Oilfield Services Market by Future Plans, Development Status and Trends by Forecast 2023
The global Oilfield Services Market is expected to grow at 4.01% CAGR during the forecast period. Oilfield services primarily run on IT solutions provided by companies which allow E&P companies to analyse large amounts of data, which further helps in production optimization. Hardware also plays an important role in the oilfield services market, as equipment like sensors are installed to gauge the well conditions. As per the BP Statistical Review 2018, the US is the largest producer of oil in the world. The primary factor for the tremendous growth in oil production
The growing demand for oilfield services market is attributed to the rising demand enhanced oil recovery solutions. Presently, the global oil reserves are depleting, and E&P companies are working on extracting higher amounts of fossil fuels from the existing and maturing wells. Also many reserves prospect reserves are located in unconventional areas, which can be extracted using various oilfield services. This is another major driver for the growth of the global oilfield services market. There are major growth opportunities in the Middle East & Africa region as numerous shale fields have been identified in the region and production in these fields will have a positive impact on the global oilfield services market.
Industry Segmentation
The market for oilfield services market is segmented based on service as seismic, drilling, characterization, completion, production, well intervention, and others. Completion segment held the largest market share in 2017, mainly on account of the advanced completion technology available in the market. Based on application the global oilfield services market is segmented as onshore and offshore. The onshore segment held the largest market share in 2017, as many of the onshore production wells are aging and extensive oilfield services are applied to enhance recovery.
Leading Players
The key players of the global oilfield services market are Schlumberger Limited (US), General Electric (US), Halliburton (US), Weatherford (France), National Oilwell Varco (US), Asian Oilfield Services Limited (India), TechnipFMC plc (UK), Bronco Oilfield Services Inc (US), and Liberty Oilfield Service (US).
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