Oilfield Services Market Analysis
The global Oilfield Services Market is expected to reach USD 4,51,770.5 Million by 2030 and register a CAGR of 5.1% during the forecast period of 2022 to 2030.
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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Drivers
Increase in Shale Gas Extraction to Bolster Market Growth
The increase in the extraction of shale gas will boost oilfield services market value over the forecast period. These gases are natural gases that are trapped in the shale formation. Thus they cannot flow readily into the well for the low permeability of such shale formations. Hydraulic fracturing as well as other stimulation processes are used by oil and gas companies for increasing the permeability of such shale formations, for producing such trapped shale gases.
Opportunities
Increase in Oil Gas Discoveries to offer Robust Opportunities
The increase in oil gas discoveries coupled with technological advances for better production yield in oilfield reserves will offer robust opportunities for the market over the forecast period.
Restraints
Fluctuating Crude Oil Prices to act as Market Restraint
The fluctuating prices of crude oil may act as a market restraint over the forecast period.
Challenges
Strict Government Regulations to act as Market Challenge
The stringent government regulations on EP activities may impact the oilfield services market share over the forecast period.
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Market Segmentation
The global oilfield services market is bifurcated into service and application.
By service, the completion segment will lead the market over the forecast period for the advances in completion technology and the need for preparation of well for petroleum production.
By application, the onshore segment will dominate the market over the forecast period for the rise in maturing wells and improved investment in oil gas as well as new well discoveries.
Regional Analysis
North America to Head Oilfield Services Market
North America will head the oilfield services market over the forecast period. Rising production levels of oil gas, US being the largest producer and consumer of oil and gas, and increase in oil and gas exploration activities are adding to the global oilfield services market growth in the region.
Key Players
Eminent industry players profiled in the global oilfield services industry report include 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).
