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.