Global Oilfield Services Market: Overview
Oilfield services refers to various oil related activities such as exploration, drilling, stimulation, completion, intervention, and production for the entire life cycle of the well exploration. These services help the operators in exploring and producing oil and gas from reservoirs by aid in perforation, well logging, well stimulation, zonal isolation, setting tubing plugs, and sand washing. With constantly increasing population, the oil and gas industry is currently thriving, and consequently the demand in the global oilfield services market is estimates to expand at a robust growth rate during the forecast period of 2016 to 2024.
This report on global market for oil field services is an exhaustive analysis of all the prominent factors that are expected to influence the demand in the near future, positively or negative. And based on the analysis, it estimates the future state of the market until 2024. The report also takes a note of latest trends of the market, which must be noted by the players in order to make more of new opportunities. The company profile section of the report is a featured one, exploring various companies for their market share, competitors, and recent strategic decisions such as acquisitions and collaborations.
The global oilfield services market can be segmented on the basis of application into onshore and offshore and by services into drilling and production. Geographically, the report studies the opportunities available in the regions of North America, Europe, Asia Pacific, the Middle East and Africa, and Rest of the World.
Global Oilfield Services Market: Trends & Opportunities
New oil and gas fields are being discovered in order to meet the escalating demand, especially from the end-user sectors such as transportation, power plants, and other industries, is the primary driver of this market, besides increasing volume of crude oil production. The report also observes that enhanced oil recovery (EOR) technique, which involves gas injection, thermal injection, and chemical injection, is revolutionizing the oil and gas sector and thereby significantly boosting the demand for oilfield services. Technological advancements have now enabled the operators to extract from sources that were inaccessible previously. For example, extraction of gas from shale and oil underneath bituminous sand was quite expensive but with new technologically advanced processes have made it economical. Moreover, these new technologies have helped in E&P activities in several aging oilfields across the globe.
The application segment of onshore oilfield services currently accounts for most of the demand. However, offshore segment is also projected for a healthy growth rate, despite being expensive, due to depleting onshore resources, which has urged operators to explore alternatives. By services, the segment of drilling contributes most of the demand, which is a reflection of increased investment in technology by the OFS companies and increasing efficiency of several drilling processes.
Global Oilfield Services Market: Regional Outlook
Currently, North America serves maximum demand for oilfield services, which is a reflection of deep-water productions in the countries of the U.S. and shale gas production in Canada. North America is expected to remain most prominent region throughout the forecast period.
Companies mentioned in the research report
Some of the key companies currently operating in global oilfield services market are Schlumberger, Halliburton, National Oilwell Varco, Baker Hughes, Weatherford International, China Oilfield Services, Petrofac, Saipem, Transocean, and Worley Parsons.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.