Oilfield Service Market Size Worth 5.96Bn, Globally, by 2028 at 6.1% CAGR - Exclusive Report by The Insight PartnersPosted by Kaustubh Ravan on November 1st, 2022  Oilfield services comprise a variety of oilfield-related operations, such as exploration, drilling, stimulation, completion, intervention, and production, throughout the life cycle of a well. Oilfield services assist operators in controlling subsurface pressures, reducing borehole erosion, minimizing formation damage, optimizing drilling parameters, and analyzing penetration rate and hole cleaning. Technological advancements in oilfield equipment has increased efficiency in resource extraction and management. Furthermore, prominent corporations have turned to technology-based services to meet the increased demand for oil and gas. Other factors contributing to the rising use of technologically-enhanced oilfield services include increased accuracy and precision and decreased time and labor costs. Hence, oilfield service market is predicted to develop rapidly in the coming years as oil and gas production and shale gas extraction expand across the world. According to our latest market study on “Oilfield Service Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and Service Type,” the market is expected to grow from US$ 96,465.86 million in 2021 to US$ 145,963.08 million by 2028; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028. Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis https://www.theinsightpartners.com/sample/TIPMC100001361/ Companies Profiled in this report includes :
Global Oilfield Service Market: Regional Analysis Based on application, the oilfield service market is bifurcated into onshore and offshore. Based on service type, the market is segmented into well completion, wire line, artificial lift, perforation, drilling and completion fluids, and others. By geography, the oilfield service market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. The oilfield service market disrupted in 2020 due to the COVID-19 outbreak. Steps taken by corporations and governments to restrict the virus spread have resulted in a significant and rapid decrease in transportation and related operations, affecting demand for oil and gas. According to the International Energy Agency (IEA), geopolitical events boosted the supply of low-cost oil to the global market while decreasing demand owing to the pandemic’s onset, resulting in a drop in oil prices in March 2020. Such incidents have reduced the demand for oil and natural gas, and intervention services and supplies, which have resulted in severe volatility in oil prices. The West Texas Intermediate (WTI) oil price was US$ 61.1 on December 31, 2019, and it was US$ 23.4 on March 23, 2020, a drop of more than 60.0%. As of April 2020, OPEC and other oil-producing nations have agreed to cut oil output by 10 million barrels per day (BPD), or around 23.0% of current levels. The implementation of COVID-19-related restrictions has hindered the expansion of the oilfield service market The crisis has pushed some existing production to cease because low oil prices are uneconomical to continue production operations. Furthermore, the fast accumulation of oil stockpiles has depleted available storage capacity in a few places globally, even leading to negative pricing. Several oilfield service businesses have filed for bankruptcy and are reorganizing their capital assets. Furthermore, they reported significant revenue decreases in 2020, compared to 2019. For example, Halliburton (US) reported a 55.1% loss in sales in 2020, whereas Schlumberger (US), Baker Hughes (US), and Weatherford International (US) recorded yearly revenue declines of 39.5%, 15.1%, and 34.5%, respectively. Market Insights – Oilfield Service Market Rising Oil and Gas Production and Exploration (E&P) Activities The oilfield service market is being pushed by increased exploration and production activities due to the rising demand for energy across the world. Growing urbanization and industrialization, and rapid technology improvements have contributed considerably to the oilfield service market growth. The upstream portion of the oil and gas business is exploration and production (E&P), and it encompasses the phases of search, exploration, drilling, and extraction. The exploration and production (E&P) sector is the first oil and gas production stage. Furthermore, conventional onshore oil output will be more than quadruple to roughly 22Mbpd by 2035, accounting for nearly 30% of total world crude oil production. In addition, recent discoveries in the Americas may increase the region’s world-class geography for hydrocarbon development and production in the following years, providing significant new investment possibilities in exploration and production (E&P) firms. Application-Based Insights Based on application, the oilfield service market is bifurcated into onshore and offshore. Increased onshore activities in various nations, such as China and Saudi Arabia, due to rising demand for natural gas and crude oil have boosted industry expansion. Meanwhile, the market for the offshore segment is predicted to grow significantly during the forecast period due to the development of existing offshore wells and rising investments in deep and ultra-deep-water drilling activities and subsea oil and gas assets. Furthermore, the increasing number of offshore rigs across the world and rising investments by the top oil and gas firms are projected to boost the oilfield service market in the coming years. Service Type-Based Insights Based on service type, the global oilfield service market is segmented into well completion, wire line, artificial lift, perforation, drilling and completion fluids, and others. The oilfield services business is an essential partner for oil exploration and production enterprises. They offer onshore and offshore oil well maintenance, completion, production, supply, and logistical support services. Oilfield services firms, in general, build, repair, and maintain equipment used in the production and transportation of oil. This oil is expected to grow in the coming years due to the rising consumption of oil, increasing usage of internal sources of finance, and technological improvements. Click here to avail lucrative discounts on our latest reports. 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