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Oilfield Service Market Size, Share and Global Trend by By Service (Seismic

Service, Drilling Service, Completion & Workover Service Production Service,


Processing & Separation Service, Others), By Application (Onshore,
Offshore), and Geography Forecast till 2026
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Published Date: May 2019 Region: Global

Report Format: PDF Base Year: 2018

Fortune Business Insights Pvt Ltd.


Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling
Service, Completion & Workover Service Production Service, Processing & Separation Service,
Others), By Application (Onshore, Offshore), and Geography Forecast till 2026

The global oilfield service market accounted for a value of US$ 250 Bn in the year 2018 and is estimated to reach US$
330 Bn by 2026. The global market for oilfield service is anticipated to post a steady CAGR of 3.7% during the forecast
period. Fortune Business Insights recently published this information in a report, titled “Oilfield Service Market Size,
Share and Global Trend by By Service (Seismic Service, Drilling Service, Completion & Workover Service Production
Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till
2026.”
The growing advancements in technology is the chief factor driving the oilfield service market. Several oilfield services
across the world use these improved tools and technologies to enhance their E&P activities in offshore and onshore
areas. The oil and gas (O&G) industry is presently thriving on account of rising population, which in turn, may enable
growth in the oilfield services market at a steady rate.

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100174

Fortune Business Insights Pvt Ltd.


Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling
Service, Completion & Workover Service Production Service, Processing & Separation Service,
Others), By Application (Onshore, Offshore), and Geography Forecast till 2026

KEY COMPANIES COVERED IN THE REPORTS


 Schlumberger
 Halliburton
 National Oilwell Varco
 SGS
 Baker Hughes, a GE company
 Transocean
 Weatherford International
 Saipem
 BJ Services Company
 Petrofac
 Oil States Industries
 Weir Oil and Gas
 China Oilfield Services Limited

Fortune Business Insights Pvt Ltd.


Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling
Service, Completion & Workover Service Production Service, Processing & Separation Service,
Others), By Application (Onshore, Offshore), and Geography Forecast till 2026

North America to Remain Dominant and Offer Huge Growth Opportunities


Among regions, North America is expected to account for a major share in the global oilfield service market by 2026.
Moreover, the U.S. covered a share of around 50% in the year 2017. The rising demand for oilfield services in the U.S.
includes directional and horizontal drilling activities, primarily owing to the presence of shale gas reservoir. Another
reason responsible for the growth of oilfield services in this region is the rising number of deep-water projects especially
in the U.S. The market in Asia Pacific is also expected to grow at a significant rate owing to factors such as increasing
number of offshore activities especially in China and rising number of oil rigs. Lastly, the oilfield service market in the
Middle East and Africa is likely to witness higher CAGR. This is primarily attributable to the rising investment budget in
Gulf countries and focus on offshore assets.

Discovery of New and Improved Oil and Gas Fields to Spur Growth
The report observes that the discovery of new oil and gas fields is expected to fuel demand for oilfield services especially
from sectors such as power plants and transportation. Over the past few years, there has been a significant increase in
the extraction of oil and gas resources such as natural gas and crude oil

Browse Complete Report https://www.fortunebusinessinsights.com/industry-reports/oilfield-service-market-100174

Fortune Business Insights Pvt Ltd.


Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling
Service, Completion & Workover Service Production Service, Processing & Separation Service,
Others), By Application (Onshore, Offshore), and Geography Forecast till 2026

This rise, as per the report is another factor driving the oilfield service market.
The oil and gas sector is revolutionizing owing to the enhanced oil recovery or EOR technique which involves chemical
injection, gas injection, and thermal injection techniques. .This is further expected to fuel demand for oilfield
equipment, thus transforming oilfield services industry outlook.

Strategic Alliances between Companies Intended to Upscale their Operations


The highly fragmented O&G service industry witnesses the presence of several leading players in the oilfield service
market. Companies are forging strategic alliances and involving in M&A activities to improve their market share.
Presently, Schlumberger is leading the global oilfield service market in terms of revenue. Moreover, a few days ago, the
company signed an earn-in-agreement with Pure Energy Minerals Ltd. The agreement was signed with an aim to
develop the later company’s lithium project in Clayton’s valley of Nevada.

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Fortune Business Insights Pvt Ltd.


Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling
Service, Completion & Workover Service Production Service, Processing & Separation Service,
Others), By Application (Onshore, Offshore), and Geography Forecast till 2026

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