The oilfield services market was valued at USD 103.26 Billion in 2016 and is expected to grow at a CAGR of 3.35%, from 2017 to 2022.
According to the new market research report "Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region - Global Forecast to 2022", the oilfield services market is expected to grow from an estimated USD 106.43 Billion in 2017 to USD 125.51 Billion by 2022, registering a CAGR of 3.35%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing shale gas exploration, increasing oil & gas production, and growing efforts in exploring new oil & gas reserves.
The onshore segment is expected to hold the largest share of the oilfield services market, by application, during the forecast period.
The onshore sub-segment, within the application segment, led the oilfield services market in 2016, and is projected to dominate the market during the forecast period.
However, the offshore segment is expected to grow at the fastest rate during the forecast period. The growth of this segment is primarily driven by new exploration and production activities being carried out in offshore areas.
This would ultimately create new revenue pockets for the oilfield services market during the forecast period. Oilfield services plays a critical role in challenging environmental conditions such as HPHT and unconventional reservoirs.
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The pressure pumping services oilfield services sub-segment, within the services segment, is expected to hold the largest share of the oilfield services market during the forecast period.
The pressure pumping services oilfield sub-segment, within the services segment, led the oilfield services market in 2016, and is projected to dominate the market during the forecast period. However, the well completion equipment and services segment is expected to grow at the fastest rate during the forecast period.
Pressure pumping oilfield servicesare used for applications such as well cementing and stimulation. Increasing drilling activities for extraction of oil & gas has raised the demand for EOR and advanced drilling technologies, further increasing the demand for pressure pumping services.
Countries such as the U.S. and China are expected to drive the market demand, mostly because of the ongoing shale boom.
Increasing oil & gas production activities to drive the global oilfield services market close to USD 125 billion by 2022
Global crude oil production stood at 98.24 million barrels per day in 2017 and is projected to rise to 99.90 million barrels per day by 2018 according to EIA. The global natural gas production is expected to increase from 342 billion cubic feet per day to 554 billion cubic feet per day by 2040.
By 2040, shale gas is expected to account for more than 30% of the world’s natural gas production. The ever-increasing demand for fossil-based resources continues to influence the demand growth for new reserves and drilling activities across the world.
These increasing drilling activities drive the demand growth for oilfield services.
North America: The leading market for oilfield services
In this report, the oilfield services market has been analyzed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The market in North America is expected to dominate the global oilfield services market, given increased oil & gas exploration activities, especially in the U.S.
The production of oil & gas from oil sands, tight gas, and natural gas from coal, in Canada, combined with shale gas activities in the U.S., would drive the oilfield services market in North America.
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To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the oilfield services market. These players include Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), and GE Oil & Gas (U.K.). The leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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