29 November 2019
The Oilfield Services Market Report 2020-2030: Forecasts by Services (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, Wireline Services), By Application (Onshore, Offshore), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) and analysis of leading companies operating in this industry.
Oilfield facilities include, among many others, numerous oil-related activities such as discovery, excavation, construction, stabilization, development, and involvement to achieve different objectives throughout the entire life cycle of oil well exploration. In well logging, perforation, zonal separation, well relaxation, sand cleaning, and placing tubing plugs, the facilities are also useful. Such facilities support explorers in discovering and processing oil and gas reserves. The key factors that are expected to drive market growth are the discovery of new oil & gas fields along with growing crude oil production volume coupled with the implementation of EOR methodology in maturing oilfields.
Mexican oil & gas industry liberalization along with Mexican oil & gas industry liberalization along with U.S. & China's Shale Revolution are the reasons that will improve the worldwide market. In addition, declines in Asian countries such as Indonesia and Thailand's oil output are other variables that will stimulate market growth. Reduction in exploration-related mining activities along with falling prices of crude oil are key factors that hamper market growth. Recent oil & gas discoveries in the Arctic region, along with growing mergers & acquisitions and re-fracking of conventional oil & gas wells, are the reasons that are expected to offer this industry ample growth opportunities.
The sector is positively affected by technological advances that improve efficiency of oilfield services. Oilfield service providers use these developments to improve productivity by automating oilfield operations and facilities, investing in high-performance software and technologies, and using data-driven methodology to automate practices such as mining, fracking, and manufacturing. Additionally, high reliability, accuracy and decline in time and labour costs and time are other factors why service providers make extensive use of technologically advanced oilfield equipment, thereby having a positive effect on market growth over the forecast period at a CAGR of more than 3 percent.
The global market for oilfield equipment is highly fragmented. The industry is in the growth phase, and by the end of the forecast period, rivalry is anticipated to become less strong. The research report offers an overview of the competitive landscape of the industry and provides information on the products offered by different leading companies in order to help clients increase their sales shares in the sector.
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