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Oilfield Services Market Regional Outlook and Forecast 2021 to 2030

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North America dominates the oilfield services market in terms of revenue over the forecast period. Increase in oil & gas exploration activities and rise in oil & gas production from oil sands are the major contributors to the market growth. However, Asia-Pacific is also anticipated to develop with the highest growth rate over the forecast duration. Factors, including growing oil production, increase in a variety of oil rig counts, and developing offshore activities in China and India are expected to boost the oilfield services market growth in this region.

The Oilfield Services Market size is expected to be worth around US$ 145.1 billion by 2030 from at US$ 115.26 billion in 2020 and is anticipated to grow at a CAGR of 5.4% during forecast period 2021 to 2030.

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Growth Factors

These services are being increasingly implemented owing to the rising demand for energy and the development of new oilfields. The purpose of oilfield services is to help operators control the subsurface pressures, minimize formation damage, control borehole erosion, and optimize drilling parameters including the penetration rate and hole cleaning. The burgeoning offshore industry, particularly in the Persian Gulf, is anticipated to drive the oilfield services market over the forecast period. However, the adverse environmental effects of E&P activities coupled with strict government regulations are likely to hinder the market growth.

These initiatives are anticipated to positively drive the market over the forecast period. Harsh environments such as dry climate, desert topography, and extreme temperatures have compelled market participants to come up with efficient lubricants and cooling agents to protect and extend the life of their equipment.

In this study, the years considered to estimate the market size of Oilfield Services are as follows:

  • History Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

By Segment Analysis

The growing demand for refinery products is also likely to boost the oil & gas production in the region in the long term. The increasing need for crude oil and natural gas in China, Russia, and Saudi Arabia is estimated to provide an impetus to onshore projects in the coming years.

These initiatives are anticipated to positively drive the market over the forecast period. Harsh environments such as dry climate, desert topography, and extreme temperatures have compelled market participants to come up with efficient lubricants and cooling agents to protect and extend the life of their equipment.

The increasing global offshore rig count, which recorded an annual average of over 4% in 2017, coupled with the significant development of existing offshore wells, both in deep and ultra-deep waters, particularly in the South China Sea, Persian Gulf, and the Gulf of Mexico, is estimated to drive the sector over the forecast period.

By Service Analysis

Workover & completion solutions include fluid control in reservoirs, sand control, zonal isolation, and well repairs. These services are performed on a well when it is considered to be unsuitable for the production of oil & gas resources.

The production segment deals with wellbores and reservoirs. The equipment utilized in this segment includes tubular goods, surface wellheads, flowlines, processing equipment, artificial lift equipment, metering devices, separators, chokes, manifolds, valves, storage vessels, and fluid & gas treating equipment.

The ongoing exhaustive drilling activities have resulted in a drop in the quality of oil & gas resources worldwide. Owing to this, efficient comminution activities are needed to meet the global demand for oil & gas resources.

The rising need for energy, due to the growing population and rapid industrialization, has led to the requirement for large-scale exploration activities. Increasing participation to sustain the demand for energy in the region coupled with the growing number of deepwater discoveries is projected to drive the subsea segment over the forecast period.

Seismic service is a modern technique, which enables rig operators and geoscientists to determine the orientation and depth of underground rocks without drilling a well. This is achieved by bouncing off sound waves from the bottom of the onshore drilling rig onto the surface beneath.

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By Type Analysis

The global demand for oilfield services is witnessing a rise owing to the exponentially increasing population and the need to suffice the resulting energy demand. The field operation segment was the largest segment in 2016 and accounted for a share of 40.4% in the market, by type.

E&P companies opt for equipment rental services to cut down the cost of buying the equipment required for drilling purposes. Owing to the complexity of the procedure, E&P companies often consider outsourcing their drilling operations to minimize the risks involved. Field operations include the solutions required for drilling wells, insertion of tubing into wellbores, reservoir management, and extraction of oil & gas resources from the resource beds.

Predicting the outcome of field operations helps operators plan ahead of time. In case a mishap such as an oil spill occurs, operators are thus likely prepared to manage the situation. Analytical & consulting solutions help E&P companies analyze the surface or the rocks to be drilled without actual drilling.

By Regional Analysis

Depleting conventional resources have prompted the global oil & gas industry to shift to developing unconventional resources such as shale oil & gas, tight oil & gas, and coal bed methane (CBM). However, extracting them requires specific techniques.

Asia Pacific has emerged as a leading energy consumer over the last decade. The rise in energy consumption in the region is supported by the ever-increasing population, especially in China and India, which fuels the basic energy requirement for electricity, transportation, and fuel for cooking.

China has been investing four times as much as the U.S. in order to develop its shale reserves. This has created the immense potential for oil & gas companies, such as Halliburton and Schlumberger, to expand.

Key Players

Major companies operating in the market include Schlumberger, Halliburton, Baker Hughes, Weatherford International, Calfrac Well Services, and Cudd Energy Services.

Market Segmentation

  • By Application
    • Onshore
    • Offshore
  • By Service
    • Workover & completion services
    • Production
    • Drilling
    • Subsea
    • Seismic
    • Processing & separation services
    • Others
  • By Type
    • Equipment rental
    • Field operation
    • Analytical & consulting services
  • Regional
    • North America
      • The U.S.
      • Canada
      • Mexico
    • Europe
      • The U.K.
      • Russia
    • Asia Pacific
      • China
      • Australia
    • Central & South America
      • Brazil
      • Argentina
    • Middle East & Africa
      • Saudi Arabia
      • Algeria
      • South Africa

The Oilfield Services market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Oilfield Services market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Oilfield Services market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Oilfield Services market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Oilfield Services market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Oilfield Services capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Oilfield Services by regions (countries) and application.

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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