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 106.4 billion in 2017 to USD 125.5 billion by 2022, registering a CAGR of 3.4%, 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. Onshore applications are highly popular in the Middle East and North America, especially in countries such as Saudi Arabia, Kuwait, the U.S., and Canada, where the maximum number of oilfields are located onshore. The market in North America is key for onshore applications due to increasing shale gas production in the US and well intervention activities in the shale basins in the region. Despite the decline in oil prices since 2014, production activities are being carried out, which is expected to increase the demand for oilfield services, such as, well intervention.
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.
Browse 88 Market Data Tables and 111 Figures spread through 270 Pages and in-depth TOC on“Oilfield Services Market”
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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. Pressure pumping oilfield services are 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. The pressure pumping market is expected to grow in the future as a result of shale gas exploration and production activities in North America. Additionally, the markets in Asia Pacific and Africa offer opportunities for service providers as offshore exploration activity is on the rise in these regions. Currently, production activities from aging reservoirs of the North Sea are leading to an increased demand for pressure pumping services despite dwindling oil and gas reserves. Countries such as the US and China are expected to drive the market demand, mostly because of the ongoing shale boom.
North America: The largest oilfield services market.
In this report, the oilfield services market has been analyzed with respect to 6 regions, namely, North America, South America, Europe, Asia Pacific, Middle East, and Africa. The market in North America is expected to dominate the global oilfield services market, given increased oil & gas exploration & production activities, especially in the U.S. According to the IEA, the US is determined to become the net exporter of energy by 2020; and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US retained its position as a top oil producer in 2018, due to the shale revolution. The Mexican government has recently begun expanding its oil & gas industry with the liberalization of its domestic energy sector. The government has enacted reforms that have ended the monopoly of the state-run PEMEX in an effort to attract foreign investors and operators. Mexico is estimated to have the world’s sixth-largest reserve of recoverable shale gas—approximately 600 Tcf. 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 the profiles of some of the top players in the oilfield services market.
Some of the key players are Schlumberger (US), Halliburton (US), Baker Hughes (US), Weatherford (US), Superior Energy Services (US), and GE Oil & Gas (UK). The leading players are adopting various strategies to increase their share in the oilfield services market. They are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share. Contracts & agreements has been a widely adopted strategy by the major players in the oilfield services market.
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