According to TechSci Research report, “Global Oilfield Services Market By Application, By Service Type, By Region, Competition, Forecast & Opportunities, 2014 – 2024’’, oilfield services market, globally, is projected to reach $ 198 billion by 2024, as new oil & gas fields are being discovered in order to meet the rising demand from different end user sectors. Enhanced oilfield recovery technique, which includes gas and thermal injections is revolutionizing the oil & gas sector, which in turn is fueling the global oilfield services market. With rising crude oil prices, innovations in oilfield services and increasing number of offshore oil reserves, demand for oilfield services is expected to grow across the globe during the forecast period.
In terms of application, the market has been segmented into two categories, namely onshore and offshore. Of these, onshore oilfield services segment dominated the market in 2018 and the segment is anticipated to maintain its market dominance in the coming years, as roughly 70% of the global crude oil production comes from onshore basins. Technological improvements in onshore E&P activities coupled with depleting primary energy drive of onshore fields and aging brown-field infrastructure driving the growth of oilfield services expenditure in onshore applications, are other key factors aiding the dominating position of onshore oilfield services segment.
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By services, drilling services segment makes the largest contribution to the global oilfield services market, reflecting increasing technological investments by OFS companies and growing efficiency of several drilling processes. North America is the largest demand generating region for oilfield services, backed by deep water production in the US and shale gas production in Canada.
“Increasing mergers and joint ventures of the companies is one of the primary driving forces for the global oilfield services market. Redevelopment of existing oilfields, facilitating production from unconventional resources such as shale formation, and enhanced well management are further likely to boost demand for oilfield services in the coming years. Moreover, advancements in drilling techniques, development and determination of reserves, well log interpretation, and intelligent well completion technology would significantly boost the production of oil & gas, thereby positively influencing the oilfield services market, globally.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Oilfield Services Market By Application, By Service Type, By Region, Competition, Forecast & Opportunities, 2014 – 2024’’ has evaluated the future growth potential of global oilfield services market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions.