openPR Logo
Press release

North America to Remain Dominant and Offer Huge Growth Opportunities in Oilfield Service Market

05-17-2019 01:05 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: FortuneBusinessInsights

The global oilfield service market accounted for a value of US$ 250 Bn in the year 2018 and is estimated to reach US$ 330 Bn by 2026. The global market for oilfield service is anticipated to post a steady CAGR of 3.7% during the forecast period. Fortune Business Insights recently published this information in a report, titled “Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till 2026.” The growing advancements in technology is the chief factor driving the oilfield service market. Several oilfield services across the world use these improved tools and technologies to enhance their E&P activities in offshore and onshore areas. The oil and gas (O&G) industry is presently thriving on account of rising population, which in turn, may enable growth in the oilfield services market at a steady rate.

Ask For Sample Report@ https://www.fortunebusinessinsights.com/enquiry/sample/oilfield-service-market-100174

“The oilfield operators are compelled to explore offshore resources as the resources on onshore areas are depleting,” said a lead analyst at Fortune Business Insights. “Although the offshore resources are expensive, still their demand is expected to increase in the coming years,” he added. In addition to this, this segment is likely to be the fastest growing on account of the rising investments in subsea O&G assets. These investments are projected to augment the oilfield service market during the forecast period between 2018 and 2026.
North America to Remain Dominant and Offer Huge Growth Opportunities
Among regions, North America is expected to account for a major share in the global oilfield service market by 2026. Moreover, the U.S. covered a share of around 50% in the year 2017. The rising demand for oilfield services in the U.S. includes directional and horizontal drilling activities, primarily owing to the presence of shale gas reservoir. Another reason responsible for the growth of oilfield services in this region is the rising number of deep-water projects especially in the U.S. The market in Asia Pacific is also expected to grow at a significant rate owing to factors such as increasing number of offshore activities especially in China and rising number of oil rigs. Lastly, the oilfield service market in the Middle East and Africa is likely to witness higher CAGR. This is primarily attributable to the rising investment budget in Gulf countries and focus on offshore assets.

Discovery of New and Improved Oil and Gas Fields to Spur Growth
The report observes that the discovery of new oil and gas fields is expected to fuel demand for oilfield services especially from sectors such as power plants and transportation. Over the past few years, there has been a significant increase in the extraction of oil and gas resources such as natural gas and crude oil. This rise, as per the report is another factor driving the oilfield service market. The oil and gas sector is revolutionizing owing to the enhanced oil recovery or EOR technique which involves chemical injection, gas injection, and thermal injection techniques. This is further expected to fuel demand for oilfield equipment, thus transforming oilfield services industry outlook. Technologies such as remotely operated vehicles or ROVs and robotic oil rigs may facilitate the development of offshore oilfields, thereby driving the oilfield service market. Furthermore, this is anticipated to enable growth in the oilfield services industry during the forecast period. Oilfield operators are continuously focusing on improving the production output and reducing cost of oilfield equipment to boost the oilfield service market.

Strategic Alliances between Companies Intended to Upscale their Operations
The highly fragmented O&G service industry witnesses the presence of several leading players in the oilfield service market. Companies are forging strategic alliances and involving in M&A activities to improve their market share. Presently, Schlumberger is leading the global oilfield service market in terms of revenue. Moreover, a few days ago, the company signed an earn-in-agreement with Pure Energy Minerals Ltd. The agreement was signed with an aim to develop the later company’s lithium project in Clayton’s valley of Nevada.
Another company called TAQA Drilling in Saudi Arabia has recently announced acquisition of Schlumberger’s onshore drilling business in the Middle East. The objective of TAQA is to become one of the leading oilfield services company in Asia Pacific by 2021. Some of the other leading players operating in the global oilfield service market include National Oilwell Varco, Halliburton, Baker Hughes, Oil States Industries, Transocean, SGS S.A., Weatherford International, Fluor, BJ Services Company, Weir Oil and Gas and China Oilfield Services Ltd., Petrofac, and Saipem.

Know More@ https://www.fortunebusinessinsights.com/industry-reports/oilfield-service-market-100174

Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Fortune Business Insights Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.

Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release North America to Remain Dominant and Offer Huge Growth Opportunities in Oilfield Service Market here

News-ID: 1743652 • Views:

More Releases from FortuneBusinessInsights

Voluntary Carbon Offsets Market 2022 In-depth Research with Emerging Growth Trends, Regional Status of Top Key Players and Industry Size Forecast to 2029
Voluntary Carbon Offsets Market 2022 In-depth Research with Emerging Growth Tren …
The Voluntary Carbon Offsets Market Explosion. To Help Businesses Launch Beyond Borders. The Report Presents Statistics And Trends About The Voluntary Carbon Offsets Market Industry Since 2022 And Also Gives Estimates Of The Future Of The Voluntary Carbon Offsets Market Market Up To 2029. Voluntary Carbon Offsets Market Size, Share & Industry Analysis, By Type (Forestry, Renewable Energy, Landfill Methane Projects, Others), By Application (Industrial, Household Device, Energy Industry, Agriculture, Others),
Seamless Pipe Market 2022 : Latest Trends, Application, Type, Company Coverage, Geography And Forecast To 2029
Seamless Pipe Market 2022 : Latest Trends, Application, Type, Company Coverage, …
Seamless Pipe Market | 2022 Energy Industry Global Analysis by Covid-19 Impact On, Size, Trends, Growth, Share, Business, Key Players, Merger, Statistics, Competitive Landscape, And Regional Forecast To 2029 is the latest study published by Fortune Business Insights. The Seamless Pipe Market Market Explosion. To Help Businesses Launch Beyond Borders. The Report Presents Statistics And Trends About The Seamless Pipe Market Industry Since 2022 And Also Gives Estimates Of The
Concentrated Solar Power Market 2022 : Latest Trends, Application, Type, Company Coverage, Geography And Forecast To 2028
Concentrated Solar Power Market 2022 : Latest Trends, Application, Type, Company …
Concentrated Solar Power Market | 2022 Energy Industry Global Analysis by Covid-19 Impact On, Size, Trends, Growth, Share, Business, Key Players, Merger, Statistics, Competitive Landscape, And Regional Forecast To 2028 is the latest study published by Fortune Business Insights. Concentrated Solar Power Market Is Expected To Grow From Usd 41.68 Billion In 2021 To Usd 119.52 Billion In 2028 At A Cagr Of 16.2% In The 2021-2028 To understand the long
Turbine Motor Market 2022 : Latest Trends, Application, Type, Company Coverage, Geography And Forecast To 2028
Turbine Motor Market 2022 : Latest Trends, Application, Type, Company Coverage, …
Turbine Motor Market | 2022 Energy Industry Global Analysis by Covid-19 Impact On, Size, Trends, Growth, Share, Business, Key Players, Merger, Statistics, Competitive Landscape, And Regional Forecast To 2028 is the latest study published by Fortune Business Insights. The Global Turbine Motor Market Size Was Usd 1.94 Billion In 2020. Turbine Motor Market Is Expected To Grow From Usd 2.06 Billion In 2021 To Usd 3.25 Billion In 2028 At

All 5 Releases


More Releases for Oil

Transformer Oil Market, Transformer Oil Market Size, Transformer Oil Market Shar …
The Transformer Oil Market research report consists of a detailed study of the market and the market dynamics that are related to the same. The in-depth data on the development of the market is presented in the Research report. Not only this but also the detailed data on the performance of the market for the forecast period are presented in the Transformer Oil Market research report. The performance analysis is
Apricot Oil, Apricot Kernel Oil Supplier, Co2 Apricot Oil Manufacturer
The seed inside every apricot contains thin oil, which is extracted from the kernel of the seed after eating the delectable fruit. Apricot oil is also known as apricot kernel oil. This oil has been the interest of many experts for research purposes due to its infinite health benefits. It has been found that the oil could cure some serious health conditions (like cancer). Apricot oil has a profound nutty
Cooking Oil Market by Region - North America,Latin America,Europe,Japan,APEJ,MEA …
According to Fact.MR, the sales of cooking oils are expected to increase at a steady pace during the forecast period. The global cooking oil market is projected to expand at a value CAGR of 5.5% during the period of assessment (2017-2026). Also, Fact.MR analysis has revealed that the volume sales of cooking oils is estimated to surpass 250,000,000 tons by the end of the year of assessment (2026). Health advantages associated with
Cooking Oil Market by Region - North America,Latin America,Europe,Japan,APEJ,MEA …
Since several years, cooking oil section in supermarkets and hypermarkets has been a crowded spot, where individuals keep choosing on several cooking oil options available that are healthy to consume. Cooking oil is an essential component in daily cooking activity, be it a restaurant or home. This, in combination with increasing population percentage, especially in emerging economies, is expected to fuel the consumption of cooking oils. However, aspects related to
Specialty Fats and Oils Market (Product Type - Specialty Oils (Corn Oil, Sun Flo …
The global Specialty fats and Oils Market expected to reach a value of US$ 142.1 Bn by 2026. The market projected to grow at a CAGR of 6.6 % in terms of revenue during the forecast period from 2018 to 2026, according to a new research report by Transparency Market Research (TMR). The product manufactured may vary according to the end use application of processing by specialty fats and oils.
Europe Mosquito Repellent Candles Market by Raw Material Type : Citronella Oil, …
Albany, New York, July 17, 2017 : Recent research and the current scenario as well as future market potential of "Mosquito Repellent Candles Market - Europe Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021" globally. Mosquito repellent candles are having huge untapped potential for growth. In contrast to the other categories of mosquito repellent products that are available in the market such as mosquito creams, liquids, coils, and