According to a new market report published by Credence Research “Global Production Oilfield Services & Equipments Market - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 - 2023,” the global market for production oilfield services and equipment was estimated at US$ 151.5 billion by the end of 2016 and is expected to reach US$ 207.9 billion by 2023, increasing to CAGR by 4.6 per cent from 2016 to 2023.
Market Insights:
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.
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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 (2016-2023). Pressure pumping is expected to be the largest segment among services type due to growing nonconventional shale gas production activities across the globe. 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 & 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 (2016-2023). 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 shale gas exploration and production awaiting further environmental assessments.
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Competitive Insights:
Global production oilfield services & equipments market is segmented on the basis of services such as pressure pumping services, SURF support, completion & equipment Services, drilling & production, specialty chemicals, well servicing, coil tubing, surface equipment services, rig equipments, others (renting & fishing).
In 2015, pressure pumping segment contributed the highest revenue share of the global production oilfield services & equipments market. The segment is expected to gain market share by 2023 due to increasing shale gas production activities across the globe. SURF support segment is anticipated to expand at a robust growth over the forecast period (2016-2023). Growing offshore production activities especially in U.S. Gulf of Mexico is anticipated to fuel the demand for SURF support segment. Leading players in the global production oilfield services & equipments market are involved in constantly innovating new techniques to enhance oil recovery from the reservoirs. Currently, major shale gas production is in North America. However, other countries are exploring possibilities for the exploration of shale gas on commercial level which indicates the future opportunities for production oilfield services and equipments. Therefore, the global production oilfield services & equipments market is projected to register significant CAGR over the forecast period (2016-2023).
Key Trends:
- Merger & Acquisition
- Development of new techniques
- Growing shale gas production technologies
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[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Market Segmentation
By Services Type
- Pressure pumping services
- SURF support
- Completion & Equipment Services
- Drilling & Production
- Specialty Chemicals
- Well Servicing
- Coil tubing
- Surface Equipment services
- Rig Equipments
- Others (Renting & Fishing)
By Geography Segment
- North America (the U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, Japan, India, Rest of Asia Pacific)
- Rest of World (Middle East & Africa (MEA), Latin America)
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