(I-BusinessNews.Com, August 01, 2019 ) Oilfield service market has shown steady growth pattern in recent year’s majorly due to increasing demand for oil, growing use of internal sources of funding, and technological advancements are driving the growth of this market. Moreover, discovery of new oilfields, mergers and acquisitions, and recent licenses and product launches are expected to provide significant opportunities in this market.
Meticulous Research® in its latest publication on oilfield services market states that the global oilfield services market will increase at a CAGR of 3.6% from 2019 to 2025 to reach USD 171.7 billion by 2025. Wherein, geographically, North America commanded the largest share in this market followed by Europe. The major share of North America is mainly attributed to increasing spending and overall rig and well counts, improving offshore market, and mergers and acquisitions among key players.
The report provides meticulous analysis of global oilfield services market by segmenting it on the basis of service type (pressure pumping services, oil country tubular goods, wireline services, well intervention services, well completion services, coiled tubing services, seismic testing services, and other services), and location (onshore and off-shore). Wherein, among service types, pressure pumping services segment commanded the largest share in this market majorly due to new oil well discoveries, continuous devotion to technology development, and mandatory requirements of safe and efficient operations at oil wells.
On the basis of service type, the global oilfield services market is segmented into pressure pumping, oil country tubular goods, well intervention & coiled tubing, drilling & completion fluid, well completion, wireline services, seismic testing, and other services. The pressure pumping segment accounted for the largest share of the global oilfield services market, owing to new oil well discoveries, continuous devotion to technology development, and mandatory requirements of safe and efficient operations at oil wells. However, well completion services are expected to grow at the fastest growth rate owing to increasing demand for high oil production from the production site and shale gas inflation.
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On the basis of location, oilfield services market is segmented into onshore and offshore. Onshore segment accounted for the largest share of the global oilfield services market in 2018. Factors such as increasing new oil well discoveries and production of earth oil are primarily driving the growth of this market segment.
This research report analyzes major geographies and provides comprehensive analysis of North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the largest share of the global oilfield services market in 2018. Factors such as increasing spending and overall rig and well counts, improving offshore market, and mergers and acquisitions are expected to drive the growth of the oilfield services market in this region. However, APAC region is expected to grow with highest growth rate during the forecast period. Factors such as steady oil production, increasing number of oil rig counts, and growing offshore activities in China are expected to drive the growth of oilfield services market in this region.
The key players analyzed in the global oilfield services market are Schlumberger, Baker Hughes, Halliburton, Weatherford, China Oilfield Services Limited (COSL), Basic Energy Services, Superior Energy Services, FMC Technologies, and Welltec, Weir Oil & Gas.
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