June 6, 2017 - 5:00 PM EDT
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Research and Markets - Oilfield Services Market 2017 - Global Forecast to 2022: Key players are Baker Hughes, Halliburton, Schlumberger, Weatherford International, Superior Energy Services,and GE Oil & Gas

DUBLIN, June 6, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Oilfield Services Market by Application, Service and Region - Global Forecast to 2022" report to their offering.

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The global oilfield services market is projected to grow at a CAGR of 3.35%, from 2017 to 2022, to reach a market size of USD 125.51 Billion by 2022

This growth is attributed to increasing shale gas production, growing global E&P spending, and lifting of Iranian oil export sanctions.

The report segments the oilfield services market, on the basis of application, into onshore and offshore. The growth of this segment is primarily driven by new exploration and production activities being carried out in offshore areas.  This would ultimately create new revenue pockets for the oilfield services market during the forecast period. Oilfield services plays a critical role in challenging environmental conditions such as HPHT and unconventional reservoirs.

The oilfield services market has been segmented, based on services, into pressure pumping services, well completion equipment & services, coiled tubing services, well intervention, and other services. The pressure pumping services sub-segment, within the services segment, led the oilfield services market in 2016, and is projected to dominate the market during the forecast period. The well completion equipment & services segment is expected to grow at the fastest rate during the forecast period.

In this report, the oilfield services market has been analyzed with respect to six regions, namely, North America, Europe, Asia-Pacific, South America, the Middle East, and Africa. The market in North America is expected to dominate the global oilfield services market, during the forecast period, owing to increased oil & gas exploration activities, especially in the U.S. Fluctuating focus on renewable energy could be a restraint for the oilfield services market, leading to declining profits.

Leading players in the oilfield services market include Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), and GE Oil & Gas (U.K.).

New product and technology launches and contracts & agreements were the strategy most commonly adopted by top players, constituting 35.47% of the total developments, from 2013 to 2017. It was followed by new product developments, expansions, and mergers & acquisitions.

Market Dynamics

Drivers

  • Shale Gas Extraction
  • Lifting of Iranian Oil Export Sanctions
  • Increase in Oil & Gas Production

Restraints

  • Reduction of Drilling Activities and Rig Count
  • Fluctuating Crude Oil Process
  • Increasing Focus on Renewable Energy

Opportunities

  • New Oilfield Discoveries
  • Redevelopment of Aging Reservoirs

Challenges

  • Strict Government Regulations on E&P Activities

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Oilfield Services Market, By Application

7 Oilfield Services Market, By Service

8 Oilfield Services Market, By Region

9 Competitive Landscape

10 Company Profiles

  • Almansoori Petroleum Services
  • Archer Limited
  • Baker Hughes Incorporated
  • Basic Energy Services, Inc.
  • Calfrac Well Services, Ltd.
  • China Oilfield Services Limited (COSL)
  • Condor Energy Services Limited
  • Expro International Group Holdings, Ltd.
  • GE Oil & Gas
  • Gyrodata Incorporated
  • Halliburton Company
  • Key Energy Services, Inc.
  • Nabors Industries, Ltd.
  • National Oilwell Varco, Inc.
  • Nordic Well Services, LLC
  • Oilserv
  • Pioneer Energy Services Corp.
  • Qinterra as
  • Schlumberger Limited
  • Scomi Energy Services BHD
  • Superior Energy Services, Inc.
  • Technipfmc, PLC
  • The Engineering and Development Group
  • Trican Well Service, Ltd.
  • Weatherford International, PLC
  • Welltec International APS

For more information about this report visit http://www.researchandmarkets.com/research/jpxpb5/oilfield_services

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

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Source: PR Newswire (June 6, 2017 - 5:00 PM EDT)

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