Global Well Services Market - Segmented by Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
In 2017, crude oil price has gained momentum towards recovery and has now stabilized itself above USD 60 per barrel mark. Growth in upstream activities has also been registered in 2017 and is expected to continue during the forecast period. Low crude oil price in the past forced the oil & gas companies to invest in technology to reduce the breakeven price and change in their strategy, which is expected to add adrenaline to oil & gas upstream activity during the forecast period and drive the well services market.
Increase in Hydraulic Fracturing is driving the Market
Hydraulic fracturing market is expected to register a CAGR of more than 5% during the forecast period, which in turn, propel the well services market. Currently, the United States is the leading player in hydraulic fracturing, but several other countries, like Argentina, Canada, and China are expected to draw significant attention for hydraulic fracturing during the forecast period, thereby, driving the market.
Golden Triangle one of the Largest Market
The deepwater drilling market is expected to rebound in the near future due to increased activity in the Golden Triangle – Gulf of Mexico, Brazil, and West Africa. Chevron’s Ballymore and Shell’s giant Whale discovery in the Gulf of Mexico represents the sign of regional deepwater revival after a long time without any major discovery. The discovery of Egypt’s mammoth offshore natural gas field “Zohr” is expected to increase the demand for well intervention. Several large offshore drilling projects in countries, like Mozambique, and Nigeria are further expected to drive the market.
Norway’s Oil Industry Back on its Feet
The oil & gas industry in Norway is back on its fleet after suffering through one of the worst crisis. Spending of oil companies increased for the first time in 2017 since crude oil price collapse in 2014. The country had witnessed a decline in crude oil production since the start of the century. But in 2014, the trend changed, and production increased. Further, the production is expected to ramp up in Norway after the Johan Sverdrup field, one of the major fields, starts production in 2020. Further, in the UK several projects operated by Shell, Alpha Petroleum and other companies are expected to come online during the forecast period. As a result, increased oil & gas activity in the region is expected to drive the demand for well services.
The major players include - Schlumberger Limited, Weatherford International plc, Baker Hughes A GE Co., Halliburton Company, National Oilwell Varco, Superior Energy Services, Inc., Expro Group, Archer, Odfjell Well Services, and Axis Well Technology, among others.
Reasons to Purchase this Report
Current and future well services market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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