WASHINGTON, March 23, 2022 (GLOBE NEWSWIRE) -- According to a new market research report "Oilfield Services Market Size, Share & Trends Analysis Report by Application (Onshore, Offshore), by Service (Pressure Pumping Services, Oil Country Tubular Goods, Wireline Services, Well Completion Equipment & Services), by Type (Equipment rental, Field operation, Analytical services), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Oilfield Services Market is expected to grow from USD 258.60 Million in 2021 to USD 364.76 Million by 2028 at a CAGR of 5.90% during the forecast period.
Synopsis:
Oilfield Services Market include the production, maintenance, and repair of the oil extracting pieces of equipment, as well as operations such as finding energy sources, drilling and evaluating oil sources, managing data, and maintaining the hole for future extraction. Several new extraction techniques, such as hydraulic fracturing and horizontal drilling, have boosted the global Oilfield Services Market. In the field, increasing production units while lowering overall costs is the key issue. Several Oilfield Services Market industries provide customized packaging options to help operators cut costs. Major operations of this industry include renting or leasing equipment and providing the services required to complete well drilling operations, including evaluation, construction, and maintenance. Key maintenance operations such as logging, cementing, capping, perforating, and fracturing must be performed for continuous oil or natural gas extraction. New technologies have increased Oilfield Services Market' overall efficiency. In addition, mature companies have turned to automated or similar new technologies that can provide higher accuracy and precision while reducing production costs and labor costs. These are some of the prominent factors expected to augment growth of the global Oilfield Services Market in the upcoming years.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Oilfield Services market is predicted to grow at a CAGR of roughly 5.90% during the forecast period.
- The Oilfield Services market was estimated to be worth roughly USD 258.60 Million in 2021 and is expected to reach USD 364.76 Million by 2028; based on primary research.
- On the basis of region, Asia-Pacific is projected to dominate the worldwide Oilfield Services market.
List of Prominent Players in the Oilfield Services Market
- Baker Hughes Incorporated (US)
- Halliburton Company (US)
- Schlumberger Limited (US)
- Weatherford International
- PLC (Switzerland)
- National Oilwell Varco, Inc. (US)
- China Oilfield Services Limited (COSL)(China)
- Superior Energy Services, Inc. (US)
- Technipfmc.PLC (U.K)
- Trican Well Service
- Ltd. (US)
- Welltec International APS (Denmark)
- Nabors Industries
- Ltd. (Bermuda)
- Nordic Well Services, LLC (UAE)
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Market Dynamics:
Drivers:
Over the next decades, increasing production and exploration activities in the oil and gas industry will drive market growth, which is expected to twofold in the next forthcoming years. Shale gases are natural gases that can be trapped in shale formations that, due to their low permeability, these gases cannot easily be released into a well. Oil and gas companies use hydraulic fracturing and other stimulation procedures to increase the permeability of these shale formations to produce trapped shale gases. Additionally, production and exploration activities are expected to surge in the oil and gas industry in the upcoming years due to rising energy demand and lucrative investment opportunities. For example, in July 2019, i3 Energy PLC awarded Baker Hughes GE an oilfield service contract to carry out drilling at the Liberator and Serenity assets in the North Sea. Moreover, conventional onshore oil is projected to account for a large share of the world's oil production and is projected to increase by 83 million barrels per day in 2022, according to the DNV-GL Energy Transition Outlook.
Challenges:
The high initial cost of investments will likely serve as a market challenge over the forecast period. The initial cost includes the ability to operate in harsh and remote environments, manpower, equipment, and research. The growing use of unconventional fuels in the production of crude oil and the rise in energy prices are among the other factors that could hamper the growth of the offshore segment of the oilfield service industry. Over the forecast period, the Oilfield Services Market may be affected by the volatility of crude oil prices, which is caused by variations in supply and demand of crude oil. The rising price of oil results in delay in new investments and projects, which suspends drilling projects and causes a downturn in Oilfield Services Market. Moreover, the environmental effects of E&P activities and stringent government regulations may also hinder the target market growth.
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Regional Trends:
Oil and gas projects in North America are becoming more competitive, due to improved efficiencies and tightening of the supply chain. This has led to lower drilling costs and has made a lot of projects practicable. The recent development of shale plays, horizontal drilling of well, and fracking has resulted in a massive increase in Oilfield Services Market in the United States region. After Venezuela and Saudi Arabia, Canada has the third-largest crude oil reserves in the world, with 96% of oil sands. The oil available in the country is of high density and contains high sand particles. Due to this, oil transport from the bottom hole of the oil well to the surface requires high pressure and well bore intervention, thus increasing the demand for Oilfield Services Market in the country. Therefore, North America is expected to dominate the Oilfield Services Market (OFS) market during the forecast period.
Recent Developments:
In October 2020, Halliburton Company announced Smart Fleet, the first intelligent automated fracturing system. Smart Fleet provides operators with real-time fracture control while pumping by integrating subsurface fracture measurements, real-time 3D visualization, and real-time fracture commands.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Oilfield Services Market Size, Share & Trends Analysis Report by Application (Onshore, Offshore), by Service (Pressure Pumping Services, Oil Country Tubular Goods, Wireline Services, Well Completion Equipment & Services), by Type (Equipment rental, Field operation, Analytical services), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/oilfield-services-market-market-541271
The report on the Oilfield Services Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Oilfield Services Market?
- How will the Oilfield Services Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Oilfield Services Market?
- What is the Oilfield Services market drivers and restrictions?
- What will be the CAGR and size of the Oilfield Services Market throughout the forecast period?
This market titled “Oilfield Services Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 258.60 Million |
| Projected Market Size in 2028 | USD 364.76 Million |
| CAGR Growth Rate | CAGR of 5.90% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Application • Onshore • Offshore • Service • Pressure Pumping Services • Oil Country Tubular Goods • Wireline Services • Well Completion Equipment & Services • Well Intervention Services • Drilling & Completion Fluid Services • Drilling Waste Management Services • Coiled Tubing Services • Type • Equipment rental • Field operation • Analytical services |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Baker Hughes Incorporated (US) • Halliburton Company (US) • Schlumberger Limited (US) • Weatherford International • PLC (Switzerland) • National Oilwell Varco, Inc. (US) • China Oilfield Services Limited (COSL)(China) • Superior Energy Services, Inc. (US) • Technipfmc.PLC (U.K) • Trican Well Service • Ltd. (US) • Welltec International APS (Denmark) • Nabors Industries • Ltd. (Bermuda) • Nordic Well Services, LLC (UAE). |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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