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.
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
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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