Increase in Natural Gas Production and Focused Plan to Begin Production from Unconventional Reserves in the Country is expected to drive the Oil Field Services Market.
According to TechSci Research report, “Oil Field Service Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, key factors attributed to the growth of the market are reduced cost of oilfield services and increased production output. This increase in growth is linked to rising domestic oil demand, which continues to represent the most lucrative market for global oilfield service providers.
Based on Service Type, drilling services is the dominant segment in Global Oil Field Service Market. In the coming years, the demand for drilling services is anticipated to increase significantly due to the expansion of E&P activities in the offshore region. Directional drilling, coiled tubing, and re-entry, measurement and logging while drilling, reservoir navigation services, casing/liner drilling systems, surface logging services, coring services, and hole enlargement are all included in the list of drilling services. The drilling services industry primarily provides E&P firms with contractual services. Every stage of the project’s lifespan, including the exploration, production, field development, and study phases need this service. The drilling services market is driven by the expansion of mature assets in the area and greater enhanced oil recovery (EOR). Additionally, the region’s abundant oil and gas resources, many of which still need to be found and used, provide a sizable market for global drilling service providers.
Based on Location of Deployment, Onshore is the dominant segment in Global Oil Field Service market, as onshore drilling has lower operational costs than offshore drilling. The number of onshore rigs has been progressively rising as oil prices have stabilized. Onshore drilling experiences the benefits of recovery in oil prices, initially, because its operational costs are lower than offshore drilling.
In terms of regional analysis, the global Oil Field Service market is segmented into North America, Asia-Pacific, Europe, MEA, and South America. According to projections, North America will dominate the global market, followed by, Asia Pacific and Europe, respectively. The demand for oilfield services is predicted to continue on its current course during the projected period, with considerable operations scheduled to take place in offshore assets in the North Sea and the Gulf of Mexico. Peak Well System, a specialist in the design and development of cutting-edge downhole equipment for flow management, well intervention, and well integrity, was acquired by Schlumberger Limited in January 2017. Globally, about 50% of the new wells that were dug in 2017 were in the United States, followed by China and other Asian nations.
Additionally, it is believed that Europe currently holds a greater market share and that this proportion will grow during the anticipated time. An offshore exploration well cost half as much to drill in 2017, as it did in 2014 due to Norway’s 30% decrease in oil well operating costs between 2014 and 2017. In the previous two to three years, the unit operating cost in the UK Continental Shelf decreased by around 50%, and it is anticipated that it will continue to decrease in the upcoming years.
Services for processing and separation are essential to the OFS sector. Due to the extensive scope of oil, water, and gas treatment across the industry to boost recovery and reduce the environmental impact of hydrocarbon production, these services are expected to grow significantly in the projected time. Water treatment, oil treatment, gas treatment, solids treatment, and other services are the main services included in this section.
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Key market players in the Global Oil Field Service 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)
The main drivers of the expansion of the global market are the decreasing cost of oilfield services and the rise in production output. Additionally, the operators save up to millions of dollars, thanks to the variety of tailored packages provided by major upstream service providers. The need for these services is anticipated to rise as shale gas extraction through hydraulic fracturing and other stimulation techniques increases. During the projection period, the oilfield service sector will be driven by the increased demand for oil and gas from offshore regions.
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“The global Oil Field Service market is expected to expand during the projected period. Technology developments and factors like increased offshore drilling activity are expected to fuel the well completion market. In addition, rising production service spending from some of the main oil-producing nations are expected to drive that industry,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Oil Field Service Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented by Service Type (Drilling Services, Completion Services, Production and Intervention Services, and Other Services), By Location of Deployment (Onshore and Offshore), By Region, has evaluated the future growth potential of global Oil Field Service market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Oil Field Service Market.
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