Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling Service, Completion & Workover ServiceProduction Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till 2026
The global oilfield service market accounted for a value of US$ 250 Bn in the year 2018 and is estimated to reach US$ 330 Bn by 2026. The global market for “oilfield service” is anticipated to post a steady CAGR of 3.7% during the forecast period. Fortune Business Insights recently published thisinformation in a report, titled “Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling Service, Completion and Workover Service Production Service, Processing and Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till 2026.”
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The growing advancements in technology is the chief factor driving the oilfield service market. Several oilfield services across the world use these improved tools and technologies to enhance their EandP activities in offshore and onshore areas. The oil and gas (OandG) industry is presently thriving on account of rising population, which in turn, may enable growth in the oilfield services market at a steady rate.
Segmentation
1. By Service
2. By Application
3. By Geography
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Oilfield Service Market Landscape and Market Scenario Includes:
Important Features that are under Offering and Key Highlights of the Market Report:
North America to Remain Dominant and Offer Huge Growth Opportunities
Among regions, North America is expected to account for a major share in the global oilfield service market by 2026. Moreover, the U.S. covered a share of around 50% in the year 2017. The rising demand for oilfield services in the U.S. includes directional and horizontal drilling activities, primarily owing to the presence of shale gas reservoir. Another reason responsible for the growth of oilfield services in this region is the rising number of deep-water projects especially in the U.S. The market in Asia Pacific is also expected to grow at a significant rate owing to factors such as increasing number of offshore activities especially in China and rising number of oil rigs. Lastly, the oilfield service market in the Middle East and Africa is likely to witness higher CAGR. This is primarily attributable to the rising investment budget in Gulf countries and focus on offshore assets.
Key Companies Covered In The Reports
Discovery of New and Improved Oil and Gas Fields to Spur Growth
The report observes that the discovery of new oil and gas fields is expected to fuel demand for oilfield services especially from sectors such as power plants and transportation. Over the past few years, there has been a significant increase in the extraction of oil and gas resources such as natural gas and crude oil. This rise, as per the report is another factor driving the oilfield service market. The oil and gas sector is revolutionizing owing to the enhanced oil recovery or EOR technique which involves chemical injection, gas injection, and thermal injection techniques. This is further expected to fuel demand for oilfield equipment, thus transforming oilfield services industry outlook. Technologies such as remotely operated vehicles or ROVs and robotic oil rigs may facilitate the development of offshore oilfields, thereby driving the oilfield service market. Furthermore, this is anticipated to enable growth in the oilfield services industry during the forecast period. Oilfield operators are continuously focusing on improving the production output and reducing cost of oilfield equipment to boost the oilfield service market.
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Strategic Alliances between Companies Intended to Upscale their Operations
The highly fragmented OandG service industry witnesses the presence of several leading players in the oilfield service market. Companies are forging strategic alliances and involving in MandA activities to improve their market share. Presently, Schlumberger is leading the global oilfield service market in terms of revenue. Moreover, a few days ago, the company signed an earn-in-agreement with Pure Energy Minerals Ltd. The agreement was signed with an aim to develop the later company’s lithium project in Clayton’s valley of Nevada.
Key Industry Developments
Regional Analysis:
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.
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Key Features of Oilfield Service Market Research Report:
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
Table of Content
5. Global Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast By Service
5.2.1. Seismic Service
5.2.2. Drilling Service
5.2.3. Completion and Workover Service
5.2.4. Production Service
5.2.5. Processing and Separation Service
5.2.6. Others
5.3. Market Analysis, Insights and Forecast By Application
5.3.1. Onshore
5.3.2. Offshore
5.4. Market Analysis, Insights and Forecast By Region
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. Middle East and Africa
5.4.5. Latin America
6. North America Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast By Service
6.2.1. Seismic Service
6.2.2. Drilling Service
6.2.3. Completion and Workover Service
6.2.4. Production Service
6.2.5. Processing and Separation Service
6.2.6. Others
6.3. Market Analysis, Insights and Forecast By Application
6.3.1. Onshore
6.3.2. Offshore
6.4. Market Analysis, Insights and Forecast By Country
6.4.1. U.S.
6.4.2. Canada
7. Europe Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings
7.2. Market Analysis, Insights and Forecast By Service
7.2.1. Seismic Service
7.2.2. Drilling Service
7.2.3. Completion and Workover Service
7.2.4. Production Service
7.2.5. Processing and Separation Service
7.2.6. Others
7.3. Market Analysis, Insights and Forecast By Application
7.3.1. Onshore
7.3.2. Offshore
7.4. Market Analysis, Insights and Forecast By Country
7.4.1. UK
7.4.2. Germany
7.4.3. France
7.4.4. Italy
7.4.5. Norway
7.4.6. Russia
7.4.7. Rest of Europe
Queries Addressed In Oilfield Service Market Report:
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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