Global Oilfield Services Market - New Exploration Policies to Drive Growth | Technavio
The global
oilfield services market is expected to grow at a CAGR of close to
4% during the forecast period, according to Technavio’s latest market
research.
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Technavio has published a new report on the global oilfield services market from 2017-2021. (Graphic: Business Wire)
In this market research report, Technavio
covers the market outlook and growth prospects of the global
oilfield services market for 2017-2021. The market is further
categorized into two main segments based on its application in the oil
and gas industry which are, onshore and offshore. In 2016, the market
was dominated by the onshore segment with more than 65% of the overall
market share.
“The increase in exploration and production activities in countries,
such as Mexico, China, Indonesia, India, and Brazil, is expected to
bring in high investments during the forecast period, which is promising
for the long-term growth prospects of the global oilfield services
market,” says Thanikachalam Chandrasekaran, a lead oil
and gas research expert from Technavio.
Technavio’s research analysts segment the global oilfield services
market into the following regions:
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Americas - market size and forecast
The oilfield services market in the Americas is expected to grow rapidly
during the forecast period. The constant increase in the demand in the
US, Canada, and Mexico makes North America the largest consumer of crude
oil worldwide as of 2016. The crude oil prices are on the path of
recovery. This will bring a resurgence in the shale oil and gas
industry. The rig count in the Americas fell by almost half from 2015 to
2016 but has witnessed an increase since August 2016. Drilling
activities in the region are increasing, which in turn, is fueling the
demand for oilfield services. Canada has been increasing its crude oil
production, mainly coming from its vast oil sands reserves.
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EMEA - market size and forecast
The oilfield services market in EMEA is expected to witness a steady
growth during the forecast period. This region is home to most of the
OPEC countries that are responsible for a substantial production of the
global oil and gas industry. Also, the Middle East countries possess
large petroleum reserves. The rising global demand for oil and gas will
increase the pressure to produce more crude oil, leading to increased
drilling activities in the region. Moreover, activities in existing
wells will also fuel the growth of oilfield
services market in EMEA.
“EMEA is marked with major crude oil and natural gas exporters. The
rising oil and gas demand in APAC countries, such as China and India,
will drive the crude oil exporters to explore their oil and gas reserves
further. As a result of this, the oilfield services market in EMEA is
expected to witness a steady growth during the forecast period,” says
Thanikachalam.
APAC - market size and forecast
APAC experienced a high demand for oil due to rising consumption in
countries such as China, India, Japan, South Korea, and Indonesia. The
growing demand has put pressure on these countries to increase
exploration activities in the region, which in turn, will drive the
oilfield services market and lead to a high market growth during the
forecast period.
The oilfield services market in the APAC is dominated by India, followed
by China and Indonesia. Increase in rig count in these countries,
supported by government regulations and policies, has made these
countries the top markets for oilfield services in APAC.
The top vendors in the global oilfield services market as highlighted in
this market research analysis are:
-
Baker Hughes
-
Halliburton
-
National Oilwell Varco
-
Schlumberger
-
Weatherford
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