The GMI Research expects the oilfield services market to expand at a significant rate. From a regional perspective, North America is expected to grow at a higher CAGR during the forecast period due to the growing use of oilfield services driven by the increasing generation and consumption of oil and gas.
Request for a FREE Sample Report on Oilfield Services Market
Oilfield Services Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Some of the major factors of the oilfield services market during the forecast period include the rising exploration activities and accelerating oil & gas production driven by the strong demand across various industries, including the transportation and manufacturing sector. According to the oilfield services market outlook, the technological advancements have led to improved efficiencies for obtaining resources, and the rising R&D activities, especially in the oil and gas industry for generating new technologies, products & processes to preserve the environment, will further support the growth of the global oilfield services market share in terms of revenue in the upcoming years. There has been an upsurge in demand for the market globally include the growing production of shale gas extraction, crude oil, and the strong presence of various offshore oil reserves.
According to the oilfield services market analysis, the increasing penetration of activities for the recreation of the oil reservoirs, the continuously rising offshore industry, and the growing introduction of the improved oil recovery technique allows the effective usage of existing infrastructure and equipment in the new locations and reduces the land & habitat disturbance will propel the market growth. As per the oilfield services market report, the fluctuations in the prices of crude oil and the drastic shift towards renewable energy across the globe will hamper the growth of the global oilfield services market. On the other edge of the spectrum, the emergence of the COVID-19 pandemic has adversely impacted the growth of the market owing to the shutdown of manufacturing plants, production units, and other offshore and onshore wind plants around the world. However, the market is anticipated to bounce back in 2021 while increasing at a significant rate from 2022.
Oilfield Services Market’s leading Manufacturers:
- Halliburton
- Baker Hughes Company
- Weatherford
- Schlumberger Limited
- National Oilwell Varco
- Superior Energy Services, Inc.
- Archer
- China Oilfield Services Limited
- TechnipFMC plc
- Expro Group
Oilfield Services Market Segmentation:
Segmentation by Application:
- Offshore
- Well Intervention Services
- Well Completion Services
- Onshore
- Well Completion Services
- Well Intervention Services
Segmentation by Type:
- Field Operation
- Equipment Rental
- Analytical Service
Segmentation by Service:
- Oil Country Tubular Goods
- Pressure Pumping Services
- Well Completion Equipment & Services
- Wireline Services
- Drilling & Completion Fluid Services
- Well Intervention Services
- Drilling Waste Management Services
- Coiled Tubing Services
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
