Onshore Segment Continues to Dominate Oilfield Services Market
Growing shale
gas exploration, rising oil & gas production and increasing efforts towards
exploring new oil & gas reserves to drive global oilfield services market
through 2024
According to TechSci Research report, “Global Oilfield Services Market By Application, By Service Type, By
Region, Competition, Forecast & Opportunities, 2014 - 2024’’, oilfield
services market, globally, is projected to reach $ 198 billion by 2024, as new oil & gas fields are being
discovered in order to meet the rising demand from different end user sectors. Enhanced
oilfield recovery technique, which includes gas and thermal injections is
revolutionizing the oil & gas sector, which in turn is fueling the global
oilfield services market. With rising crude oil prices, innovations in oilfield
services and increasing number of offshore oil reserves, demand for oilfield
services is expected to grow across the globe during the forecast period.
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In
terms of application, the market has been segmented into two categories, namely
onshore and offshore. Of these, onshore oilfield services segment dominated the
market in 2018 and the segment is anticipated to maintain its market dominance
in the coming years, as roughly 70% of the global crude oil production comes
from onshore basins. Technological improvements in onshore E&P activities
coupled with depleting primary energy drive of onshore fields and aging
brown-field infrastructure driving the growth of oilfield services expenditure
in onshore applications, are other key factors aiding the dominating position
of onshore oilfield services segment. By services, drilling services segment
makes the largest contribution to the global oilfield services market, reflecting
increasing technological investments by OFS companies and growing efficiency of
several drilling processes. North America is the largest demand generating region
for oilfield services, backed by deep water production in the US and shale gas
production in Canada.
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“Increasing
mergers and joint ventures of the companies is one of the primary driving
forces for the global oilfield services market. Redevelopment of existing
oilfields, facilitating production from unconventional resources such as shale
formation, and enhanced well management are further likely to boost demand for
oilfield services in the coming years. Moreover, advancements in drilling
techniques, development and determination of reserves, well log interpretation,
and intelligent well completion technology would significantly boost the
production of oil & gas, thereby positively influencing the oilfield
services market, globally.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Oilfield Services Market By Application, By
Service Type, By Region, Competition, Forecast & Opportunities, 2014 - 2024’’
has evaluated the future growth potential of global oilfield services
market and provides statistics and information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyses the emerging trends along with
essential drivers, challenges and opportunities in the global oilfield services
market.
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