Pune, India, April 20, 2022 (GLOBE NEWSWIRE) — The world Oil Services Market is expected to exceed approximately USD 346.45 billion by 2027 and increase in growth at a CAGR of 6.6% from 2020 to 2027. The oil services market was worth USD 267.82 billion in 2019. will support the growth of the market , says Fortune Business Insights, in a report titled “Oilfield Services Market Outlook 2020-2027.
Factors such as increasing oil and gas production and owing to new offshore discoveries, increasing investment in offshore sectors are propelling the growth of the global oil services market. Using new advanced technologies, tools and developments in oil and gas reserves to drive the overall growth of the industry.
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|Forecast Period 2022-2029 CAGR||6.6%|
|2027 value projection||$346.45 billion|
|Market size in 2019||$267.82 billion|
|Historical data for||20216-2018|
|Number of pages||320|
|Market segmentation||Type, service, application, geography|
|Growth engines||Increase Shale Gas Extraction to Drive Market Growth|
|To increase production and exploration activities in the oil and gas industry to foster market growth|
Impact of COVID-19: significant drop in the oil and gas industry
The coronavirus disaster has financially drained various industries and sectors around the world. Governments in several countries have implemented lockdowns to thwart the spread of this deadly virus. Such plans have caused disruptions in the production and supply chain. But, with time and resolve, we can beat this difficult time and return to normalcy. Our well-reviewed reports will help businesses to receive detailed information about the current scenario of each market so that you can adopt necessary strategies accordingly.
To learn more about the short-term and long-term impacts of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/oilfield-service-market-100174
Growth drivers and restraining factors:
Growing demand for Shale gas to propel the market
The growing demand for shale gas has led to the advancement of technologies such as directional drilling and hydraulic fracturing technology to improve the production process in reservoirs. The high requirement for petroleum services during extraction can create opportunities for the market.
Ongoing plans and strategies to enhance shale gas production will simultaneously enrich market activities during the forecast period. For example, China has announced that it will increase its production to 30 billion m3/year by 2020, and 80-100 billion m3/year by 2030 thanks to advanced technologies and drilling techniques. .
China accounts for a high percentage of shale gas production, which originally comes from the Sichuan Basin located in the Chongqing region. Moreover, the increasing exploration activities for untapped resources will enable healthy growth of the market in the coming years.
Halt of exploration projects and services to slow market growth
The substantial impact on the oil and gas industry is due to the disruption caused by the coronavirus, which has affected the operation and supply chain of the industry. Many companies have terminated exploration projects and services due to the lockdown to curb the spread of the virus.
For example, the International Energy Agency reported that oil demand is expected to decline by 29 million barrels per day (BPD) in April 2020 and 23.1 million bpd in Q2. Additionally, production cuts, obstructed investments, and economic downfall may lead to heavy losses for the global market during COVID-19. However, the improving situation and the growing demand for oil will simultaneously contribute to the recovery, which, in turn, will help the market.
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Market segmentation :
Oil Services Market is primarily segmented by Type, Service, Application, and Region
- By type, it is categorized into equipment rental, field operation and analytical services. Growth is highest in this equipment rental segment.
- By service, it is further segmented into geophysics, drilling, completion and workover, production and processing, and separation.
- By Applications, the market is split into Onshore and Offshore (Shallow Water, Deepwater, Ultra-Deepwater). New investments in offshore locations to propel market growth for this segment.
- By geography, the market is categorized by North America (United States, Canada, and Mexico), Europe (United Kingdom, Germany, France, and Rest of Europe), Asia-Pacific (Japan, China, India, Korea, South and Rest of Asia-Pacific), and Rest of the World.
Offshore oil projects to influence growth in North America
The North America market is expected to account for the largest share of the global market due to offshore assets in the Gulf of Mexico and the North Sea. Ongoing oil extraction activities will enable healthy market growth in North America. In addition, the multiplication of partnerships and acquisitions by major players will further contribute to the development of the region. For example, in January 2017, Schlumberger limited announced the acquisition of Peak Well System, specialists in the design and development of advanced downhole tools for flow control, well intervention and well integrity.
Europe is expected to account for a large share during the forecast period. Reduced costs of offshore drilling activities will support growth in the region. For example, in Norway, the cost of operating an oil well was reduced by 30% from 2014 to 2017, thus the cost incurred to drill an offshore exploration well was reduced by half in 2017 compared to to 2014.
June 2020: Norwegian oil and gas company Equinor has awarded two contracts worth up to USD 187.1 million to oil services provider Technip. Under this contract, TechnipFMC will provide pipelay and subsea installation for three projects on the Norwegian Continental Shelf (NCS).
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List of key companies profiled:
- Schlumberger (Texas, USA)
- Halliburton (Texas, USA)
- Baker Hughes (Texas, USA)
- Weir Oil and Gas (Glasgow, UK)
- Emerson (Missouri, USA)
- National Oilwell Varco (Texas, USA)
- Weatherford (Texas, USA)
- AlMansoori Specialized Engineering (Abu Dhabi, UAE)
- Saudi Aramco (Dhahran, Saudi Arabia)
- Protiviti (California, USA)
- Abu Dhabi Oilfield Services (Abu Dhabi, UAE)
- YAS Oilfield Services (Texas, USA)
- Superior Oilfield Services LLC (Abu Dhabi, UAE)
- National Arabian Petroleum Services Company (Dammam, Saudi Arabia)
- Larsen & Toubro (Mumbai, India)
- Oceaneering (Houston, TX)
- China Oilfield Services Ltd. (Beijing, China)
- Petroleum Dynamics Oil and Gas (East Ahmadi, Kuwait)
- Petroleum Services Co. Kuwait (Kuwait)
- SPECIAL OILFIELD SERVICES CO. LLC (Muscat, Oman)
- Vallourec (Boulogne Billancourt, France)
- BJ Services (Texas, USA)
- STARK International (Doha-Qatar)
- Ruker Inc. (Billerica, Massachusetts)
- Xi’an Huayang Oil&Gas Equipment Co., Ltd. (Xian, Shaanxi)
- ADES – Advanced Energy Systems (Egypt)
- Biyaq Oilfield Services (Mawaleh, Muscat)
- Petrodar Operating Company (PDOC) (Khartoum, Sudan)
- Middle East Oilfield Services LLC (Muscat, Oman)
1.1. Search scope
1.2. Market segmentation
1.3. Research Methodology
1.4. Definitions and assumptions
2. Executive Summary
3. Market dynamics
3.1. Market factors
3.2. Market constraints
3.3. Market opportunities
4. Key information
4.1. Main emerging trends – for main countries
4.2. Latest technological advancement
4.3. Regulatory landscape
4.4. Industry SWOT Analysis
4.5. Analysis of the five forces of carriers
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Oilfield Services Market
5.2. Measures taken by the government to overcome the impact
5.3. Key developments from industry players in response to COVID-19
5.4. Potential Opportunities and Challenges Due to the COVID-19 Outbreak
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Oilfield Services Market Size