This market research report includes a detailed segmentation of the global oilfield services market by application (onshore and offshore activities) and by services (drilling and production). It outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford International.
Technavio has released a new market research report on the global oilfield services market, which is expected to grow at a CAGR of 5% between 2016 and 2020. The growth of the oilfield services market is cyclic and highly volatile in nature, as it depends on investments made by the oil and gas industries. The increase in exploration and production (E&P) activities in regions like Mexico, China, Indonesia, India, and Brazil is expected to bring in high investments during the forecast period. The Americas accounts for 65% of the overall market share, owing to the deep-water productions and high production of shale oil and gas from existing reservoirs in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the technological improvements have made extraction possible from sources that were previously not accessible. For instance, extracting gas from shale and oil from bituminous sand was considered expensive. But, new technological processes have now made it economical. Also, new and advanced technologies have enabled E&P activities in multiple aging oilfields around the world. All these factors bode well for the market growth of oilfield services,” says Vishu Rai, Lead Analyst, Energy, Technavio Research
Currently, the drilling services segment hold the highest share in the market with 62% of the market shares. The persistent demand for drilling is encouraging OFS companies to invest in technology and increase the efficiency of various drilling processes. These investments are also aimed at reducing the drilling impact on the environment and in maintaining the ecosystem balance in onshore and offshore drilling.
Global oilfield services market by drilling services 2015-2020 ($ billions)
Source: Technavio, 2016
The key players in the global oilfield services market are Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford International. The market is presently dominated by large and established players who have a large portfolio of oilfield-related equipment and services that can also be customized depending on customer needs. This makes the market competitive. They also have high capital resources and dedicated R&D funds that are being used in developing new technologies.
A more detailed analysis is available in the Technavio report, Global Oilfield Services Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
