Increasing demand and technological advancements fuels the growth of the global oilfield services market , which is is projected to reach $171.7 billion in 2025 from $138.9 billion in 2019, growing at a CAGR of 3.6%.

Oilfield services sector is considered to be an essential partner for the oil exploration and production companies. They provide oil well maintenance, completion, production, supply, and logistical support services in both onshore and offshore. In general, oilfield services companies manufacture, repair, and maintain equipment used in the extraction and transport of oil. Factors such as increasing demand for oil, increasing use of internal sources of funding, and technological advancements are considered to drive 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. However, strict government regulations on E&P activities, fluctuations in crude oil prices, and shortage of skilled labor are expected to hinder the growth of this market to some extent.

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Increasing use of internal sources of funding supports the market growth

Oilfield service providers are set to invest their internal source of funding due to the increasing crude oil prices. The major advantages of investing internal funds are reduction in the interest to the external funding sources and attain more profits. The internal funds are used to improve machinery, purchase real property, or develop a new product. Oilfield services use internal funding because it is a simple, direct way to obtain the capital for growth.

Asia Pacific: Fastest Growing Regional Market

Asia Pacific comprising of China, India, Korea, Japan, and Rest of Asia (RoAPAC) will witness the fastest growth during the forecast period (2019–2025). 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. These increasing oil production and rig counts trends are expected to bring optimistic opportunities to the oilfield service companies in APAC.

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Scope of the Report:

Market by Service Type-
Pressure Pumping
Oil Country Tubular Goods (OCTG) Services
Well Intervention and Coiled Tubing
Drilling and Completion Fluid
Well Completion
Wireline Services
Seismic Testing
Other Services

Market by Location-
Onshore
Offshore

Market by Geography-
North America
Europe
Asia Pacific (APAC)
Middle East and Africa
Latin America

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Key Players

The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3 years (2016–2018). The key players operating in the global oilfield services market are Schlumberger Limited, Baker Hughes GE, Halliburton Company, Weatherford International, Plc, China Oilfield Services Limited (COSL), Basic Energy Services, Superior Energy Services, Inc., FMC Technologies, Inc., Welltec, Weir Oil & Gas, National Oilwell Varco, Oil States International, Inc., and Archer Limited among others.

About Meticulous Research®

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This release was published on openPR.