Oil & gas production is intricate and hazardous process which requires advanced technology for safe and efficient operation. Volatile oil prices, environmental concerns and accidents happened in past has derived the need of specialized oilfield services to enhanced oil production with safe operations. Major oilfield services provider offers variety of services ranging from exploration till production of crude oil. Production oilfield services and equipment includes services such as pressure pumping, SURF support, completion & equipment services, drilling and production services, specialty chemicals, well servicing, coil tubing, surface equipment, etc. Slowdown in oil & gas industry due to supply demand disproportion has negatively impacted the demand for exploratory oilfield services. However, production oilfield services and equipments are still in demand and expected to register significant growth over the forecast period (2021-2029). Pressure pumping is expected to be the largest segment among services type. Followed by it, SURF support segment is anticipated to be the second largest segment expected to register moderate growth over the forecast period. Other services such as well servicing, specialty chemicals, drilling & production are expected to register slow growth due to low oil prices till 2017. However, the segments are anticipated to gain momentum after the recovery of oil prices.
Global production oilfield services & equipments market is expected to gain momentum due to increasing demand for fossil fuel and with recovery in oil prices. Discovery of nonconventional shale especially in North America has fostered the demand for production oilfield service and equipments since 2010. Moreover, growing exploration and production activities in offshore reserves especially in U.S. Gulf of Mexico is expected to drive the demand for oilfield services & equipments over the forecast period (2021-2029). However, stringent regulatory policies regarding waste disposal and oil spillage are expected to restrain the demand for production oilfield services. Moreover, nonconventional shale gas exploration is banned in few countries such as France, Germany, and others. France has ban shale gas exploration due to the concern that water can be contaminated from chemicals used in the hydraulic fracturing process, while Germany has temporarily ban awaiting further environmental assessments.
Global production oilfield services & equipments market has been estimated to be valued at US$ 179.37 Bn by the end of 2020 and is expected to expand at a CAGR 4.6% during the forecast period 2021-2029.
Purpose of the Report
The purpose of this strategic research study titled “Global Production Oilfield Services & Equipments Market- Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global production oilfield services & equipments market.
Target Audience
USP and Key Offerings
The report titled “Global production oilfield services & equipments market- Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029” offers strategic insights into the global production oilfield services & equipments market along with the market size and estimates for the duration 2019 to 2029. The said research study covers in-depth analysis of multiple market segments based on technology and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading oilfield services providers, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global production oilfield services & equipments market growth, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above mentioned factors.
Oilfield services are end to end services including drilling & production, specialty chemicals, hydraulic fracturing, simulation, production, etc. supporting exploration and production activities. Global oil production has grown 8.7% since 2010 to reach 95.7 Mn barrels per day in 2020 which has caused supply demand imbalance this in turn has negatively influence the oil prices since 2019. Oil producers are reducing their capital expenditure on upstream exploration and production activities in order to minimize the impact of oil prices volatility which in turn has negatively influenced the oilfield services & equipments market. However, increasing energy consumption across the globe due to growth in population and increasing urbanization is expected to counter the imbalance between supply and demand by 2017 end. Also, growing shale gas production especially in North America is expected to foster the growth of oilfield services& equipments market over the forecast period.
On the basis of services, the global production oilfield services & equipments market can be segmented as pressure pumping, SURF support, completion & equipment services, drilling & production, specialty chemicals, well servicing, and others. Pressure pumping is expected to be the most dominant and fastest growing segment owing to increasing production of shale gas in North America and other regions of the globe.
Growing offshore exploration and production activities across the globe is anticipated to fuel the demand of subsea equipments over the forecast period (2021-2029). Drilling & production services segment is expected to contribute to the significant value share in global production oilfield services & equipments market. The segment is expected to regain momentum with the recovery of oil prices which is anticipated to recover by 2017 end. Specialty chemicals, well servicing and rig equipment segments are anticipated to grow at moderate rate over the forecast period due to growing oil production activities and increase in rig count across the globe.
Growing oil and gas production activities has derived the growth of production oilfield services & equipments market. Further, volatile oil process has influenced the oil producer to adopt oilfield services to improve operational efficiency across the globe. Increasing production of nonconventional shale gas is expected to witness the robust growth till 2029. Global production oilfield services & equipments market is segment on the basis of geography. North America contributed the highest revenue share in global production oilfield services & equipments market with a contribution which is estimated to be more than 53% by end of 2021 due to increasing shale gas production and deep-water production in the U.S. Gulf of Mexico is expected to fuel the demand of oilfield production services in the region. Followed by it, MEA stood at second position in the same year. Increasing oil production due to high oil reserves in the region is projected to intensify the significant growth of the region over the forecast period. Growing oil production activities in China, Japan and Australia are expected to spur the growth of production oilfield services & equipments market in Asia Pacific over the forecast period (2021-2029).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Production Oilfield Services & Equipment market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Services
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
