The global oilfield service market accounted for a value of US$ 250 Bn in the year 2018 and is estimated to reach US$ 330 Bn by 2026. The global market for oilfield service is anticipated to post a steady CAGR of 3.7% during the forecast period. Fortune Business Insights recently published this information in a report, titled “Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till 2026.”
The growing advancements in technology are the chief factor driving the oilfield service market. Several oilfield services across the world use these improved tools and technologies to enhance their E&P activities in offshore and onshore areas. The oil and gas (O&G) industry are presently thriving on account of rising population, which in turn, may enable growth in the oilfield services market at a steady rate.
Key Companies Covered In The Reports
- National Oilwell Varco
- Baker Hughes, a GE company
- BJ Company
- Oil States Industries
- Weir Oil and Gas
- COSL – China Oilfield Services Limited
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North America to Remain Dominant and Offer Huge Growth Opportunities
Among locals, North America is required to represent a noteworthy offer in the worldwide oilfield administration advertise by 2026. Additionally, the U.S. secured a portion of around half in the year 2017. The rising interest for oilfield benefits in the U.S. incorporates directional and flat boring exercises, basically attributable to the nearness of shale gas repository. Another explanation in charge of the development of oilfield benefits in this area is the rising number of profound water extends particularly in the U.S. The market in the Asia Pacific is likewise expected to develop at a huge rate attributable to components, for example, expanding number of seaward exercises particularly in China and rising number of oil rigs. In conclusion, the oilfield administration advertises in the Middle East and Africa is probably going to observe higher CAGR. This is principally owing to the rising venture spending plan in Gulf nations and spotlights on seaward resources.
The revelation of New and Improved Oil and Gas Fields to Spur Growth
The report sees that the revelation of new oil and gas fields is relied upon to fuel interest for oilfield benefits, particularly from segments, for example, control plants and transportation. In the course of recent years, there has been a noteworthy increment in the extraction of oil and gas assets, for example, petroleum gas and unrefined petroleum. This ascent, according to the report is another factor driving the oilfield administration to advertise. The oil and gas segment is reforming inferable from the improved oil recuperation or EOR system which includes a substance infusion, gas infusion, and warm infusion methods. This is additionally expected to fuel interest for oilfield hardware, consequently changing the oilfield administrations industry viewpoint. Advances, for example, remotely worked vehicles or ROVs and automated oil apparatuses may encourage the improvement of seaward oilfields, in this way driving the oilfield administration to advertise. Besides, this is foreseen to empower development in the oilfield administrations industry during the figure time frame. Oilfield administrators are persistently concentrating on improving the generation yield and decreasing the expense of oilfield hardware to support the oilfield administration advertise.
Vital Alliances between Companies Intended to Upscale their Operations
The exceptionally divided O&G administration industry observes the nearness of a few driving players in the oilfield administration showcase. Organizations are producing vital coalitions and including in M&A exercises to improve their piece of the overall industry. Directly, Schlumberger is driving the worldwide market as far as income. Also, a couple of days back, the organization consented to a win in-arrangement with Pure Energy Minerals Ltd. The understanding was marked with a plan to build up the later organization’s lithium venture in Clayton’s valley of Nevada.
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As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to the rising adoption of a sedentary lifestyle in nations such as India and China.
Table of Content
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
4.3. Latest Technological Advancement
4.4. Global Upstream Investment Scenario – ByRegions
4.5. Insights on Regulatory Scenario
4.6. Porters Five Forces Analysis
5.Global Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – ByService
5.2.3. Completion & Workover Service
5.2.5.Processing & Separation Service
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