Oilfield Services Market By Type, Component, Industry, Region, Demand Forecasts, Company Profiles, Industry Trends And Updates By 2030
Oilfield Services Market Analysis
The global Oilfield Services Market is expected to reach USD
4,09,921.5 million by 2028 and register a CAGR of 5.12% during the forecast
period of 2021 to 2028.
Oilfield
services (OFS) or oilfield equipment services are products or services
associated with oil & gas exploration and production process. The companies
play a major role in upkeep and manufacturing of equipment used in drilling
activities. The wide scope of oil and gas development and need for innovation
for improving bottom margins has created the need for the OFS industry. The
report on the global oilfield services market by Market Research Future (MRFR)
covers trends in drilling activities and opportunities for industry veterans in
the forecast period (2021-2028). The effects of the COVID-19 pandemic on the
market value are discussed in high detail.
FAQ’s:
1.
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2.
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3.
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4.
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5.
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Drivers
Increase
in Shale Gas Extraction to Bolster Market Growth
The increase in
the extraction of shale gas will boost oilfield services market value over the
forecast period. These gases are natural gases that are trapped in the shale
formation. Thus they cannot flow readily into the well for the low permeability
of such shale formations. Hydraulic fracturing as well as other stimulation
processes are used by oil and gas companies for increasing the permeability of
such shale formations, for producing such trapped shale gases.
Opportunities
Increase
in Oil & Gas Discoveries to offer Robust Opportunities
The increase in
oil & gas discoveries coupled with technological advances for better
production yield in oilfield reserves will offer robust opportunities for the
market over the forecast period.
Restraints
Fluctuating
Crude Oil Prices to act as Market Restraint
The fluctuating
prices of crude oil may act as a market restraint over the forecast period.
Challenges
Strict Government
Regulations to act as Market Challenge
The stringent
government regulations on E&P activities may impact the oilfield services
market share over the forecast period.
Market
Segmentation
The global
oilfield services market is bifurcated into service and application.
By service, the
completion segment will lead the market over the forecast period for the
advances in completion technology and the need for preparation of well for
petroleum production.
By application,
the onshore segment will dominate the market over the forecast period for the
rise in maturing wells and improved investment in oil & gas as well as new
well discoveries.
Regional
Analysis
North
America to Head Oilfield Services Market
North America
will head the oilfield services market over the forecast period. Rising
production levels of oil & gas, US being the largest producer and consumer
of oil and gas, and increase in oil and gas exploration activities are adding
to the global oilfield services market growth in the region.
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COVID-19
Analysis
The COVID-19
outbreak has decreased the need for oil & gas significantly. The government
imposed lockdown across the nation has made every industry in shutting down for
preventing the virus to spread. Besides, the restrictions on mobility have
restrained the fuel consumption. This has cut down the total oil demand all
over the world. Exploration and drilling activities were suspended for lack of
manpower due to people being quarantined. Oilfield activities are likely to
gather people that make the virus in spreading faster which has impacted market
growth.
Key
Players
Eminent industry
players profiled in the global oilfield services industry report include
Schlumberger Limited (US), General Electric (US), Halliburton (US), Weatherford
(France), National Oilwell Varco (US), Asian Oilfield Services Limited (India),
TechnipFMC plc (UK), Bronco Oilfield Services Inc (US), and Liberty Oilfield
Service (US).
Industry
Updates
Inclusive Energy
Ltd, a leading name in the oil & gas services sector has announced that it
has noteworthy private equity capital right away available and ready for
deploying as part of its ongoing initiative for diversifying its investments in
the energy and natural resources industries including the renewable sectors,
oilfield services, infrastructure, midstream, and upstream.
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