- The onshore segment is expected to hold the largest share of the oilfield services market, by application, during the forecast period.
- The pressure pumping services oilfield services sub-segment, within the services segment, is expected to hold the largest share of the oilfield services market during the forecast period.
- North America will be the largest oilfield services market.
The oilfield services market is expected to grow at a CAGR of 3.35%, from 2017 to 2022, to reach a market size of $125.51 billion by 2022. Increasing shale gas production, growing global E&P spending, and lifting of Iranian oil export sanctions are the major drivers of the oilfield services market.
The oilfield services market is dominated by a few major players that have a wide regional presence and are established brand names. Leading players in the oilfield services market, such as Baker Hughes Incorporated (U.S.), Halliburton Company (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), Superior Energy Services, Inc. (U.S.), and GE Oil & Gas (U.K.), have either acquired regional companies or made a joint venture with the ones operating in the oilfield services market to bolster their product portfolio and to enhance their global reach.
With regard to the application segment, the offshore segment is expected to constitute the fastest growing market from 2017 to 2022. In terms of market size, the onshore segment would dominate the oilfield services market. Onshore application are quite famous in the Middle East and North America, where maximum number of oilfields are located onshore.
The report segments the oilfield services market, based on services type, into pressure pumping services, OCTG services, wireline services, well completion equipment and services, well intervention services, drilling and completion fluids services, drilling waste management services, and coiled tubing services. The pressure pumping services would account for the maximum share in the oilfield services market. This particular market is expected to grow in the future as a result of shale gas exploration and production activities in North America. Moreover, Asia-Pacific and Africa also present opportunities as offshore exploration activities are on rise in these regions.
The market in Asia-Pacific is estimated to be the fastest growing market for oilfield services from 2017 to 2022. Increasing offshore exploration activities and shale gas exploration, especially in China and India are driving the demand for oilfield services in this region. The growing need for oil & gas and the continuing efforts to find new oil & gas reserves are also expected to spur the growth of the market and represents a promising opportunity for major oilfield services providers.
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Major strategies adopted by the players include contracts & agreements, new product launches, expansions, and mergers & acquisitions. New product developments was the most commonly adopted strategy from 2013 to February 2017. Industry players also adopted contracts & agreements, and mergers & acquisitions, which were the second and third most widely followed strategies, respectively, during the same period.
Baker Hughes is a leading global supplier of systems, products, technology, and oilfield services for the oil and natural gas industry. The company also provides industrial products and services for the process and pipeline service and downstream chemical industries. The company operates through three segments, namely, completion and production, drilling and evaluation, and industrial services. The company provides its wireline services, drilling services, drilling and completion fluids, and drill bits through its drilling and evaluation business segment and caters to both open-hole and cased-hole applications.
Halliburton Company is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company provides 14 Product Service Lines (PSLs) under two main divisions, namely, drilling and evaluation and completion and production. The company provides consulting and project management study services for both divisions. The company provides intervention, stimulation, pressure control, cementing, completion, artificial lift, completion tools, production solutions, pipeline and process services, and completion and production chemicals services under its completion and production division.