October 31, 2017 - 4:13 PM EDT
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Global Oilfield Services Market - New Exploration Policies to Drive Growth | Technavio

LONDON

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 ...

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:

  • Americas
  • EMEA
  • APAC

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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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Source: Business Wire (October 31, 2017 - 4:13 PM EDT)

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