The
global oilfield services market is expected to be valued
at USD 139.1 billion by 2025, according to a new report by Grand View Research,
Inc. These services are being increasingly implemented owing to the rising
demand for energy and the development of new oilfields.
The
purpose of oilfield services is to help operators control the subsurface
pressures, minimize formation damage, control borehole erosion, and optimize
drilling parameters including the penetration rate and hole cleaning. The
burgeoning offshore industry, particularly in the Persian Gulf, is anticipated
to drive the oilfield services market over the forecast period. However, the
adverse environmental effects of E&P activities coupled with strict
government regulations are likely to hinder the market growth.
The
processing & separation segment accounted for a market share of 12.7% in
2016 and is anticipated to ascend at a CAGR of 2.7% over the forecast period.
This service aids the treatment of oil by means of distillate treaters,
desalting & dehydration electrostatic treaters, and multiphase separation
systems. It helps purify the natural gas obtained from reservoirs, eliminating
its inherent impurities. The techniques employed in gas processing &
treatment include glycol dehydration, monoethylene glycol reclamation &
regeneration, phase separation, and acid gas treatment & removal. The
various advantages of processing & separation are anticipated to boost the
demand for oilfield services over the next few years.
The
growing number of deep-water exploration and production activities in the Gulf
region is projected to fuel the demand for drilling fluids over the forecast
period. In 2015, major companies such as Chevron, Petronas, Shell, Total, and
YPF had announced plans to invest in E&P activities. However, macroeconomic
factors such as inflation, falling oil prices, and the economic downturn had a
negative impact on the oil production in various parts of Argentina, Brazil,
and Venezuela.
U.S.
oilfield services market revenue, by service, 2014 - 2025 (USD Billion)
Browse full
research report on Oilfield Services Market: https://www.grandviewresearch.com/industry-analysis/oilfield-service-market
Further key
findings from the report suggest:
- The global oilfield services market was valued
at USD 103.26 billion in 2016 and is estimated to witness a CAGR of 3.4%
from 2017 to 2025
- The global demand for oilfield services in
onshore applications was valued at USD 66.57 billion in 2016 and is
anticipated to record a steady growth over the next eight years
- Production emerged as the largest segment of
the market, by service, in 2016 and is predicted to be valued at USD 29.57
billion by 2025
- Seismic is anticipated to be the fastest
growing segment of the market, by service, ascending at a CAGR of 4.2%
over the next eight years
- Asia Pacific is anticipated to progress at a
CAGR of 4.8% over the forecast period. Growing concerns about the wellbore
stability, well blowout, and extreme temperature operating conditions are
expected to boost the demand for oilfield services in offshore and onshore
regions in the coming years.
- Key players of the market include Schlumberger
Limited, Baker Hughes Incorporated, Archer Limited, Halliburton Company,
and Weatherford International. These players often engage in research
& development activities in order to expand their product portfolios
and gain larger market shares.
Browse more
reports of this category by Grand View Research: https://www.grandviewresearch.com/industry/conventional-energy
Grand View Research has segmented the global oilfield services market on
the basis of application, service, type, and region:
Application
Outlook (Revenue, USD Billion; 2014 - 2025)
- Onshore
- Offshore
Service
Outlook (Revenue, USD Billion; 2014 - 2025)
- Workover
& completion services
- Production
- Drilling
services
- Subsea
services
- Seismic
services
- Processing
& separation services
- Others
Type
Outlook (Revenue, USD Billion; 2014 - 2025)
- Equipment
rental
- Field
operation
- Analytical
& consulting services
Regional
Outlook (Revenue, USD Billion; 2014 - 2025)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Russia
- Asia
Pacific
- China
- Australia
- Central
& South America
- Brazil
- Argentina
- Middle
East & Africa
- Saudi
Arabia
Access
Press Release By Grand View Research: https://www.grandviewresearch.com/press-release/global-oilfield-services-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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