(MENAFN - GetNews) The report states that the increasing demand for shale exploration and production is likely to be a key driver for the oilfield services market over the forecast period. The report provides a comprehensive review of the major drivers and restraints acting on the global oilfield services market and presents a detailed analysis of how the factors are expected to affect the global oilfield services market over the forecast period.
The global oilfield services market is expected to exhibit a solid if unspectacular 4.01% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR).
The global oilfield services market has experienced a slump in demand in recent years due to the falling demand for conventional exploration and production of crude oil. The increasing concern regarding scarcity in traditionally rich oil fields, increasing awareness about the adverse environmental effects of conventional methods of oil and gas drilling, and falling oil prices have resulted in a decline in the demand from the oilfield services market. This has affected the operational trends within the oilfield services market, as players have sought to make up for the losses by coming up with innovative product innovations and cost-effective renting strategies.
Get Free Sample Copy of Oilfield Services Market Report at: https://www.marketresearchfuture.com/sample_request/6835
The growing shale gas production and exploration efforts are likely to hand a lifeline to the global oilfield services market, as unconventional oil drilling operations have risen in demand over the last few years. The increasing concern regarding the scarcity of natural gas and other petroleum fuels has led to an increasing dependence on unconventional E & P methods such as fracking and shale gas production. These endeavors are likely to be crucial for the global oilfield services market over the forecast period.
Leading players in the global oilfield services market include Liberty Oilfield Service, Bronco Oilfield Services Inc., TechnipFMC plc, Asian Oilfield Services Limited, National Oilwell Varco, Weatherford, Halliburton, General Electric, and Schlumberger Limited.
Industry Related News
In July 2019, Fircroft Group launched a new dedicated oilfield services provider named Fircroft Oilfield Services.
In June 2019, C & J Energy Services and Keane Group announced a merger valued at USD 1.8 billion. This could be a sign of the times in the global oilfield services industry, as the degree of consolidation in the market is likely to grow rapidly over the forecast period due to the scarcity of demand, forcing smaller players to merge with larger entities in order to survive.
The global oilfield services market is segmented on the basis of service, application, and region.
By service type, the global oilfield services market is segmented into seismic, drilling, characterization, completion, production, well intervention, and others. Completion is the leading segment in the global oilfield services market and is likely to retain the lead over the forecast period.
By application, the global oilfield services market is segmented into onshore and offshore. The onshore segment currently dominates the global oilfield services market. However, offshore oilfield services are likely to grow at a higher growth rate over the forecast period due to the increasing demand for offshore oil exploration and production.
The global oilfield services market is segmented into North America, Europe, Asia Pacific, and rest of the world on the basis of region. The global oilfield services market is likely to be dominated by North America over the forecast period due to the increasing number of oilfield service providers setting up shop in the U.S. and Canada as well as the increasing demand for shale gas exploration and production in North America.
The Middle East is likely to remain a vital region for the oilfield services market, as it is one of the few regions in the world where conventional onshore oil production has continued at the same rates over the last few years.
Get Summary of this Report at: https://www.marketresearchfuture.com/reports/oilfield-services-market-6835
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar