Oilfield Service Market Industry Demand, Share, Size, Growth Opportunities and Future Trends by 2027, Fortune Business Insights

(MENAFN- The Express Wire) Oilfield Service Market – Industry Demand, Share, Size, Growth Opportunities and Future Trends by 2027, Fortune Business Insights

Posted on Apr 9 2021 3:20 AM

"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 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.

To get to know more about the short-term and long-term impacts of COVID-19 on this market: 

The coronavirus disaster has financially drained various industries and sectors around the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

The report on the oilfield services market  includes:

• Well-analyzed prime information
• Key insights into the market
• Dominant regions in the world
• Foremost market drivers and restraints
• Competitive landscape
• COVID-19 impact

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.

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Segmentation

1. By Service

• Seismic Service
• Drilling Service
• Completion & Workover Service
• Production Service
• Processing & Separation Service

2. By Application

• Onshore
• Offshore

3. By Geography

• North America (USA and Canada)":
• Europe (UK, Germany, France, Italy, Norway, Russia and Rest of Europe)
• Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand and Rest of Asia Pacific)
• Latin America (Argentina, Venezuela, Mexico, Brazil and Rest of Latin America)
• Middle East & Africa (GCC, Algeria, Egypt, Nigeria and Rest of Middle East & Africa)

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Halt on Exploration Projects and Services to Dwindle Market Growth

The substantial impact on the oil & gas industry is due to the disruption caused by coronavirus, which affected the operation and supply chain of the industry. Numerous companies have terminated exploration projects and services owing to the lockdown to curb the spread of the virus. For instance, the International Energy Agency reported that oil demand is likely to decrease by 29 million barrels per day (BPD) in April 2020 and by 23.1 million bpd in the 2nd quarter. Moreover, the production cuts, obstructed investments, and economic downfall can result in heavy loss for the global market during COVID-19. However, improving the situation and growing oil demand will simultaneously help in the recovery, in turn, aiding the market.

Regional Analysis :

Offshore Oil Projects to Influence Growth in North America

The market in North America is expected to account for the largest share in the global market owing to the offshore assets in the Gulf of Mexico and the North Sea. The ongoing oil extraction activities will enable the healthy growth of the market in North America. Moreover, the increasing partnerships and acquisitions by major players will further aid development in the region. For instance, in January 2020, Schlumberger limited announced that it has acquired the Peak Well System, which is a specialist in the design and development of advanced downhole tools for flow control, well intervention, and well integrity. Europe is expected to account for a significant share during the forecast period. The reduced cost of offshore drilling activities will favor growth in the region. For instance, in Norway, the operating cost of an oil well has been reduced by 30% from 2014 to 2020, thus the cost incurred for drilling an exploratory well offshore was half in 2020 compared to 2014.

Key Development :

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).

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The Report Lists the Key Companies in this Market:

• 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)
• China Oilfield Services Ltd. (Beijing, China)
• Petroleum Dynamics Oil and Gas (East Ahmadi, Kuwait)
• Petroleum Services Co. Kuwait (Kuwait)
• SPECIAL OILFIELD SERVICES CO. L.L.C. (Muscat, Oman)
• Vallourec (Boulogne-Billancourt, France)
• BJ Services (Texas, U.S.)
• STARK International (Doha -Qatar)
• Ruker Inc. (Billerica, Massachusetts)
• Xi'an Huayang Oil & Gas Equipment Co., Ltd. (Xi'an, Shaanxi)
• ADES - Advanced Energy Systems (Egypt)
• Biyaq Oilfield Services (Mawaleh, Muscat)
• Petrodar Operating Company (PDOC) (Khartoum, Sudan)
• Middle East Oilfield Services LLC (Muscat, Oman)

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Detailed Table of Content:

Continued….!

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

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.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

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