Global Oilfield Services Market 2018-2022 – Shale Gas Extraction Fueling the $125.5 Billion Market – Research and Markets

DUBLIN–(BUSINESS WIRE)–The "Oilfield
Services Market by Application, Service and Region – Global Forecast to
2022" report has been added to Research and Markets'
offering.

The global oilfield services market is projected to grow at a CAGR of
3.35%, from 2017 to 2022, to reach a market size of USD 125.51 Billion
by 2022.

This growth is attributed to increasing shale gas production, growing
global E&P spending, and lifting of Iranian oil export sanctions.

The report segments the oilfield services market, on the basis of
application, into onshore and offshore. The growth of this segment is
primarily driven by new exploration and production activities being
carried out in offshore areas. This would ultimately create new revenue
pockets for the oilfield services market during the forecast period.
Oilfield services plays a critical role in challenging environmental
conditions such as HPHT and unconventional reservoirs.

The pressure pumping services sub-segment, within the services segment,
led the oilfield services market in 2016, and is projected to dominate
the market during the forecast period. The well completion equipment &
services segment is expected to grow at the fastest rate during the
forecast period.

The market in North America is expected to dominate the global oilfield
services market, during the forecast period, owing to increased oil &
gas exploration activities, especially in the U.S. Fluctuating focus on
renewable energy could be a restraint for the oilfield services market,
leading to declining profits.

Leading players in the oilfield services market include Baker Hughes
Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited
(U.S.), Weatherford International, PLC (Switzerland), Superior Energy
Services, Inc. (U.S.), and GE Oil & Gas (U.K.). New product and
technology launches and contracts & agreements were the strategy most
commonly adopted by top players, constituting 35.47% of the total
developments, from 2013 to 2017. It was followed by new product
developments, expansions, and mergers & acquisitions.

Market Dynamics

Drivers

• Shale Gas Extraction
• Lifting of Iranian Oil Export Sanctions
• Increase in Oil & Gas Production

Restraints

• Decline in Drilling Activities and Rig Count
• Fluctuating Crude Oil Prices
• Increasing Focus on Renewable Energy

Opportunities

• New Oilfield Discoveries
• Redevelopment of Aging Reservoirs

Challenges

• Strict Government Regulations on E&P Activities

Company Profiles

• Almansoori Petroleum Services
• Archer Limited
• Baker Hughes Incorporated
• Basic Energy Services, Inc.
• Calfrac Well Services, Ltd.
• China Oilfield Services Limited (COSL)
• Condor Energy Services Limited
• Expro International Group Holdings, Ltd.
• GE Oil & Gas
• Gyrodata Incorporated
• Halliburton Company
• Key Energy Services, Inc.
• Nabors Industries, Ltd.
• National Oilwell Varco, Inc.
• Nordic Well Services, LLC
• OilSERV
• Pioneer Energy Services Corp.
• Qinterra AS
• Schlumberger Limited
• Scomi Energy Services BHD
• Superior Energy Services, Inc.
• TechnipFMC, PLC
• The Engineering and Development Group
• Trican Well Service, Ltd.
• Weatherford International, PLC
• Welltec International APS

For more information about this report visit https://www.researchandmarkets.com/research/cb8zmb/global_oilfield?w=4

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Related
Topics: Oilfield
Equipment and Services