Oil Voice: Oilfield Services Industry is Rising Globally
According to a report, the global oilfield services market accounted for USD 102.08 billion in 2016 and is expected to reach USD 127.31 billion by 2022, growing at a CAGR of 3.8% between 2017 and 2022.
Global oilfield services market is expected to witness positive growth within the forecast period on account of increasing consumption of oil & gas resources. This has encouraged the key players across the globe to invest in the exploration and production of oil & gas in order to meet the demands of the population. Oilfield service companies assist in the setting up of oil and gas wells. In general, these companies manufacture, repair and maintain equipment used in oil extraction and transport. The services are also helpful in good logging, perforation, zonal isolation, well stimulation, sand washing and setting tubing plugs. Oilfield services and equipment are critical for the upstream sector and account for a large share of oil and gas companies’ spending.
The increased consumption of oil and gas across the globe is expected to be the major driver for the oilfield services market. The growing demand has resulted in various government and private sector investments in the drilling and exploration of oil and gas resources. Moreover, increasing shale gas production is expected to further propel the growth of the oilfield services market within the forecast period. The increased focus on renewable energy in order to combat the global climate change issues is expected to curb the growth of the oilfield services market in the coming years. However, technological advancements in oil and gas exploration coupled with the lifting of Iranian oil export sanctions is expected to open new avenues of opportunities for the oilfield services market within the forecast period.
Offshore and onshore are the application segments of the global oilfield services market. The onshore application dominated the global oilfield services market across the forecast period and is expected to continue its dominance in the forecast period. The new exploration and drilling activities are expected to spur the growth of the offshore segment of the oilfield services market. Hence, it is expected to be the fastest-growing segment of the global oilfield services market within the forecast period.
North America accounted for the largest share of the global oilfield services market in 2016 and is expected to grow in light of the increased oil and gas exploration activities in the region. North America is also expected to register the fastest growth rate during the forecast period owing to the production of oil & gas from oil sands, tight gas and natural gas from coal, in Canada, combined with shale gas activities in the U.S.
The key players in the global fuel cells market are Baker Hughes Inc., Halliburton Company, Schlumberger Limited, Weatherford International PLC, Superior Energy Services Inc., National Oilwell Varco Inc., China Oilfield Services Limited (COSL), Archer Limited, Expro International Group Holdings Ltd., and GE Oil & Gas among others.