London, March 17, 2020 (GLOBE NEWSWIRE) — Traditional oilfield services (OFS) operating models are now being completely disrupted by the technological advancements with the increasing use of internal sources of funding. In recent years, these factors have given a new edge to the entire oil industry, which now competes with additional parameters than pricing. Hence, tech advancement has helped oil & gas companies in transforming their businesses from product selling to advisory selling.
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 oilfield services market is expected to grow at a CAGR of 3.6% from 2019 to reach $171.7 billion by 2025.
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The growth of the global oilfield services market is mainly attributed to the increasing adoption of technology-driven models, rising geographically dispersed operations, and increased presence in service segments such as offshore operations. However, the price war amongst the leading oil supplying countries across the globe along with the strict government regulations on E&P activities is expected to impact the revenue of this market.
List of the Key Companies Operating in the Oilfield Services Market:
- Schlumberger Limited (U.S.)
- Baker Hughes GE (U.S.)
- Halliburton Company (U.S.)
- Weatherford International, PLC (U.S.)
- China Oilfield Services Limited (COSL) (China)
- Basic Energy Services (U.S.)
- Superior Energy Services, Inc. (U.S.)
- FMC Technologies, Inc. (U.S.)
- Welltec (Denmark)
- The Weir Group PLC (U.K.)
- National Oilwell Varco (U.S.)
- Oil States International, Inc. (U.S.)
- Archer Limited (Bermuda)
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Based on the service type, the pressure pumping services segment accounted for the largest share of the overall oilfield services market in 2019. The 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 other hand, well completion services are expected to grow with the fastest CAGR during the forecast period. This growth can be attributed to resumed drilling of non-completed well amidst the low oil prices since 2014. This is further supported by risen oil prices from mid-2018 in the major oil-producing countries such as the U.S.
Based on location, oilfield services market is segmented into onshore and offshore. The onshore segment accounted for the largest share of the overall oilfield services market in 2019. The factors such as increasing new oil well discoveries and production of earth oil are primarily driving the growth of this segment.
Geographically, North America accounted for the largest share of the overall oilfield services market in 2019. The factors such as growing rig and well counts, improving offshore market, and growing mergers and acquisitions are expected to drive the growth of the oilfield services market in this region. However, APAC region is expected to grow with highest growth rate during the forecast period. Factors such as steady oil production, increasing number of oil rig counts, and growing offshore activities in China are expected to drive the growth of oilfield services market in this region.
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The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in this market including Schlumberger Limited (U.S.), Baker Hughes GE (U.S.), Halliburton Company (U.S.), Weatherford International, PLC (U.S.), China Oilfield Services Limited (COSL) (China), Basic Energy Services (U.S.), Superior Energy Services, Inc. (U.S.), FMC Technologies, Inc. (U.S.), Welltec (Denmark), The Weir Group PLC (U.K.), National Oilwell Varco (U.S.), Oil States International, Inc. (U.S.), and Archer Limited (Bermuda) among others.
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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