Global Oilfield Services Market 2017-2021
About Oilfield Services
Oilfield services companies offer a range of services and applications such as formation evaluation, well construction, casing and cementing services, completion and stimulation, production, and artificial lift activities. The size and scope of the oilfield services companies vary widely. Large companies may offer multiple oilfield services; however, smaller companies may specialize in a single service. Oilfield services companies are granted contracts by the E&P companies to perform operations at a single well or multiple wells or for different wells located in different reservoirs.
Technavio’s analysts forecast the global oilfield services market to grow at a CAGR of 3.63% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global oilfield services market for 2017-2021. To calculate the market size, the report considers the oilfield service market value and exclude oilfield service equipment aftermarket and repairs.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Oilfield Services Market 2017-2021
Technavio recognizes the following companies as the key players in the global oilfield services market: Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford
Other Prominent Vendors in the market are: Aker Solutions, AKOFS OFFSHORE, ALTUS Intervention, Axis Well Technology, Blue Spark Energy, Calfrac Well Services, China Oilfield Services, Danum Well Services, DeepWell, Expro Group, Frontier Oilfield Services, Gulf Intervention Services DMCC, Key Energy Services, Kinetic Services, Nabors Industries, Nordic Well Services, Oceaneering International, Peak Well Systems, Superior Energy Services, The Weir Group, TechnipFMC, Welltec, Wild Well Control, WISE Intervention Services, and Workover Solutions.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is New-generation automated drilling rigs. The recent crude oil price slump, which started in July 2014, has led to reduced capital expenditure for exploration. The decline in crude oil price continues to shrink the profit margins of the upstream companies, thus calling for improving operational efficiencies. An important tool that can drive margins and increase operational efficiency is the use of digital technology in the upstream oil and gas industry”
According to the report, one of the major drivers for this market is Rise in drilling in unconventional areas. Unconventional oil and gas resources include shale gas, coal bed methane, gas hydrates, tight oil, oil sands, and others. These resources are costly to produce and difficult to exploit. Technological advances and operational efficiencies have driven cost reductions, thus spurring the exploitation of unconventional resources. In the US, the shale gas boom saw the rise of unconventionally produced natural gas supplies. The huge discovery of oil sands in Canada have shown unlimited opportunities for oil exploration. As the focus shifts toward natural gas, unconventional resources like coal bed methane (CBM) and underground coal gasification (UCG) have seen considerable growth.
Further, the report states that one of the major factors hindering the growth of this market is Decline in oil rig count. Global crude oil prices witnessed a dramatic fall in July 2014, which severely impacted the upstream segment of the oil and gas industry. This led to a reduction in drilling activities, which was reflected in the fall in rig count worldwide. Thus, the fall in crude oil prices had a severe impact on the drilling segment. The global rig count fell by 31.8% from 2015 to 2016, and by 55.5% from 2014 to 2016.
Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, Weatherford, Aker Solutions, AKOFS OFFSHORE, ALTUS Intervention, Axis Well Technology, Blue Spark Energy, Calfrac Well Services, China Oilfield Services, Danum Well Services, DeepWell, Expro Group, Frontier Oilfield Services, Gulf Intervention Services DMCC, Key Energy Services, Kinetic Services, Nabors Industries, Nordic Well Services, Oceaneering International, Peak Well Systems, Superior Energy Services, The Weir Group, TechnipFMC, Welltec, Wild Well Control, WISE Intervention Services, and Workover Solutions.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook