Oilfield Services Market Analysis
The global Oilfield Services Market is expected to reach USD 4,09,921.5 million by 2028 and register a CAGR of 5.12% during the forecast period of 2021 to 2028.
Oilfield services (OFS) or oilfield equipment services are products or services associated with oil & gas exploration and production process. The companies play a major role in upkeep and manufacturing of equipment used in drilling activities. The wide scope of oil and gas development and need for innovation for improving bottom margins has created the need for the OFS industry. The report on the global oilfield services market by Market Research Future (MRFR) covers trends in drilling activities and opportunities for industry veterans in the forecast period (2021-2028). The effects of the COVID-19 pandemic on the market value are discussed in high detail.
Eminent industry players profiled in the global oilfield services industry report include Schlumberger Limited (US), General Electric (US), Halliburton (US), Weatherford (France), National Oilwell Varco (US), Asian Oilfield Services Limited (India), TechnipFMC plc (UK), Bronco Oilfield Services Inc (US), and Liberty Oilfield Service (US).
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Increase in Shale Gas Extraction to Bolster Market Growth
The increase in the extraction of shale gas will boost oilfield services market value over the forecast period. These gases are natural gases that are trapped in the shale formation. Thus they cannot flow readily into the well for the low permeability of such shale formations. Hydraulic fracturing as well as other stimulation processes are used by oil and gas companies for increasing the permeability of such shale formations, for producing such trapped shale gases.
Increase in Oil & Gas Discoveries to offer Robust Opportunities
The increase in oil & gas discoveries coupled with technological advances for better production yield in oilfield reserves will offer robust opportunities for the market over the forecast period.
Fluctuating Crude Oil Prices to act as Market Restraint
The fluctuating prices of crude oil may act as a market restraint over the forecast period.
Strict Government Regulations to act as Market Challenge
The stringent government regulations on E&P activities may impact the oilfield services market share over the forecast period.
The global oilfield services market is bifurcated into service and application.
By service, the completion segment will lead the market over the forecast period for the advances in completion technology and the need for preparation of well for petroleum production.
By application, the onshore segment will dominate the market over the forecast period for the rise in maturing wells and improved investment in oil & gas as well as new well discoveries.
North America to Head Oilfield Services Market
North America will head the oilfield services market over the forecast period. Rising production levels of oil & gas, US being the largest producer and consumer of oil and gas, and increase in oil and gas exploration activities are adding to the global oilfield services market growth in the region.
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The COVID-19 outbreak has decreased the need for oil & gas significantly. The government imposed lockdown across the nation has made every industry in shutting down for preventing the virus to spread. Besides, the restrictions on mobility have restrained the fuel consumption. This has cut down the total oil demand all over the world. Exploration and drilling activities were suspended for lack of manpower due to people being quarantined. Oilfield activities are likely to gather people that make the virus in spreading faster which has impacted market growth.
Inclusive Energy Ltd, a leading name in the oil & gas services sector has announced that it has noteworthy private equity capital right away available and ready for deploying as part of its ongoing initiative for diversifying its investments in the energy and natural resources industries including the renewable sectors, oilfield services, infrastructure, midstream, and upstream.
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