Oil and Gas Field Services Market Projected to Discern Stable Expansion During 2017-2027
Posted: Dec 27, 2017
Oil and Gas Field Services Market: Introduction
Oil and Gas field service companies offers services to various oil & gas explorations companies helping in various oil-related activities, such as extraction, drilling, exploration, completion, stimulation, intervention production and transportation among others, for fulfilling different purposes over the entire oil well exploration life cycle. The primary consumers comprises of oil and gas production and exploration companies which require drilling equipment and services whereas the secondary consumers are the companies which convert oil and gas into other forms of energy. Examples of secondary consumers include oil processing power plants, refineries, etc.
Efforts are being made to discover new oil and gas fields to cater to the escalating demand of energy and petroleum products, especially from end-user sectors, such as, power plants, transportation and other industries. Besides the fact that crude oil production is increasing with every passing day, this is expected to be the primary driver for this market over the forecast period.
Liberation of Mexican oil and gas industry as well as the combined shale gas revolution in the U.S. and China is anticipated to fuel the oil and gas field services market globally.
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Oil and Gas Field Services Market: Dynamics
The increasing demand for petrochemicals and energy coupled with growing investments in oil & gas exploration activities is expected to drive the Oil and Gas Field Services market during the forecast period. Repair and overhaul activities are also expected to fuel the demand of Oil and Gas Field Services in the forecast period.
The demand for oil and gas services varies directly with the change in the prices of oil and gas. For instance, if there is a surge in the prices of petroleum products, the exploration companies will target drilling service providers, thereby driving the oil and gas filed services market.
Development of technologies, such as enhanced oil recovery, is anticipated to further drive the onshore Oil and Gas field services market.
Increased investments in research and development of equipment for drilling, which can save time, is also expected to accelerate the oil and gas field service industry over the forecast period.
On the contrary, current slowdown of oil production, related operational challenges and resultant environmental concerns are expected to hamper the growth of the oil and gas field services market.
Oil and Gas Field Services Market: Segmentation
Oil and Gas Field Services Market can be segmented on the basis of application into:
Oil and Gas Field Services Market can be segmented on the basis of services into:
Oil and Gas Field Services Market can be segmented on the basis of consumers into:
Oil and Gas Field Services Market: Regional Outlook
North America is expected to hold a major share in the Oil and Gas field services market due to new technological advancements used to explore shale gas and deep water productions.
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Middle East and Africa is also expected to witness significant growth in Oil and Field Services industry during the forecast period due to the presence of a huge number of oil and gas reserves in the region.
The Asia Pacific region is expected to witness growth in Oil and field gas services industry during the forecast period. Large LNG facilities in Curtis Island and the construction of Wheatstone and Prelude LNG plants in Western Australia will fuel the Asia pacific oil and gas Field services market.
That aside, the presence of a large number of refineries in China and Japan is also expected to spur the growth of Oil and gas field services during the forecast period.
Oil and Gas Field Services Market: Market Participants
Examples of some of the market participants identified across the value chain Oil and Gas Field Services market include:
- Halliburton Company
- Schlumberger Limited
- Baker Hughes Inc.
- Weatherford International
- National Oilwell Varco
- National Oilwell Varco
- Superior Energy Services, Inc. (U.S.)
- GE Oil & Gas (U.K.)
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