Oilfield Services Market Witness Extraordinary Extension In The Next Five Years | Schlumberger, Halliburton, Baker Hughes

Global Oilfield Services Market is valued approximately USD 117.69 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 5.30% over the forecast period 2022-2028. The oilfield equipment and services (or OFS) industry encompasses all goods and services related with the oil and gas exploration and production process, i.e., the energy industry's upstream sector.

In general, these businesses manufacture, repair, and maintain equipment used in oil extraction and transportation. The increasing construction of new oilfields and rising energy consumption are projected to be significant drivers of the market over the forecast period. According to the United States Energy Information Administration (EIA), worldwide energy consumption is increasing rapidly as a result of rising power usage and transportation. This is bolstered further by growing per capita income and a boom in global GDP. Over the previous few years, the global economy has grown steadily.

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Mature economies such as the United States and Europe had GDP growth after 2011 as a result of capacity expansions in numerous industries, higher exports, and growing individual incomes. Over the last decade, technology has grown increasingly crucial in oil and gas exploration and production. Industry participants are focused on technological advancements that will assist them in increasing overall production and operational efficiency.

Contributors to oil services aimed to create further technology advancements that would improve the productivity and costs of E&P activities. During the projected period, this is likely to boost the market. Shale gases are natural gases trapped in shale strata. This is due to the poor permeability of shale rocks, trapped gases cannot easily flow deep into the ground. To increase the permeability of such shale reservoirs and liberate trapped shale gases, oil and gas firms utilize hydraulic fracturing and maybe other stimulation procedures.

The ultra-deep-water finding in Guyana, the United States, and Cyprus is controlled entirely by big oil firms, indicating that the industry's focus has shifted to deep-water exploration. New oil field discoveries generate appealing opportunities for the oil and gas industry's services sector, propelling market expansion throughout the projection period. According to BP's Energy Outlook 2017, natural gas consumption is expected to expand at the fastest rate from 2008 to 2020. It is expected to expand at a CAGR of 1.9 percent from 2012 to 2035, with non-OECD nations accounting for the majority of this growth, surpassing demand in OECD member countries. The rising need for energy, particularly natural gas, has shifted the market's focus to oilfield services. However, a drop in crude oil prices stifles market development throughout the projection period of 2022-2028.

The key regions considered for the Global Oilfield Services Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific emerged as the market leader. Over the previous decade, Asia Pacific has emerged as a key energy user. The region's rising energy consumption is fueled by an ever-increasing population, particularly in China and India, which feeds the fundamental energy requirements for power, transportation, and cooking fuel. The region's need for crude oil and hydrocarbons is expanding due to the region's rapid urbanization.

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Major market players included in this report are:

Schlumberger

Halliburton

Baker Hughes

Weatherford International

Calfrac Well Services

Cudd Energy Services

National Oilwell Varco, Inc

China Oilfield Services Limited (COSL)

Superior Energy Services, Inc.

Technipfmc.PLC

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Application:

Onshore

Offshore

By Service:

Workover & Completion

Production

Drilling

Subsea

Seismic

Processing & separation services

Others

By Type:

Equipment rental

Field Operation

Analytical & Consulting services

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By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Here is an overview of the different factual statements covered by the study:

The learn about consists of an area that breaks down strategic traits for the primary gamers in present and upcoming R&D, new product launches, collaborations, regional expansion, and mergers & acquisitions.
The lookup focuses on essential market traits such as revenue, product cost, potential and utilization rates, import/export rates, supply/demand figures, market share and CAGR.
The learn about is a series of analyzed records and a variety of barrels of house bought via a mixture of analytical equipment and an inside look up process.
The Market can be divided into 4 areas in accordance to the regional breakdown: North American Markets, European Markets, Asian Markets and Rest of the World.

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