Oilfield Service market Segmentation, Market Players, Trends and Forecast 2023
Market Highlights
Oilfield services are being applied by all E&P companies to enhance recovery of fossil fuels. Aging production wells is a primary factor driving the growth of the global oilfield services market. Analytics plays a very important role in operating a successful business today, and oilfield services primarily use analytics to improve production. The demand for oilfield services is growing globally, for instance in May 2018 Saudi Aramco signed a contract with Halliburton to operate in shale fields in the country.
Based on service, the oilfield services market is segmented as seismic, drilling, characterization, completion, production, well intervention, and others. Completion segment held the largest market share in 2017, primarily on account of the advances in completion technology. Some of the latest completion technology include permanent monitoring system, stimulation, and surface logging. Based on application, the oilfield services market is segmented as onshore and offshore. The onshore segment held the largest market share in 2017 owing to the rise in maturing wells.
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The global oilfield services market is expected to grow at 4.01% CAGR during the forecast period.
Market Research Analysis
North America accounts for the largest market share whereas Middle East & Africa is the fastest growing region.
Region wise, North America held the largest market share of the global oilfield services market in 2017. It is estimated that the Middle East & Africa region will continue to dominate the market during the forecast period, mainly due to the availability of huge reserves of shale. The region has substantial prospects in the countries including Saudi Arabia, UAE and Jordan.
Key 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).
Scope of the Report
This report provides an in-depth analysis of the global oilfield services market, tracking TWO market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the oilfield services market by its service, application, and region.
By Service
- Seismic
- Drilling
- Characterization
- Completion
- Production,
- Well Intervention
- Others
By Application
- Onshore
- Offshore
By Regions
- North America
- Asia-Pacific
- Europe
- Rest of the World
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