Meticulous Research®- leading global market research company published a research report titled “Oilfield Services Market by Type (Pressure Pumping, Oil Country Tubular Goods, Well Intervention & Coiled Tubing, Drilling & Completion Fluid, Well Completion, Seismic Testing), Location (Onshore and Offshore), and Geography–Global Forecast to 2025”.
According to this latest publication from Meticulous Research®, the global oilfield services market is projected to reach $171.7 billion in 2025 from $138.9 billion in 2019, growing at a CAGR of 3.6%. The growth of this market will be driven by factors such as increasing demand for oil, increasing use of internal sources of funding, and technological advancements. Moreover, factors such as discovery of new oilfields, mergers and acquisitions, and recent licenses and product launches are further expected to propel the growth of this market. However, strict government regulations on E&P activities, fluctuations in crude oil prices, and shortage of skilled labor are expected to hinder the growth of this market.
The global oilfield services market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025- by service type (pressure pumping, oil country tubular goods, well intervention & coiled tubing, drilling & completion fluid, well completion, wireline services, seismic testing, and other services), and location (onshore and offshore). The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of service type, the global oilfield services market is segmented into pressure pumping, oil country tubular goods, well intervention & coiled tubing, drilling & completion fluid, well completion, wireline services, seismic testing, and other services. The pressure pumping segment accounted for the largest share of the global oilfield services market, owing to new oil well discoveries, continuous devotion to technology development, and mandatory requirements of safe and efficient operations at oil wells. However, well completion services are expected to grow at the fastest growth rate owing to increasing demand for high oil production from the production site and shale gas inflation.
On the basis of location, oilfield services market is segmented into onshore and offshore. Onshore segment accounted for the largest share of the global oilfield services market in 2018. Factors such as increasing new oil well discoveries and production of earth oil are primarily driving the growth of this market segment.
This research report analyzes major geographies and provides comprehensive analysis of North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the largest share of the global oilfield services market in 2018. Factors such as increasing spending and overall rig and well counts, improving offshore market, and mergers and acquisitions are expected to drive the growth of the oilfield services market in this region. However, APAC region is expected to grow with highest growth rate during the forecast period. Factors such as steady oil production, increasing number of oil rig counts, and growing offshore activities in China are expected to drive the growth of oilfield services market in this region.
The key players operating in the global oilfield services market are Schlumberger Limited, Baker Hughes GE, Halliburton Company, Weatherford International, Plc, China Oilfield Services Limited (COSL), Basic Energy Services, Superior Energy Services, Inc., FMC Technologies, Inc., Welltec, Weir Oil & Gas, National Oilwell Varco, Oil States International, Inc., and Archer Limited among others.
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