PUBLISHER: Value Market Research | PRODUCT CODE: 1547453
PUBLISHER: Value Market Research | PRODUCT CODE: 1547453
The global demand for Oilfield Services Market is presumed to reach the market size of nearly USD 155.7 Billion by 2032 from USD 109.68 Billion in 2023 with a CAGR of 3.97% under the study period 2024-2032.
As the name implies, oilfield services refer to as services concerned with oil and gas exploration and production process. They conduct related construction and maintenance activities on well sites. It is considered to be a supportive part for the oil & gas exploration and production companies. Without them, the oil & gas industry would not be as profitable as it is, nor would it be as efficient or timely. The services include evaluating, constructing, repairing, and maintaining seismic testing, transport services, and directional service. It also includes technology-based services crucial for successful field operation such as locating energy sources, geological sciences, energy data management, drilling and formation evaluation, and many others.
The major factors driving the oilfield services demand are the global increase in oil and gas exploration onshore and offshore, rising demand for energy, expanding exploration facilities, and favorable regulations. Upgradation of oilfields and integration of oilfields with new technologies also contributes substantially to the market. The revival of carbon emission limits by rules presents many opportunities for market growth. The new regulations, IMO 2020 mandates a maximum sulfur content of 0.5% in marine fuels globally. This has positively affected the oilfield services market. The IMO 2020 regulation has cause marine fuel producing facilities to make significant changes, causing growth in oilfield services. However, the oil & gas industry is experiencing substantial hindrance from the steep rise in renewable energy generation.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of Oilfield Services. The growth and trends of Oilfield Services industry provide a holistic approach to this study.
This section of the Oilfield Services market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
This section covers the regional outlook, which accentuates current and future demand for the Oilfield Services market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Oilfield Services market include Schlumberger, Halliburton, Baker Hughes, Weatherford International, Calfrac Well Services, Cudd Energy Services. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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