Global Upstream Services Market Research Report:Schlumberger Limited (U.S.), Halliburton (U.S.), Baker Hughes Incorporated (U.S.), Petrofac Limited (Jersey), Weatherford (U.S.) and Many More...

Global Upstream Services Market

The global upstream services market is going to be positive during the forecast period as oil producing countries are again investing in new projects due to rise in oil prices, which is being reflected in the high revenue of the service providers. The Middle East alone has a projected CAGR of ~ 6.0% for the forecast period. Mergers & Acquisitions would help stablilize the volatile environment so that service providers can manage their debts and survive in market. At country level, governments are also creating favorable policies, and are making heavy investments so that private ventures and public companies fulfil the nations’ energy demand, mutually.

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In 2017, the market has been ramping up to a spur in new offshore services, higher oil prices have given confidence to the operators for the exploration and production activities. Hence, the market would grow during the forecast period. The world oil and gas equipment market estimated to go up from USD 180 billion in 2018 to USD 225 billion in 2019.

Onshore and offshore are the two segments from the well type services market, the onshore application segment is expected to dominate the market during the forecast period and will continue to do so. Regionally, within North America, Canada and U.S. will have greater potential from tight gas, shale sands, natural gas exploration as they have recently discovered new fields. North America is followed by Asia Pacific, which would also have a profitable market by 2023. As, the region is witnessing huge recent discoveries, with maximum number of rigs, increased demand for petrochemical, exploration of ultra-deep resources. Urbanization in countries such as India, and China raise the demand for upstream services.

Key Players

The major key player in global upstream services market are Schlumberger Limited (U.S.), Halliburton (U.S.), Baker Hughes Incorporated (U.S.), Petrofac Limited (Jersey), Weatherford (U.S.), TECHNIP (U.K), China Oilfield Services Limited (China), Transocean Ltd. (Switzerland), Flour Corporation (U.S.), and Saipem S.p.A. (Italy), GE Oil & Gas (U.S.) and they are highly capable to give the finest service in the industry.

Market Scenario

The oil and gas industry is fragmented into three major segments upstream, midstream and downstream. Out of all, upstream sector is the capital-consuming sector and oil and gas companies are trying to find the solution so that they can generate their ROI with the help of decision making and investment skills as upstream sector involves various processes, land acquisition, seismic surveys, exploration of wells, and drilling stages. It requires supervision and operational efficiency to complete the project. Upstream services comprise maintenances of tools, repairing, drilling equipment, pumping, waste management, sampling of fluids, dockside services, wellhead maintenance, and other activities related to exploration and production of oil and gas.

To fulfill the demand of energy and natural resources in various nations, there would be a need to explore more oil and gas reserve globally. This drives the need to increase the production activities, technological enhancements in the service sector, and decrease the overall cost of production, which would encourage the market growth. The key drivers of this upstream services market are technological advancements in the tools, innovation in technology to reduce time consumption, exploration in unconventional resources, skilled labor in upstream sector, mature oil and gas field and increment in ultra-deep exploration activities.

The estimated value of the global upstream services market is ~USD 148 billion by 2023 with a CAGR of ~4.10%.

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Global upstream services market is further segmented on the basis of Type (Pressure Pumping, Tubular Goods, Waste Management, Coiled Tubing, Completion, Intervention, Well Fluids, Wireline, and Others), Well Type (Onshore and Offshore), and Region (North America, Asia Pacific, Middle East, South America & Africa).

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