The Oilfield Services market is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.
Oilfield Services Market Overview
The global oilfield services market is expected to witness significant growth during the review period. Key drivers of the market include the growth of the oil & gas industry and the rapidly growing shale gas exploration. Increased oil & gas investment in the potential region, i.e., Middle East & Africa, promotes the demand for oil & gas services. However, increasing focus on renewable energy production coupled with the fluctuating crude oil prices is the major hindrance to market growth.
Oilfield Services market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.
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Most important Segments of Oilfield Services market covered in this report are,
The global oilfield services market is mainly segmented into service type and application. On the basis of service type, the market has been sub-segmented into well completion equipment & services, well intervention services, coiled tubing services, pressure pumping services, OCTG, wireline services, and drilling waste management services. On the basis of application, the oilfield services market has been segmented into offshore and onshore.
Oilfield Services Industry Influence of the global market report:
Globally Major key Players accelerates the Oilfield Services Market are, Schlumberger Limited (US), Halliburton (US), Baker Hughes (US), Weatherford International plc (US), National Oilwell Varcos (US), Asian Energy Services Limited (India), TechnipFMC plc (UK), Superior Energy Services, Inc (US), China Oilfield Services Limited (China)
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Oilfield Services Market Regional Analysis
The global oilfield services market has been segmented on the basis of region into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The North America oilfield services market has been segmented into US, Canada, and Mexico. The market in Europe has been segmented into Germany, France, Spain, UK, Italy, Russia, and Rest of Europe. The Asia-Pacific market includes China, Japan, India, Southeast Asia, and Rest of Asia-Pacific. The Latin America market includes Brazil, Argentina, Chile, and Rest of Latin America. The Middle East & Africa market includes Iraq, Iran, Egypt, Saudi Arabia, and Rest of the Middle East & Africa.
North America accounted for a market share of 41.39% in 2020 and is expected to register a CAGR of 5.50% during the forecast period and reach a market value of USD 1,74,585.6 million by 2028. North America is one of the leading markets for oilfield services, owing to the increasing drilling & production activities. In the US, advancements in hydraulic fracturing technology have helped the operators increase their shale production in this region. Thus, the country is one of the largest markets for drilling oilfield services. In 2018, the US had 968 active rigs and more than a million producing wells, and it is one of the largest markets for drilling oilfield services in the world.
The availability of natural gas reserves in Europe in the North Sea, Black Sea, the Caspian, the Mediterranean, the Norwegian Sea, and the Barents Sea and the presence of large shale gas reserves present lucrative opportunities for the players operating in the European and international markets.
Key Findings of the Study
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