The global oilfield services market size is predicted to develop at a 4.01% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Oilfield services include various solutions offered by companies to assist in the drilling process. Well intervention, production, completion, characterization, drilling, seismic, and others are its different services. Owing to its alluring features and different benefits, oilfield services have different offshore and onshore applications.
Various factors are propelling the global oilfield services market share. According to the recent MRFR report, such factors include the global rise in oil & gas production, increasing extraction of shale gas, discovery of new oil and gas fields, growing crude oil production, use of EOR in maturing oilfields, and demand for advanced equipment, tools, and technology to boost the efficiency of production and exploration activities in offshore & onshore areas. Additional factors adding market growth include growing demand for energy, technological advances in the oilfield, rising productivity from new and mature reserves, growing investments in ultra-deep and deep-water exploration projects, rising consumption of oil & gas resources, the launch of laser drilling techniques and its increasing use due to the different benefits like single diameter borehole, precision drilling, accuracy, and high ROP, and growing investments in R&D activities to produce innovative products.
On the contrary, high initial investment cost and the ongoing COVID-19 impact may limit the global oilfield services market growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global oilfield services market based on service and application.
Based on the region, the global oilfield services market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. Rising production levels of oil and gas, the US is the largest consumer and producer of oil and gas, the use of multi-stage hydraulic fracturing technologies, and the shale gas boom are adding to the global oilfield services market growth in the region.
The global oilfield services market in the APAC region is predicted to grow at a fast pace over the forecast period. Rising investment by the government in the oil and gas industry, increasing urbanization in different countries, and the growing need for oil & gas are adding to the global oilfield services market growth in the region. Indonesia, India, and China have the maximum share in the market.
The global oilfield services market in Europe is predicted to have sound growth over the forecast period, and in the RoW is predicted to have a steady growth.
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Industry players have encompassed several strategies to stay at the forefront, such as acquisitions and mergers, partnerships and collaborations, joint ventures, new product launches, geographic expansions, strategic alliances, among others.
Table Of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
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