According to the new market research report “Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region – Global Forecast to 2022″, the oilfield services market is expected to grow at a CAGR of 3.35%, from 2017 to 2022, to reach a market size of USD 125.51 billion by 2022. Increasing shale gas production, growing global E&P spending, and lifting of Iranian oil export sanctions are the major drivers of the oilfield services market.
The oilfield services market is dominated by a few major players that have a wide regional presence and are established brand names. Leading players in the oilfield services market, such as Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), and GE Oil & Gas (U.K.), have either acquired regional companies or made a joint venture with the ones operating in the oilfield services market to bolster their product portfolio and to enhance their global reach.
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With regard to the application segment, the offshore segment is expected to constitute the fastest growing market from 2017 to 2022. In terms of market size, the onshore segment would dominate the oilfield services market. Onshore application are quite famous in the Middle East and North America, where maximum number of oilfields are located onshore.
The report segments the oilfield services market, based on services type, into pressure pumping services, OCTG services, wireline services, well completion equipment and services, well intervention services, drilling and completion fluids services, drilling waste management services, and coiled tubing services. The pressure pumping services would account for the maximum share in the oilfield services market. This particular market is expected to grow in the future as a result of shale gas exploration and production activities in North America. Moreover, Asia-Pacific and Africa also present opportunities as offshore exploration activities are on rise in these regions.
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The market in Asia-Pacific is estimated to be the fastest growing market for oilfield services from 2017 to 2022. Increasing offshore exploration activities and shale gas exploration, especially in China and India are driving the demand for oilfield services in this region. The growing need for oil & gas and the continuing efforts to find new oil & gas reserves are also expected to spur the growth of the market and represents a promising opportunity for major oilfield services providers.
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