According to the new market research report “Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region – Global Forecast to 2022”, published by MarketsandMarkets™, The Oilfield Services Market is expected to grow from an estimated USD 106.43 Billion in 2017 to USD 125.51 Billion by 2022, registering a CAGR of 3.35%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing shale gas exploration, increasing oil & gas production, and growing efforts in exploring new oil & gas reserves.
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86 – Tables
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Increasing oil & gas production activities to drive the global oilfield services market close to USD 125 billion by 2022
Global crude oil production stood at 98.24 million barrels per day in 2017 and is projected to rise to 99.90 million barrels per day by 2018 according to EIA. The global natural gas production is expected to increase from 342 billion cubic feet per day to 554 billion cubic feet per day by 2040. By 2040, shale gas is expected to account for more than 30% of the world’s natural gas production. The ever-increasing demand for fossil-based resources continues to influence the demand growth for new reserves and drilling activities across the world. These increasing drilling activities drive the demand growth for oilfield services.
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Leading oilfield service providers are developing sustainable and innovative solutions for enhancing the efficiency of various operations in the oilfield services market to drive the industry forward
Onshore applications are highly popular in the Middle East and North America, especially in countries such as Saudi Arabia, Kuwait, the U.S., and Canada, where the maximum number of oilfields are located onshore. As per Baker Hughes’ International Rig Count, as of April 2017, the number of onshore rotary rigs globally was 1,693 compared with 218 offshore rigs. Moreover, the onshore environment in regions, such as Europe and North America has witnessed a technology-driven revolution. The Middle Eastern and North American regions are currently the world’s largest crude oil producer, as most of the oilfields in these regions are located onshore. The increasing production activities are likely to boost the oilfield services market during the forecast period.
Activities in offshore oilfield environments are comparatively more complex than onshore oil & gas fields. Offshore activities require advanced technologies, making the offshore market a capital-intensive segment. Further, the cost of oilfield services at offshore fields is much higher than onshore oil or gas wells. The increasing growth rate is fueled by new exploration & production activities being carried out in offshore areas.
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The fluctuating crude oil prices are the major restraints for the market.
The oil & gas industry is susceptible to crude oil price fluctuations affecting the demand for oil as well all its related markets. The competition between the U.S. and the OPEC countries, particularly because of the shale gas revolution, has been one of the factors for the oil price plunge in the recent years. The crude oil prices plummeted to less than USD 30 a barrel in February 2016 after having seen a peak of over USD 110 a barrel in September 2013. From July 2014, prices fell sharply and continued to be at lower level causing sharp CAPEX cuts in 2015, and 2016. The industry shifted their focus towards cost optimization and extremely thin spend on new activities effecting heavily any demand growth across upstream oil and gas activities. The current year, 2018, is witnessing stabilized crude oil prices around USD 70 a barrel bringing alive the upstream spending to an extent.