Pune, April 30, 2020 (GLOBE NEWSWIRE) -- The global Oilfield Services Market size, which was projected to hit USD 261.16 billion in 2020 prior to the COVID-19 outbreak, is now estimated to reach USD 188.75 billion at a CAGR of -26.5% this year. Fortune Business Insights™ provides a revised analysis of this market in its special report, titled “Impact of Covid-19 on the Oilfield Services Market Size, Share, Industry Analysis and Regional Forecast”, which contains answers to the following questions:
- What is the short- and long-term impact of the COVID-19 outbreak on the global demand for oil?
- What is the short- and long-term impact of the COVID-19 pandemic on the Oilfield Services Market?
- What steps are players in this market taking to cope with the effects of the pandemic?
- What is the segment-wise analysis of the market?
- How is the infection outbreak affecting the regional prospects of the market?
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Price War between Oil Producing Countries to Prove Injurious to the Market
Even before the coronavirus pandemic had begun, the escalating price war between Russia and Saudi Arabia had created turbulence in the world economy in general and the hydrocarbon industry in particular. In March 2020, as the world was coming to acknowledge the threat posed by the COVID-19 infection, Saudi Arabia initiated a tussle with Russia, when the latter refused to bring down its oil production to keep oil prices stable amidst the coronavirus outbreak. The conflict led to the breaking up of the alliance forged between the Organization of Petroleum Exporting Countries (OPEC) and Russia. Entangled with each other, the price war between the two entities and the explosion of the COVID-19 outbreak led to a slump in oil prices, which plummeted into the negative plane in mid-April. As a result, markets and industries associated with oil & gas are likely to suffer during 2020 as the demand for oil is expected to remain sluggish throughout 2020.
Gloomy Economic Forecast by International Bodies to Hamper Market Growth
According to the latest data released on April 28, the number of COVID-19 cases worldwide stood at 3.12 million, with over 200,000 deaths. The outbreak of this pandemic has gravely affected the global economy, which was already in doldrums prior to the pandemic. In the pre-coronavirus period, the International Monetary Fund (IMF) has pegged the world economic growth at 3.3% for 2020. However, as the situation worsens and the virus spreads unabated across the globe, the IMF expects the global gross domestic product (GDP) to contract by a whopping 3%, thus bringing down the growth to a mere 0.3%. Drastic economic downturn will inevitably harm sectors, industries, and market across the board, disrupting job creation, deflating demand, and ultimately killing consumption. This will undoubtedly create major roadblocks for the Oilfield Services Market growth in the immediate future as the hydrocarbon industry has been crippled by the COVID-19 outbreak and rejuvenation of demand seems unlikely in the present scenario.
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Skyrocketing Number of Cases to Deaden Market Prospects in North America
In 2019, the market in North America stood at USD 124.43 billion and the region dominated the Oilfield Services Market share. However, the US currently has the highest number of COVID-19 cases and deaths in the world and this has deeply disrupted oil demand and supply in the region as businesses are under lockdown in majority of US states. Moreover, breaks in global supply chains and demand slump in China is also one of the primary reasons for subdued growth of this market. Furthermore, oil oversupply as a result of Russia’s refusal to reduce its oil production has created a massive supply-demand imbalance in the hydrocarbon industry, which in turn will hamper the global market. Lastly, the market will suffer the most in countries which are highly dependent on oil & gas exports.
Key Players to Focus on Minimizing Losses as Revenue Streams Choke up
Low optimism currently prevails in the oilfield services domain on account of collapsing demand and diminishing revenue sources. In response, most companies are taking decisive steps to mitigate their incipient losses in a bid to wade through these troubled times with success.
Industry Developments:
- April 13, 2020: Baker Hughes announced its intention to report an impairment charge of USD 15 billion to adjust to rapidly deteriorating global economic condition. In addition to this, the company also cut its Capital Expenditures (CAPEX) by 20%.
- March 17, 2020: Halliburton decided to furlough 3,500 of its employees in Houston in response to the spending curbs imposed by shale producers in the US, stalling ongoing drilling projects and disrupting supply and employment of equipment.
List of Companies Covered in the Oilfield Services Market Report:
- COSL
- Ensco plc
- Saipem
- Weatherford
- Baker Hughes
- Schlumberger
- Petrofac
- Transocean
- TechnipFMC
- National Oilwell Varco
- Halliburton
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Development
- Global Upstream Investment Scenario – By Regions
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oil & Gas Industry
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Oilfield Service Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Seismic Service
- Drilling Service
- Completion & Workover Service
- Production Service
- Processing & Separation Service
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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