Oilfield services majorly provide all the supporting service to the petroleum producing and exploration companies. They make sure that the production and exploration of the oil and gas is going smooth, despite the distance and locations. Growth in demand for petroleum products and technological advancements in the service segments are the strongest drivers for the global oilfield services market. The industry is hoping to witness high growth during the next five years, thanks to the exponential rise in demand for oil and gas and evolution of technology in the service sector. Larger investments and rise in offshore demands are also expected to be the significant drivers for the industry in the years to come.
Scope of Research – Segments & Drivers
The global oilfield services market is researched in order to get acquainted with the driving trends and growth factors for the industry. The researchers segment this industry in terms of the types of services, which consist of wireline services, coiled tubing, drilling and completion fluids, completion equipment and services, OCTG, drilling waste management, well intervention, and pressure pumping services. Apart from the types of services, various market research reports provide details about the geographic consumption and company profiles of the key players in the market. Understanding all these contributing factors creates awareness about the growth as well as restraining factors for the companies.
Major drivers for the oilfield services market include rising demand for petroleum products and extreme rise in the drilling and exploration activities. Growth in the deep water, ultra deep water and offshore oil and gas exploration and drilling activities are expected to contribute to the rise in demand for the oilfield services. Uncontrollable demand for energy is also driving the industry. This is demand is also attracting big players and key investors towards this industry, contributing to the rise in demand, investments and global growth of the industry. According to the market research reports, the industry is set to grow at over 11% from 2014 to 2019.
During the forecasting window of the next four to five years – 2014 to 2019, the oilfield services market is set to become worth more than $291.8 billion by the end of the year 2019. The wireline and OCTG services are expected to be the biggest gainers for the industry during the forecasting period. However, pressure pumping services are expected to dominate the industry, thanks to the tremendous rise in the propagation of fractures and unconventional exploration in the global industry. North America is set to dominate the global market during the forecasting period.