Stabilizing Oil Prices Driving the Demand for OFS
The collapse in oil prices in 2014 severely undercut company revenues and forced sharp cutbacks in spending. With commodities staging a recovery, following a multi-year price rout, activity in the oil & gas sector has begun to strengthen. With oil & gas prices recovering, the oil & gas operator companies have increased investment for the development of oil & gas projects, which were earlier delayed or stalled. The oilfield service providers are expected to be benefitted from the same with increased activities on recovery. Global capital expenditure among the 100 largest countries is expected to grow around 4.3% in 2018, supporting new project investment decisions. The global oilfield services market is expected to grow significantly during the forecast period on account of the increasing need to improve productivity from mature and new reserves, increasing focus on developing unconventional hydrocarbons, and increasing investments in deepwater and ultra-deepwater projects.
North America to Continue to Dominate the OFS Industry
There has been a drastic decrease in the rig count globally since 2014, and this fall has been reflected in demand for oilfield services in the past few years, till 2016. However, the OFS market had picked up relatively well in 2017. North America still has the most number of rigs, worldwide, followed by the Middle East. With pad‐based horizontal drilling in the United States becoming more the trend, rig count on land in North America has become less meaningful. Rig efficiency is on the rise in the United States; the number of wells a rig can drill each year is increasing at a significant rate. The number of wells drilled is the accurate measure of demand for OFS. The need to improve productivity from mature and new reserves, increasing demand for energy & petrochemicals, growing investments, deep-water exploration in North & Norwegian seas. and technological advancements are some of the factors driving the OFS market.
Whereas, there is increasing investment in the Asia-Pacific oil & gas industry, promoted actively by the governments in the region. Growing urbanization in countries, such as China, India, Indonesia, etc., contributes to the increasing demand for oil and gas in this region. A growing interest in deepwater fields is also observed in the region. The most promising opportunities for the oilfield services industry is expected to come from Southeast Asia and East Africa. This is a positive driver for Asia-Pacific oilfield services industry. The growing interest in deepwater exploration in the above-mentioned regions is expected to promote the growth of the OFS industry.
Key Developments in the Market
- July 2017: Halliburton Company announced the acquisition of Summit ESP, a leading provider of electric submersible pump (ESP) technology and services. The addition of Summit’s artificial lift offerings and industry-leading customer service strengthens Halliburton’s artificial lift portfolio for its global customers.
Reasons to Purchase the Report
- Current and future oilfield services market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
This report can be customized to meet your requirements.
2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023 (in USD billion)
3.3 Recent Trends and Developments
4. Market Dynamics
5. Supply Chain Analysis
6. Porter’s Five Forces Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitute Products & Services
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Market Overview, Market Size and Demand Forecast until 2023)
7.1 By ServiceType
7.1 Drilling Services (Contract Drilling, Oil Country Tubular Goods, Directional Drilling Services, Drilling & Completion Fluids, Cementing, Logging-While-Drilling, Solids Control & Waste Mgmt, Casing & Tubing Services and Others)
7.2 Completion Services (Hydraulic Fracturing, Wireline Logging, Coiled Tubing Services, Rental & Fishing Services and Others)
7.3 Production Services (Artificial Lift, Well Servicing, Floating Production Services and Others)
7.4 Other Services
7.2 By Location
8. Regional Market Analysis (Market Overview, Market Size and Demand Forecast until 2023)
8.1 North America
8.2 South America
8.3 Europe and Africa
8.4 Middle East and Asia
9. Key Company Profiles* (Business Overview, Products & Services, Financials**, Recent Developments and Analyst View)
9.1 Baker Hughes Inc.
9.2 Basic Energy Services
9.3 China Oilfield Services, Ltd
9.4 ENSCO International, Inc.
9.5 FMC Technologies, Inc.
9.6 GE Oil & Gas
9.8 Nabors Industries, Inc.
9.9 Schlumberger, Ltd
9.10 Weatherford International
10. Competitive Landscape
10.1 Mergers & Acquisitions
10.2 Joint Ventures, Collaborations and Agreements
10.3 Market Share Analysis
10.4 Strategies Adopted by Key Players
*(List not Exhaustive)
**(Subject to Availability on Public Domain)