Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- Market Analysis:
Market Research Future (MRFR), The report states that the increasing demand for shale exploration and production is likely to be a key driver for the oilfield services market over the forecast period.
The global oilfield services market is expected to exhibit a solid if unspectacular 4.01% CAGR over the forecast period from 2017 to 2023, according to the latest research report from its provides a comprehensive review of the major drivers and restraints acting on the global oilfield services market and presents a detailed analysis of how the factors are expected to affect the global oilfield services market over the forecast period. The historical growth trajectory of the global oilfield services market is profiled in the report to find out the major factors characterizing the trajectory of the market.
The global Oilfield Services Market has experienced a slump in demand in recent years due to the falling demand for conventional exploration and production of crude oil. The increasing concern regarding scarcity in traditionally rich oil fields, increasing awareness about the adverse environmental effects of conventional methods of oil and gas drilling, and falling oil prices have resulted in a decline in the demand from the oilfield services market. This has affected the operational trends within the oilfield services market, as players have sought to make up for the losses by coming up with innovative product innovations and cost-effective renting strategies.
The growing shale gas production and exploration efforts are likely to hand a lifeline to the global oilfield services market, as unconventional oil drilling operations have risen in demand over the last few years. The increasing concern regarding the scarcity of natural gas and other petroleum fuels has led to an increasing dependence on unconventional E&P methods such as fracking and shale gas production. These endeavors are likely to be crucial for the global oilfield services market over the forecast period.
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Competitive Analysis:
Leading players in the global oilfield services market include Liberty Oilfield Service, Bronco Oilfield Services Inc., TechnipFMC plc, Asian Oilfield Services Limited, National Oilwell Varco, Weatherford, Halliburton, General Electric, and Schlumberger Limited.
In July 2019, Fircroft Group launched a new dedicated oilfield services provider named Fircroft Oilfield Services.
In June 2019, C&J Energy Services and Keane Group announced a merger valued at USD 1.8 billion. This could be a sign of the times in the global oilfield services industry, as the degree of consolidation in the market is likely to grow rapidly over the forecast period due to the scarcity of demand, forcing smaller players to merge with larger entities in order to survive.
Segmentation:
The global oilfield services market is segmented on the basis of service, application, and region.
By service type, the global oilfield services market is segmented into seismic, drilling, characterization, completion, production, well intervention, and others. Completion is the leading segment in the global oilfield services market and is likely to retain the lead over the forecast period.
By application, the global oilfield services market is segmented into onshore and offshore. The onshore segment currently dominates the global oilfield services market. However, offshore oilfield services are likely to grow at a higher growth rate over the forecast period due to the increasing demand for offshore oil exploration and production.
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Regional Analysis:
The global oilfield services market is segmented into North America, Europe, Asia Pacific, and rest of the world on the basis of region. The global oilfield services market is likely to be dominated by North America over the forecast period due to the increasing number of oilfield service providers setting up shop in the U.S. and Canada as well as the increasing demand for shale gas exploration and production in North America.
The Middle East is likely to remain a vital region for the oilfield services market, as it is one of the few regions in the world where conventional onshore oil production has continued at the same rates over the last few years.
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