Press release
Oilfield Services Market Ongoing Trends, Opportunities & Forecast To 2027
Rise in demand for energy across the globe and technological developments in oilfield are the key factors that are expected to drive the global oilfield services market over the forecast period.
Increase in deep-water exploration and production activities in the Gulf region is expected to propel the demand for the drilling sector over the forecast period.
North America dominates the target market in terms of revenue over the forecast period. Increase in oil & gas exploration activities and rise in oil & gas production from oil sands are the major contributors to the market growth.
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Asia-Pacific is also anticipated to develop with the highest growth rate over the forecast duration. Factors, including growing oil production, increase in a variety of oil rig counts, and developing offshore activities in China and India are expected to boost the oilfield services market growth in this region.
Oilfield services are various oil related operations, such as exploration, drilling, stimulation, completion, intervention, and production, for the entire life cycle of well exploration.
Oilfield services help operators to control the subsurface pressures, control borehole erosion, minimize formation damage, optimize drilling parameters, and analyze penetration rate & hole cleaning.
Technological innovation has led to increased efficiencies in resource extraction and management. Moreover, major companies have shifted to technology-based services to fulfill the rise in demand in this sector.
High accuracy, precision, & reduction in time and labor cost are other reasons that boost the technologically-advanced oilfield services extensively.
Oilfield services are expected to witness rapid growth over the forecast years due to global rise in oil & gas production and increase in shale gas extraction.
COVID-19 scenario analysis
The COVID-19 pandemic has reduced the demand for oil & gas drastically. The global lockdown has made all industries to shut down to prevent the spread of the virus. Moreover, mobility restrictions have restrained the consumption of fuel. This has reduced the overall oil demand across the globe.
Drilling and exploration activities have been suspended due to lack of manpower as people have been quarantined. Furthermore, oilfield activities are expected to gather people, which make the virus spread faster. Therefore, this has reduced the global demand for oilfield services.
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Aspects Details By Type
Equipment Rental
Field Operation
Analytical and Consulting Services
By Application
Onshore
Offshore
By Service
Workover and Completion service
Production
Drilling Services
Subsea Services
Seismic Services
Processing and Separation Services
By Region
North America (U.S., Canada, Mexico)
Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Rest of LAMEA)
Key benefits of the report:
This study presents the analytical depiction of the oilfield services market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the oilfield services market share.
The current market is quantitatively analyzed to highlight the oilfield services market growth scenario.
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Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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