The global oilfield service market accounted for a value of USD 250 Bn in the year 2018 and is estimated to reach USD 330 Bn by 2026. The global market for “oilfield service“ is anticipated to post a steady CAGR of 3.7% during the forecast period. Fortune Business Insights recently published this information in a report, titled “Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till 2026.”
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The growing advancements in technology is the chief factor driving the oilfield service market. Several oilfield services across the world use these improved tools and technologies to enhance their E&P activities in offshore and onshore areas. The oil and gas (O&G) industry is presently thriving on account of rising population, which in turn, may enable growth in the oilfield services market at a steady rate.
1. By Service
- Seismic Service
- Drilling Service
- Completion & Workover Service
- Production Service
- Processing & Separation Service
2. By Application
3. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Norway, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand and Rest of Asia Pacific)
- Latin America (Argentina, Venezuela, Mexico, Brazil and Rest of Latin America)
- Middle East & Africa (GCC, Algeria, Egypt, Nigeria and Rest of Middle East & Africa)
Key Companies Covered In The Reports
- National Oilwell Varco
- Baker Hughes, a GE company
- BJ Company
- Oil States Industries
- Weir Oil and Gas
- COSL – China Oilfield Services Limited
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Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Market.
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive competition and maintain their stronghold.
Key Industry Developments
- In July 2019, i3 Energy PLC has awarded an oilfield service contract to Baker Hughes GE to carry out drilling at Liberator and Serinity assets in North Sea.
- In March 2019, Petrofac achieved a milestone by securing D1 billion contract by Groupment Isarene for commissioning, engineering and procurement services related to the Ain Tsila project in Algeria.
- In January 2019, Ex-CEO of Halliburton Dave Lesar who stepped down in May 2017 is planning to start an oilfield services company with funding from private equity firm CSL capital management.
- In August 2018, Conglomerate Baker Hughes (GE) has been awarded a contract by Cairn Oil and Gas (Vedanta Subsidiary) for integrated oilfield services for the development of the Mangala, Bhagyam and Aishwarya (MBA) field in Rajasthan.
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to rising adoption of sedentary lifestyle in nations such as India and China.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/oilfield-service-market-100174
Table of Content
5. Global Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Service
5.2.1. Seismic Service
5.2.2. Drilling Service
5.2.3. Completion & Workover Service
5.2.4. Production Service
5.2.5. Processing & Separation Service
5.3. Market Analysis, Insights and Forecast – By Application
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.3. Asia Pacific
5.4.4. Middle East & Africa
5.4.5. Latin America
6. North America Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings
6.2. Market Analysis, Insights and Forecast – By Service
6.2.1. Seismic Service
6.2.2. Drilling Service
6.2.3. Completion & Workover Service
6.2.4. Production Service
6.2.5. Processing & Separation Service
6.3. Market Analysis, Insights and Forecast – By Application
6.4. Market Analysis, Insights and Forecast – By Country
7. Europe Oilfield Service Market Analysis, Insights and Forecast, 2015-2026
7.1. Key Findings
7.2. Market Analysis, Insights and Forecast – By Service
7.2.1. Seismic Service
7.2.2. Drilling Service
7.2.3. Completion & Workover Service
7.2.4. Production Service
7.2.5. Processing & Separation Service
7.3. Market Analysis, Insights and Forecast – By Application
7.4. Market Analysis, Insights and Forecast – By Country
7.4.7. Rest of Europe
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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