New York, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oilfield Services Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06372076/?utm_source=GNW
The global oilfield services market is expected to grow from $169.52 billion in 2021 to $179.63 billion in 2022 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, affecting many markets across the globe. The market is expected to grow to $225.83 billion in 2026 at a CAGR of 5.9%.
The oilfield services market consists of sales of oilfield services by entities (organizations, sole traders, and partnerships) that are used to extract and transport oil from oilfields.Oilfield services refer to service providers who work in the oil and gas industry.
Services such as drilling and formation evaluation, well construction, and completion services are examples of these industries.
North America will be the largest region in the oilfield services market in 2021.Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in this oilfield services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Increasing shale gas extraction is expected to propel the growth of the oilfield services market going forward.Shale gas refers to natural gas that has been trapped inside shale rocks.
Oilfield services such as directional drilling and hydraulic fracturing have increased shale gas production from such important sources. For instance, in March 2022, according to the Energy Information Administration Report, a US-based government agency, shale volumes in March were at 8.591 million b/d and grew to 8.708 million b/d in April, which has been driven by an increase in the Permian Basin. Therefore, the increasing shale gas demand is driving the growth of the oilfield services market.
Technological advancements are a key trend gaining popularity in the oilfield services market.Major companies operating in the oilfield services market are focused on developing new technological solutions to strengthen their position.
For instance, in July 2021, Saipem, an Italy-based company operating in oilfield services, launched SUISO, a technological solution for the production of green hydrogen, thus confirming its commitment to support its clients in the energy transition.This solution would combine various renewable energy sources such as floating wind, floating solar and marine energy in a single system to power, together or individually, electrolyzes installed on existing offshore platforms for the production of green hydrogen.
The oxygen resulting from this process is used in various areas, such as aquaculture or seaweed production.
In September 2021, Schlumberger Ltd., a US-based company operating in oilfield services, acquired Independent Data Services for an undisclosed amount. Through this acquisition, Schlumberger aims to enhance the industry’s first cloud-based end-to-end drilling solution, which also adds the only automated reporting software to Schlumberger’s digital drilling offering. Independent Data Services is a Malaysia-based company operating in oilfield services.
The countries covered in the oilfield services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The main service types of oilfield services are subsea services, seismic services, drilling services, workover and completion services, production equipment, processing and separation services, and other service types.Seismic services refer to a method of investigating underground properties and rock patterns using induced shock wave reflections.
The types are equipment rental, field operation, and analytical and consulting services.The various applications involved onshore and offshore.
The oilfield services market research report is one of a series of new reports that provides oilfield services market statistics, including oilfield services industry global market size, regional shares, competitors with an oilfield services market share, detailed oilfield services market segments, market trends and opportunities, and any further data you may need to thrive in the oilfield services industry. This oilfield services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06372076/?utm_source=GNW
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