companies in the global 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.