Market Overview
The oilfield services market refers to the entire range of services that are provided to oil and gas companies to support their exploration and production activities. This includes a wide range of services, such as drilling, well completion, well intervention, production optimization, and decommissioning.
The oilfield services market is a global market, with the largest markets being located in North America, the Middle East, and Asia Pacific. The market is highly fragmented, with a large number of companies providing services to the oil and gas industry. However, there are also a number of large multinational companies that play a dominant role in the market.
The oilfield services market is expected to reach $ 451.2 billion by 2030, growing at a CAGR of 5.10% from 2023 to 2030. The growth of the market is attributed to factors such as increasing global energy demand, rising oil prices, and the development of new oil and gas fields.
Over the last three years, we've seen a rise in oil consumption, and that trend is projected to go on over the next five. The unexpected reduction in the price of crude oil, which resulted in a decrease in upstreaming oil activities, caused a severe slowdown in the oilfield services industry Additionally, some oilfield services contracts were terminated owing to poor financial results., it was found that around 36% of businesses providing oilfield services went out of business.
The oil and gas and chemical sectors saw a dramatic shift in the first quarter of 2020. These sectors, already struggling against challenging long-term trends, saw the combined consequences of the COVID-19-related economic crisis and the oil price drop. Due to the pandemic, industry and commerce have reduced their need for oil and gas. Since most nations are under lockdown, all but the most necessary businesses have shut down, and demand for oil and gas has dropped significantly.
Key Players:
· Schlumberger Limited (US)
· Halliburton (US)
· Baker Hughes (US)
· Weatherford International plc (US)
· National Oilwell Varcos (US)
· Asian Energy Services Limited (India)
· TechnipFMC plc (UK)
· Superior Energy Services Inc (US)
· China Oilfield Services Limited (China)
Market Segmentation
According to the reports, the global Well completion services market is segmented based on service type, applications, and regions.
According to application, the research divides the Oilfield Services market into onshore and offshore applications. By 2022, the onshore implementation is predicted to have captured the lion's share of the market. For oilfield services, most onshore wells are found in North America, the Middle East, and Africa, both of which have extensive onshore use. The market's growth is anticipated to be spurred by factors such as rising oil and gas investments and discovery of new oil and gas wells.
The well-completion equipment and services market is anticipated to expand faster throughout the predicted time frame. Due to abundant natural resources and established infrastructure, the development of this sector is booming in North America. This is because the area is well-equipped to produce unconventional hydrocarbons. The region's concentration of industry heavyweights enables competitively priced IT integration at manufacturing facilities.
Regional Classification
In terms of total market share in 2021, 41% was held by the North American area. The area's rising oil and gas production is expected to be a major factor in the region's economic development. The United States is a major player in the oil and gas industry. It also reaches good horizontal bores that have been completed using multi-stage hydraulic fracturing.
Many nations in the Asia-Pacific region, including China, India, Malaysia, etc., are engaged in exploration operations, contributing to the region's inclusion on the expansion list. More than 2 trillion cubic feet of gas are potentially recoverable in Indonesia, and in February 2021, a multinational energy firm called Respol reported the greatest gas recovery in the country's history.
Industry News
Halliburton introduced a comprehensive coiled tubing intervention system at its brand-new training center in Louisiana, which opened in May 2021. Halliburton's V135HP coiled tubing injector, a reel that can handle 36,000 feet of 2-3/8-inch coiled tubing, and a tension lift structure that can hold 750 tons combine to make this system the biggest, most efficient, and toughest ever used.
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