Global Oilfield Services Market Outlook - Segmented by Geography, Type, Competitive Landscape, Key Company Information - Growth, Trends, and Forecasts (2016-2022)

Published - Jan 2017 | Category - Energy and Power | No. of Pages - 134 | Published By - Mordor Intelligence

Report Highlights

The global oilfield services market is estimated to be USD 178.31 billion in 2016 and is projected to reach USD 251.6 billion by 2022 during the forecast period from 2016 to 2022.  Although falling crude oil prices present a gloomy picture for the OFS industry, service companies are expected to ride out the storm with long-term contracts and mergers.

The current state of the global oil and gas industry can be termed as volatile. Events, such as the increase in unconventional resource exploration in North America, the economic slowdown in China, refusal of OPEC to cut production, etc. have led to an oversupply of oil globally, which has led to the present mismatch in supply and demand dynamics, and consequently the price decline. New exploration and production is one sector that has faced the brunt of this slump owing to the shelving of major projects by oil companies around the world.

There has been a drastic decrease in the rig count globally, and this fall has been reflected in the demand for oilfield services. North America still has the most number of rigs worldwide, followed by the Middle East. Latin America takes the third spot. There is increasing investment in the Asia-Pacific oil & gas industry, promoted actively by the governments in this region. Growing urbanization in countries like China, India, Indonesia, etc. contribute to increasing demand for oil & gas in this region. In spite of an economic slowdown in China, the major consumer of this region, the demand for oil and gas remains high. This is a positive driver for Asia-Pacific oilfield services industry. A growing interest in deepwater fields is also observed in this region. The most promising opportunities for the oilfield services industry is expected to come from Southeast Asian and East Africa. The growing interest in deepwater exploration in the aforementioned regions is expected to promote the growth of the industry.

The major restraining factor for the oilfield services industry is the volatility of oil prices. However, in the long term, the demand for oil & gas from around the world will overcome the price volatility. Environmental concerns regarding exploration and production activities, along with operational challenges especially in deep and ultra-deepwater locations are a few factors that are a cause for concern to the oilfield services industry.

Despite the fact that oil prices have plummeted, the long-term global demand for oil & gas remains substantial. The global energy demand is expected to increase by 40% from 2012 to 2040, which is a direct benefit to the oil & gas industry. The need to improve productivity from mature and new reserves, increasing demand for energy & petrochemicals, growing investments, deep-water exploration in North & Norwegian seas and technological advancements are some of the factors driving the OFS market.

The global OFS market has been segmented on the type of service into:

Casing & tubing services
Drilling services
Drilling and completion fluids
Evaluation
Completion and production services
Well intervention services
Solids controls and waste management services
Rig crew services

By application, this market is segmented into:

Onshore
Offshore.

By geography, the market has been segmented into

·                 North America (U.S., Canada, others)

·                 Europe (UK, Norway, Russia, Others)

·                 Middle East (Saudi Arabia, Iran, UAE, Others)

·                 Africa (Nigeria, Algeria, Egypt, others)

·                 Asia-Pacific (China, India, Indonesia, Australia, Malaysia, and Others)

·                 South America (Brazil, Venezuela, Argentina and others)

Key Deliverables in the Study:

Market analysis for the Global Oilfield Services Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global oilfield services market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and also to identify the regions that are still untapped

 

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