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 production oilfield services & equipments market has been estimated to be valued at US$ 151.5 Bn by the end of 2016, and is expected to reach US$ 207.9 Bn by 2023, expanding at a CAGR of 4.6% from 2016 to 2023.
Oil & gas production is an 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 for specialized oilfield services to enhanced oil production with safe operations. Major oilfield services provider offers the variety of services ranging from exploration to 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. The slowdown in oil & gas industry due to supply demand disproportion has negatively impacted the demand for exploratory oilfield services. However, production oilfield services and equipment 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 of 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.
Browse the full Global Production Oilfield Services & Equipments Market by Services and Geography – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/production-oilfield-services-and-equipments-market
Global production oilfield services & equipment market are 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 & equipment 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 & equipment 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 with chemicals used in the hydraulic fracturing process, while Germany has temporarily ban shale gas exploration and production awaiting further environmental assessments.
Global production oilfield services & equipment 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 equipment, others (renting & fishing).
In 2015, pressure pumping segment contributed the highest revenue share of the global production oilfield services & equipment market. The segment is expected to gain market share by 2023 due to increased 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 & equipment 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 the commercial level which indicates the future opportunities for production oilfield services and equipment. Therefore, the global production oilfield services & equipment market are projected to register significant CAGR over the forecast period (2016-2023).
- Merger & Acquisition
- Development of new techniques
- Growing shale gas production technologies
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