The global oilfield services market is expected to be valued at USD 139.1
billion by 2025, according to a new report by Grand View Research, Inc. These
services are being increasingly implemented owing to the rising demand for
energy and the development of new oilfields.
The purpose of oilfield services is to help operators control the
subsurface pressures, minimize formation damage, control borehole erosion, and
optimize drilling parameters including the penetration rate and hole cleaning.
The burgeoning offshore industry, particularly in the Persian Gulf, is
anticipated to drive the oilfield services market over the forecast period.
However, the adverse environmental effects of E&P activities coupled with
strict government regulations are likely to hinder the market growth.
The processing & separation segment accounted for a market share of
12.7% in 2016 and is anticipated to ascend at a CAGR of 2.7% over the forecast
period. This service aids the treatment of oil by means of distillate treaters,
desalting & dehydration electrostatic treaters, and multiphase separation
systems. It helps purify the natural gas obtained from reservoirs, eliminating
its inherent impurities. The techniques employed in gas processing & treatment
include glycol dehydration, monoethylene glycol reclamation & regeneration,
phase separation, and acid gas treatment & removal. The various advantages
of processing & separation are anticipated to boost the demand for oilfield
services over the next few years.
The growing number of deep-water exploration and production activities
in the Gulf region is projected to fuel the demand for drilling fluids over the
forecast period. In 2015, major companies such as Chevron, Petronas, Shell,
Total, and YPF had announced plans to invest in E&P activities. However,
macroeconomic factors such as inflation, falling oil prices, and the economic
downturn had a negative impact on the oil production in various parts of
Argentina, Brazil, and Venezuela.
Full research report on oilfield services market analysis:
http://www.grandviewresearch.com/industry-analysis/oilfield-service-market
http://www.grandviewresearch.com/industry-analysis/oilfield-service-market
Further key findings from the report suggest:
·
The global oilfield services market was
valued at USD 103.26 billion in 2016 and is estimated to witness a CAGR of 3.4%
from 2017 to 2025
·
The global demand for oilfield services in
onshore applications was valued at USD 66.57 billion in 2016 and is anticipated
to record a steady growth over the next eight years
·
Production emerged as the largest segment
of the market, by service, in 2016 and is predicted to be valued at USD 29.57
billion by 2025
·
Seismic is anticipated to be the fastest
growing segment of the market, by service, ascending at a CAGR of 4.2% over the
next eight years
·
Asia Pacific is anticipated to progress at
a CAGR of 4.8% over the forecast period. Growing concerns about the wellbore
stability, well blowout, and extreme temperature operating conditions are
expected to boost the demand for oilfield services in offshore and onshore
regions in the coming years.
·
Key players of the market include
Schlumberger Limited, Baker Hughes Incorporated, Archer Limited, Halliburton
Company, and Weatherford International. These players often engage in research
& development activities in order to expand their product portfolios and
gain larger market shares.
View more reports
of this category by Grand View Research at: https://www.grandviewresearch.com/industry/conventional-energy
Grand View Research has segmented the global oilfield services market on
the basis of application, service, type, and region:
Application Outlook
(Revenue, USD Billion; 2014 - 2025)
·
Onshore
·
Offshore
Service Outlook
(Revenue, USD Billion; 2014 - 2025)
·
Workover & completion services
·
Production
·
Drilling services
·
Subsea services
·
Seismic services
·
Processing & separation services
·
Others
Type Outlook (Revenue,
USD Billion; 2014 - 2025)
·
Equipment rental
·
Field operation
·
Analytical & consulting services
Regional Outlook
(Revenue, USD Billion; 2014 - 2025)
·
North America
o U.S.
o Canada
o Mexico
·
Europe
o UK
o Russia
·
Asia Pacific
o China
o Australia
·
Central & South America
o Brazil
o Argentina
·
Middle East & Africa
o Saudi Arabia
Access Full Press Release of this
Report:
https://www.grandviewresearch.com/press-release/global-oilfield-services-market
https://www.grandviewresearch.com/press-release/global-oilfield-services-market
About Grand View Research
Grand View
Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
