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.
The purpose of the report is to illustrate the state of the market of Production Oilfield Services & Equipments, to present actual information about the volumes of production, exports, imports, consumption and the state of the market, the changes that took place in 2017, and also, to build a forecast for the growth of the industry in the medium term until 2026.
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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. 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.
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).
Why was the report written?
This report is the result of an extensive survey drawn from Credence Research’s exclusive panel of leading global market industry executives; it provides data and analysis on buyer investment, acquisition, and developments within the global market research. It includes key topics such as global Production Oilfield Services & Equipments buyer expenditure and procurement behaviors and strategies and recognizes the threats and possibilities within the industry, economic outlook trends, and business confidence within global industry executives. Most secondary research reports are based on general industry drivers and do not understand the industry executives’ attitude and changing behaviors, creating a gap in presenting the business outlook of the industry; in an effort to bridge this gap, Credence Research created this primary research-based report by gathering the opinions of multiple stakeholders in the value chain of the global industry.
What is the current market landscape and what is changing?
Executives from the global industry anticipate an increase in levels of consolidation, with 55% of respondents projecting an increase in merger and acquisition (M&A) activities in 2017.
The report on the market of Production Oilfield Services & Equipments contains:
Analysis and forecast of Production Oilfield Services & Equipments market dynamics;
Analysis of domestic production, market shares of the main market players;
Analysis of exports and imports;
Analysis of factors, leading the development of the Production Oilfield Services & Equipments market;
Assessment and forecast of Production Oilfield Services & Equipments market development;
Financial and business profiles of the leading companies in the Production Oilfield Services & Equipments industry.
Scope
– Up to date working Production Oilfield Services & Equipments data by major regions in the world, the forecast of planned capacity additions by 2026
– The annual breakdown of capital expenditure spending on proposed Production Oilfield Services & Equipments for the period 2018 to 2026
– Planned Production Oilfield Services & Equipments additions and capital expenditure spending by key countries and companies across the world
– Planned capital expenditure spending on new Production Oilfield Services & Equipments projects by region, key countries, and companies
– Details of major planned Production Oilfield Services & Equipments projects in the world up to 2026
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