Oilfield Services Market Growth Drivers & Current Market Trends

Oil and gas industry is experiencing a tremendous growth from several years and is expected to grow during the forecast period. The industry growth is also elevating the demand of various other industries which are directly related to oil and gas industry. The global oilfield services market provides services to oil and gas industry and is experiencing the similar growth. The oilfield services market is expected to grow in near future.

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Oil and gas are produced from the reservoir in various phases such as exploration, drilling, production, completion, etc. Different oilfield services are required in these phases to obtain desirable results. Oil and gas reserves are identified using geological modeling, seismic surveys and exploration wells. The well drilled to extract oil and gas requires various services such as wireline, coil tubing, well intervention, simulation, etc for enhancing its production. The oilfield services companies provide equipment, services and infrastructure which are required by the oil and gas exploration and production companies to explore and extract oil and gas.

The global oilfield services market can be segmented on the basis of type into drilling & completion fluids, well intervention and wireline services, coiled tubing services, pressure pumping & services and others. Each service is very important for the proper functioning and economic production of a well over its life span. Different services are required by wells for various hindrances. Drilling fluids are used during drilling as coolant, lubricants, debris carrier, etc. Coil tubing is used for oil and gas well intervention and rarely as production tubing in depleted gas wells. Pressure pumping services is used to access proven reserves and improve asset value.

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On the basis of geography, the global oilfield services market can be segmented into North America, Europe, Asia Pacific and RoW (Rest of the world). North America is expected to be the market leader in this segment due to the shale gas boom in North America. A large number of wells are being drilled in North America for shale gas exploration which requires various oilfield services. RoW is expected to attain higher growth due to huge expenditure in Brazil and West Africa during the forecast period.

Increasing exploration and production activities will result in increasing demand of oilfield services market. However, stringent environmental regulations regarding some services such as drilling waste disposal and controversies regarding hydraulic fracturing are expected to hamper the growth of the oilfield services market. The availability of abundant offshore oil reserves and unexplored shale gas reserves will provide an opportunity for oilfield services market during the forecast period.

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The service provider companies are investing heavily in research and development so as to provide an economical and feasible solution to their clients. Moreover, they have to develop technology and provide services for some of the roughest environmental conditions such as arctic sea and deep and ultra deep sea. Some of the key players in the oilfield services market are Weatherford International Limited, Baker Hughes Incorporated, Schlumberger Limited, Halliburton Company, National Oilwell Varco, FMC Technologies Inc., Yantai Jereh Oilfield Services Group Co. Ltd., Cameron, The Weir Group PLC, Zhongman Petroleum and Gas Group, Frontier Oilfield Services Inc., Airtrust (Singapore) Pte Ltd, Pe Ben Oilfield Services L.P., Beron Energy Ltd. and Decollement Consulting Inc. among others.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include