Oilfield Service Market To Boom Industry Size: 2022, Growth Perspectives, Development Technologies and Innovations by 2027

Posted on Sep 12 2022 4:47 AM

"Key Companies Covered in Oilfield Services Market are Schlumberger, Halliburton, Baker Hughes, Weir Oil and Gas, Emerson, National Oilwell Varco, Weatherford, AlMansoori Specialized Engineering, Saudi Aramco, Protiviti, Abu Dhabi Oilfield Services, YAS Oilfield Services, Superior Oilfield Services LLC, National Arabian Petroleum Services Company, Larsen & Toubro, Oceaneering, China Oilfield Services Ltd., Petroleum Dynamics Oil and Gas, Petroleum Services Co. Kuwait, SPECIAL OILFIELD SERVICES CO. L.L.C., Vallourec, BJ Services, STARK International, Ruker Inc., Xi'an Huayang Oil&Gas Equipment Co., Ltd., ADES - Advanced Energy Systems, Biyaq Oilfield Services, Petrodar Operating Company, Middle East Oilfield Services LLC "

The global Oilfield Services Market Size"  is expected to reach USD 346.45 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period. The surging shale gas extraction from hydraulic fracturing and other stimulation procedures will bolster the growth of the market, states Fortune Business Insights, in a report, titled “Oilfield Services Market Size, Share & COVID-19 Impact Analysis, By Type (Equipment Rental, Field Operation, and Analytical Services), By Service (Geophysical, Drilling, Completion & Workover, Production, and Processing & Separation), By Application (Onshore and Offshore {Shallow Water, Deepwater, Ultra-Deepwater}), and Regional Forecast, 2020-2027.” The market size stood at USD 267.82 billion in 2019.

The global oilfield services market size was USD 267.82 billion in 2019 and is projected to reach USD 346.45 billion by 2027, exhibiting a CAGR of 6.6% during the forecast period.

The report evaluates the important characteristics of the market based on present industry scenarios, market demands and business strategies. Also, the research report separates the industry based on the Oilfield Services Market share, types, applications, growth factor, key players and regions.

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The market has the presence of a large number of big industry players. Some of the eminent players in the market include:

  • Schlumberger (Texas, United States)
  • Halliburton (Texas, United States)
  • Baker Hughes (Texas, United States)
  • Weir Oil and Gas (Glasgow, United Kingdom)
  • Emerson (Missouri, United States)
  • National Oilwell Varco (Texas, United States)
  • Weatherford (Texas, United States)
  • AlMansoori Specialized Engineering (Abu Dhabi, UAE)
  • Saudi Aramco (Dhahran, Saudi Arabia)
  • Protiviti (California, United States)
  • Abu Dhabi Oilfield Services (Abu Dhabi, UAE)
  • YAS Oilfield Services (Texas, US)
  • Superior Oilfield Services LLC (Abu Dhabi, UAE)
  • National Arabian Petroleum Services Company (Dammam, Saudi Arabia)
  • Larsen & Toubro (Mumbai, India)
  • Oceaneering (Houston, Texas)

 Oilfield Services Market Report Scope:

REPORT ATTRIBUTE DETAILS
Market size available for years 2020-2027
CAGR Value  6.6%
Base year considered 2019
Historical data 2016-2018
Forecast Period 2020-2027
Quantitative units Revenue in USD million and CAGR from 2020-20271
Segments Covered Types, Applications, End-Users, and more.
Report Coverage Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
Customization scope Report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Avail of customized purchase options to meet your exact research needs. Explore purchase options

 
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An Overview of the Impact of COVID-19 on this Market:

Latest Update: This has brought along several changes this report also covers the impact of Current COVID-19 situation

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.

Stepping into a Post-COVID Economy: How Energy and Power Industry Will Play an Essential Role in its Recovery. Request Sample Copy.

Oilfield Services Market Regional Analysis:

For the historical and forecast period to 2027, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global market.

  • North America (US, Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
  • Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Rest of the World (the Middle East & Africa and South America)

Market Driver:

Growing Demand for Shale Gas to Propel Market

The increasing demand for shale gas has led to the advancement in technologies such as directional drilling and hydraulic fracturing technology to improve the production process in reservoirs. The high requirement for oilfield services during extraction can spur opportunities for the market. The ongoing plans and strategies to enhance the production of shale gas will simultaneously enrich the business of the market during the forecast period. For instance, China has announced that it will escalate its production up to 30 bcm/per year by 2020, and 80-100 bcm/per year by 2030 through advanced technologies and drilling techniques. China accounts for a high percent of shale gas production, which originally comes from the Sichuan Basin located in the Chongqing area. Moreover, the increasing exploration activities for untapped resources will enable healthy growth of the market in the forthcoming years.

Competitive Strategy 

To enhance their market position in the global sustainable aviation fuel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
For example,

June 2020: Norwegian oil and gas company Equinor awarded two contracts worth up to USD 187,1 million to oilfield services provider Technip. Under the contract, TechnipFMC will provide pipelaying and subsea installation for three projects on the Norwegian continental shelf (NCS).

Research Methodology:

The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.

Some of the Key Questions Answered in this Report:

  • Detailed Overview of Oilfield Services Market will help deliver clients and businesses making strategies.
  • Influencing factors that are thriving demand and latest trends running in the market.
  • Oilfield Services Market forecast for global market split into segments like region, product, applications, end-user, technology, etc.
  • What trends, challenges and barriers will impact the development and sizing of the Global Oilfield Services Market?
  • SWOT Analysis of each defined key player along with its profile and Porter’s five forces analysis to complement the same.
  • What is the Oilfield Services Market growth momentum or market carries during the forecast period?
  • Which region may tap the highest market share in the coming era?
  • Which application/end-user category or Product Type may seek incremental growth prospects?
  • What focused approach and constraints are holding the Oilfield Services Market demand?

The Oilfield Services Market research report offers a complete assessment of the industry. The projections included in the report have been determined utilizing demonstrated research philosophies and presumptions.

Detailed TOC of Global Oilfield Services Market Report 2022

1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Global Statistics — Key Countries
4.2 New Product Launches
4.3 Pipeline Analysis
4.4 Regulatory Scenario — Key Countries
4.5 Recent Industry Developments — Partnerships, Mergers & Acquisitions
5. Global Internet of Things Market Analysis, Insights and Forecast
5.1. Key Findings/ Summary
5.2. Market Analysis — By Product Type
5.3. Market Analysis — By Distribution Channel
5.4. Market Analysis — By Countries/Sub-regions
……………
11. Competitive Analysis
11.1. Key Industry Developments
11.2. Global Market Share Analysis
11.3. Competition Dashboard
11.4. Comparative Analysis — Major Players
12. Company Profiles
12.1 Overview
12.2 Products & Services
12.3 SWOT Analysis
12.4 Recent developments
12.5 Major Investments
12.6 Regional Market Size and Demand
13. Strategic Recommendations
TOC Continued……………….

Continued….

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