London, Aug. 22, 2019 (GLOBE NEWSWIRE) -- According to a new market research report “Oilfield Services Market by Type (Pressure Pumping, Oil Country Tubular Goods, Well Intervention and Coiled Tubing, Drilling and Completion Fluid, Well Completion, Seismic Testing), Location (Onshore and Offshore), and Geography - Global Forecast to 2025”, published by Meticulous Research®, the global oilfield services market is projected to grow at a CAGR of 3.6% from 2019 to reach $171.7 billion by 2025.

The oilfield service industry was in consolidation mode over the last few years as smaller servicers struggled to survive in the low oil price environment which translated to lower day rates. The industry has observed distressed sales from 2015 through 2017. Due to the recovery of oil prices, drilling activity has picked up, day rates have increased, and the deals have been changed. Mergers and acquisitions (M&A) activity for the oilfield services sector was largely subdued during the downturn in terms of both deal volume and value. For instance, deal value would have been larger had Halliburton Company successfully completed its merger with its competitor Baker Hughes Inc. for an announced USD 34.6 billion. Instead of searching for synergies to boost revenue, companies were seeking to combine to eliminate duplicative expenses.

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Over the past few years, technology has become increasingly more prominent in the E&P of oil and natural gas. Industry players expect technological advancements that could help them to enhance the productivity and efficiency. Oilfield service providers have worked to develop greater technological advancements that have made E&P activities more efficient and cost-effective. Robotics oil rigs and Remotely Operated Vehicles (ROVs) have facilitated the development of offshore oil fields since the 1980s. The end result, of these advances in technology is a more streamlined, quick and efficient process, aiding a rise in production levels. In addition, factors such as increasing demand for oil, use of internal sources of funding, discovery of new oilfields, and recent licenses and product launches are further expected to drive the overall growth of the oilfield services market.

The overall oilfield services market is mainly categorized by service type (pressure pumping services, oil country tubular goods, wireline services, well intervention services, well completion services, coiled tubing services, seismic testing services, and other services), location (onshore and off-shore), and geography.

On the basis of service type, pressure pumping services segment is estimated to account for the largest share of the global oilfield services market in 2019. Factors such as new oil well discoveries, continuous devotion to technology development, and mandatory requirements of safe and efficient operations at oil wells are driving the growth of this market segment.

On the basis of location, onshore segment is estimated to hold the largest share of the overall oilfield services market in 2019, mainly attributed to the new oil well discoveries and increasing production of earth oil.

Geographically, North America commanded the largest share of the overall oilfield services global market, followed by Europe and Asia Pacific. However, Asia-Pacific region is expected to grow faster, mainly due to factors such as steady oil production, increasing number of oil rig counts, and growing offshore activities in China.

The key players operating in the global oilfield services market are Schlumberger Limited, Baker Hughes GE, Halliburton Company, Weatherford International, Plc, China Oilfield Services Limited (COSL), Basic Energy Services, Superior Energy Services, Inc., FMC Technologies, Inc., Welltec, Weir Oil & Gas, National Oilwell Varco, Oil States International, Inc., and Archer Limited among others.

Browse key industry insights spread across 124 pages with 28 market data tables & 43 figures & charts from the report:

Scope of the Report:

Market by Service Type

  • Pressure Pumping
  • Oil Country Tubular Goods (OCTG) Services
  • Well Intervention and Coiled Tubing
  • Drilling and Completion Fluid
  • Well Completion
  • Wireline Services
  • Seismic Testing
  • Other Services

Market by Location

  • Onshore
  • Offshore

Market by Geography

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Middle East and Africa
  • Latin America

Key questions answered in the report-

  • Which are the high growth market segments in terms of service type, location, and region?
  • What was the historical market for oilfield services across the globe?
  • What are the market forecasts and estimates for the period 2019-2025?
  • What are the major drivers, restraints, and opportunities in the global oilfield services market?
  • Who are the major players in the global oilfield services market?
  • How is the competitive landscape and who are the market leaders in the global oilfield services market?
  • What are the recent developments in the global oilfield services market?
  • What are the different strategies adopted by the major players in the global oilfield services market?
  • What are the geographical trends and high growth regions?
  • Who are the local emerging players in the global oilfield services market and how do they compete with the global players?

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