According to the new market research report “Oilfield Services Market by Application (Onshore and
Offshore), Service (Well Completion Equipment & Services, Well Intervention
Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline
Services), and Region - Global Forecast to 2022”, published by
MarketsandMarkets™, The Oilfield
Services Market is expected to grow from an estimated USD
106.43 Billion in 2017 to USD 125.51 Billion
by 2022, registering a CAGR of 3.35%, from 2017 to 2022. The global market is
set to witness a significant growth due to the increasing shale gas
exploration, increasing oil & gas production, and growing efforts in
exploring new oil & gas reserves.
Browse and
in-depth TOC on "Oilfield Services Market"
86 - Tables
113 - Figures
248 – Pages
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Increasing oil
& gas production activities to drive the global oilfield services market
close to USD 125 billion by 2022
Global crude oil production stood at 98.24 million
barrels per day in 2017 and is projected to rise to 99.90 million barrels per
day by 2018 according to EIA. The global natural gas production is expected to
increase from 342 billion cubic feet per day to 554 billion cubic feet per day
by 2040. By 2040, shale gas is expected to account for more than 30% of the
world’s natural gas production. The ever-increasing demand for fossil-based
resources continues to influence the demand growth for new reserves and
drilling activities across the world. These increasing drilling activities
drive the demand growth for oilfield services.
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Leading oilfield
service providers are developing sustainable and innovative solutions for
enhancing the efficiency of various operations in the oilfield services market
to drive the industry forward
Onshore
Onshore applications are highly popular in the Middle
East and North America, especially in countries such as Saudi Arabia, Kuwait,
the U.S., and Canada, where the maximum number of oilfields are located
onshore. As per Baker Hughes’ International Rig Count, as of April 2017, the
number of onshore rotary rigs globally was 1,693 compared with 218 offshore
rigs. Moreover, the onshore environment in regions, such as Europe and North
America has witnessed a technology-driven revolution. The Middle Eastern and
North American regions are currently the world’s largest crude oil producer, as
most of the oilfields in these regions are located onshore. The increasing
production activities are likely to boost the oilfield services market during
the forecast period.
Offshore
Activities in offshore oilfield environments are
comparatively more complex than onshore oil & gas fields. Offshore
activities require advanced technologies, making the offshore market a
capital-intensive segment. Further, the cost of oilfield services at offshore
fields is much higher than onshore oil or gas wells. The increasing growth rate
is fueled by new exploration & production activities being carried out in
offshore areas.
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The fluctuating
crude oil prices are the major restraints for the market.
The oil & gas industry is susceptible to crude oil
price fluctuations affecting the demand for oil as well all its related
markets. The competition between the U.S. and the OPEC countries, particularly
because of the shale gas revolution, has been one of the factors for the oil
price plunge in the recent years. The crude oil prices plummeted to less than
USD 30 a barrel in February 2016 after having seen a peak of over USD 110 a
barrel in September 2013. From July 2014, prices fell sharply and continued to
be at lower level causing sharp CAPEX cuts in 2015, and 2016. The industry
shifted their focus towards cost optimization and extremely thin spend on new
activities effecting heavily any demand growth across upstream oil and gas
activities. The current year, 2018, is witnessing stabilized crude oil prices
around USD 70 a barrel bringing alive the upstream spending to an extent.
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