Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region - Global Forecast to 2022
“The oilfield services market is projected to grow at a CAGR of 3.35%, from 2017 to 2022.”
The oilfield services market is projected to reach USD 125.51 billion by 2022, at a CAGR of 3.35%, from 2017 to 2022. Increased oil & gas production, shale gas extraction, and lifting of Iranian oil export sanction are the major drivers of the oilfield services market.
Increasing efforts in exploring new oilfields where all significant oilfield services such as well intervention and well completion equipment & services, among others are used, are one of the major drivers that would drive the oilfield services market. In the oilfield services market, fluctuating oil prices could hinder the growth of the market.
“The well completion equipment & services oilfield services sub-segment, within the services segment, is expected to grow at the highest CAGR, from 2017 to 2022.”
The well completion equipment & services oilfield services sub-segment, within the services segment, would grow at the highest CAGR, during 2017 to 2022, whereas, the pressure pumping oilfield services market led the oilfield services market in 2016 and is projected to dominate the market during the forecast period.
The pressure pumping services sub-segment is used for applications such as well cementing which is used in the wellbore to complete wellbore operations. Increasing drilling activities for extraction of oil & gas has raised the demand for EOR and advanced drilling technologies, further increasing the demand for pressure pumping services.
“North America: The largest market for oilfield services”
North America is currently the largest market for oilfield services, closely followed by Europe. The North American market is primarily driven by the U.S. which was the world’s top producer of petroleum and natural gas hydrocarbons in 2015. Apart from the U.S., Mexico recently began expanding its oil & gas industry by liberalizing its domestic energy sector by enacting reforms that have ended the monopoly of the state-run PEMEX in an effort to attract foreign investors and operators.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 25%, Tier 2- 40%, Tier 3- 35%
By Designation: C-Level- 15%, Manager-Level- 55%, Others- 30%
By Region: Asia-Pacific- 60%, Middle East- 10%, Europe- 16%, North America- 9%, and Africa- 5%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2015: Tier 1 = >USD 20 billion, Tier 2 = USD 10 billion to USD 20 billion, and Tier 3 = <USD 10 billion.
Leading players in the oilfield services market include Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), and GE Oil & Gas (U.K.).
The report defines, describes, and forecasts the global oilfield services market by application, services, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, and key issues. It also covers various important aspects of the market.
Why buy this report?
The report identifies and addresses key oilfield operators for oilfield services, which would help service provider’s review the growth in the demand for services.
The report helps service providers understand the pulse of the market, and provides insights into drivers, restraints, and challenges.
The report will help key players understand the strategies of their competitors better, and will help in making strategic decisions.