New York, July 02, 2021 (GLOBE NEWSWIRE) -- Oilfield Services Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Oilfield Services Market Research Report, Service, Application and Region - Forecast till 2027” the market is projected to be worth USD 351.57 Billion by 2027, registering a CAGR of 6.3% during the forecast period (2021 - 2027), The market was valued at USD 273.41 billion in 2020.
COVID-19 Impact on Oilfield Services Market
The COVID-19 pandemic has affected the oil and gas industry considerably by disrupting global commodity and financial markets, a dramatic fall in demand that has hampered the supply chain and operations of the oil and gas industry. Different oil and gas companies across the globe had shut down their services and exploration projects as countries approached lockdown for dealing with the pandemic. The International Energy Agency for instance reported that the demand for oil is likely to fall by 29 million barrels per day in April 2020 and by 23.1 million barrels per day in the 2nd quarter. The war in Russia-Saudi oil price due to COVID has turned into an obstacle leading in slashed production output and financial loss. Other member of the OPEC countries however have established into a more flexible business model and improved market opportunities for B2C and B2B customers. This trade war in addition has led to economic conflicts causing a huge drop in price and supply chain disruption that hampered the investment scenario, cuts in production, and mostly the demand. Thus it is likely to impede the oil and gas industry in the forecast period.
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Key Players
Eminent players profiled in the global oilfield services market 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)
- Liberty Oilfield Service (US)
Industry Updates
Archer, a leading oilfield services company is all set in completing the previously announced acquisition of rival DeepWell. DeepWell offers downhole and wireline services to oil companies on the NCS (Norwegian Continental Shelf). The company commands one of the most modern wireline unit fleets on the Norwegian Continental Shelf and also holds a strategic long-term contract in the light well intervention market.
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Enhancing Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global oilfield services market share.
Oilfield Services Market Drivers/Oilfield Services Market Trends
Increasing Shale Gas Extraction to Boost Market Growth
The increasing shale gas extraction is predicted to boost the oilfield services market revenue over the forecast period. Shale gas is one of the types of natural gas that is trapped within shale formations. When trapped these gases cannot flow into the well owing to its low permeability. Technological advances like hydraulic fracturing technology and directional drilling have helped to increase the production of shale gas from such critical reservoirs. The exploration of shale needs a wide range of services and equipment in oilfield.
Opportunities
Rise in Internal Funds to offer Robust Opportunities
The increasing usage of internal sources of funding is likely to offer robust opportunities for the market in the forecast period. Oilfield service providers are all set in investing their internal funding source owing to increasing prices of crude oil. The key perks of investing internal funds are reduction in the interest to the sources of external funding and attain higher profits. The internal funds are utilized for improving machinery, purchasing real property, or developing a new product. Oilfield services use internal funding as it is a direct, and simple way of obtaining the capital for growth.
Restraints
Volatility in Crude Oil Prices to act as Market Restraint
The volatility of crude oil prices may impact the oilfield services market value over the forecast period. The oil and gas industry is experiencing inflexibility in the prices of crude oil and this is owing to variations in supply and demand of crude oil. It is this fluctuation that disrupts the market demand besides intensifying competition between non-OPEC, OPEC countries and the US. The soaring price of oil leads in delays in the upcoming investments and projects, which suspends the drilling projects causing a downfall in the oilfield services.
Challenges
High Initial Cost to act as Market Challenge
The high initial cost of investments is likely to act as a market challenge over the forecast period. The initial cost includes the ability of operating in harsh and remote locations, manpower, equipment, and research. Besides, the environmental effects of E&P activities and stringent government regulations may also impede market growth.
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Market Segmentation
- By Service
By service, the completion service segment will lead the market over the forecast period for the advances in completion technology. Surface logging, stimulation, and permanent monitoring system are some of the latest completion technology.
- By Application
By application, the offshore segment will dominate the market over the forecast period for the increasing investment in subsea oil and gas assets. Different oil field service providers are making huge investments in offshore assets for increasing their well productivity, overall life cycle of the well, and reservoir performance.
Regional Takeaway
North America to Reign Oilfield Services Market
North America is predicted to reign oilfield services market over the forecast period. Increasing production levels of oil and gas, US being the largest producer and consumer of oil and gas, multi-stage hydraulic fracturing technologies, rise in oil and gas exploration activities, increasing use of oilfield services, rising generation and consumption of oil and gas, rising consumption of energy by several areas, and growing number of drilling of wells for the exploration of shale gas are adding to the global oilfield services market growth in the region.
Segmentation of Market covered in the research:
Information by Type (Elevators, Escalators, Moving Walkways), Service (New Installation, Maintenance & Repair), Elevator Technology (Traction, Machine room-Less, Hydraulic), End User and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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