Asia-Pacific Oilfield Services Market Size, Growth Insights, Top Countries Data, Industry Share and Future Forecast 2018Posted by TechSci Research on April 12th, 2024 Increasing oil and gas investments, coupled with rising deep-water projects, are set to propel the Asia-Pacific oilfield services market in the forecast period. TechSci Research's report, "Asia-Pacific Oilfield Services Market - By Country, Competition, Forecast and Opportunities, 2018-2028," highlights the key drivers behind this expansion: decreasing oilfield service costs and increasing production output. The region's growing domestic oil consumption attracts international oilfield service suppliers, with Asia-Pacific accounting for 7,425 thousand barrels per day of oil production compared to the world's 88,391 thousand barrels per day. Regulations aimed at reducing air pollution and environmental concerns are pushing for a shift towards gas and away from coal in the energy mix. Supported by government initiatives, exploration and production activities are on the rise, further fueling the growth of the Asia-Pacific oilfield services market. Within the oilfield equipment and services (OFS) sector, services for processing and separation, particularly for oil, water, and gas treatment, are expected to see significant growth. This expansion is driven by the increasing need to enhance recovery and mitigate environmental impacts. Services for treating water, oil, gas, sediments, and other substances are expected to drive demand for oilfield services in the Asia-Pacific region during the forecast period. Browse over XX market data Figures spread through 80 Pages and an in-depth TOC on the “Asia-Pacific Oilfield Services Market" In the Asia-Pacific oilfield services market, services are categorized by type and deployment location. Service types include drilling, completion, production, intervention, and others. Drilling services, dominating the market, are crucial for offshore E&P activities, with a projected significant rise in demand. These services encompass directional drilling, coiled tubing, measurement and logging while drilling, reservoir navigation, casing/liner drilling systems, surface logging, coring, and hole enlargement. Contractual services are typically provided to E&P companies, supporting projects from exploration to production stages. The drilling services market is fueled by increased enhanced oil recovery (EOR) and mature asset growth. Onshore deployment dominates the market due to lower operational costs compared to offshore drilling. With stable oil prices, the number of onshore rigs has been steadily increasing, further emphasizing its cost efficiency. Major market players in the Asia-Pacific oilfield services market: -
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The Asia-Pacific Oilfield Services Market, categorized by service type and deployment location, is projected to thrive, offering valuable insights for investment decisions and identifying emerging trends, drivers, challenges, and opportunities in the sector. Review More oil and gas Reports: Enhanced Oil Recovery Market: Enhanced Oil Recovery Market was valued at USD 54.1 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 8.8% through 2029. Offshore Drilling Market: Offshore Drilling Market was valued at USD 35.7 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 5.4% through 2029. Oil Refining Market: Oil Refining Market was valued at USD 1521 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 5.4% through 2029. Contact Mr. Ken Mathews 708 Third Avenue, Manhattan, NY, New York – 10017 Tel: +1-646-360-1656 Email: sales@techsciresearch.com Web: https://www.techsciresearch.com Like it? Share it!More by this author |