Pune, India -- (SBWire) -- 11/15/2018 --The Oilfield Services Market was worth USD 108.82 Billion in 2017 and is projected to reach around USD 141.89 Billion by 2024. The Oilfield Services Market is estimated to grow at a CAGR of 3.9% during the forecast period 2018-2024. The North America region accounted for the largest market share of approximate 48% in 2017 and is expected to remain dominant through the forecast period. The Asia-Pathe cific region is expected to grow at highest CAGR of 5.2% during the forecast period.
The report defines oilfield services industry as all the products and services that are required in oil and gas exploration and production process. Several oil companies such as Exxon Mobile and Chevron among others seek the aid from engineering and industrial firms that build and operate the oil rigs, transport, pipelines etc. These engineering and industrial companies are also known as oilfield equipment and services companies.
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Moreover, the oilfield services companies provide infrastructure, equipment and all the support required for the oil and gas exploration and transport to the oil companies. Stable recovery in the crude oil prices and continual rise in the demand for oil and gas in transport and other end-use industries are likely to drive the growth in the oilfield services market as the leading oil and gas companies are looking to augment their production capacities to exploit growing demand for petroleum products.
The global oilfield services market is expected to grow at a CAGR of 3.87% between 2018 and 2024 in terms of value. Globally, the oilfield services market is expected to be driven by factors such as growing demand for petroleum products and other crude oil based products, global recovery of crude oil prices and, growth in shale gas extraction are some of the drivers promoting the growth in this market. Moreover, rapidly growing offshore industry especially in the gulf countries are further expected to augment the market size of oilfield services market.
The growth in the world oilfield services market is primarily restrained by fluctuating crude oil prices, which affect the profitability of the oil companies and thereby affect the oilfield services companies. On the other hand developing new digital efficiencies and expansion and addition of new product offering coupled with long-term contracts is likely to provide the opportunities for the oilfield services market.
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The report segments the global oilfield services market on the basis of services, types and applications. Among the services, the production services accounted for the largest market size of USD 36.04 billion in 2017 while drilling services segment is projected to grow at the highest CAGR over the forecast period. Among the types, the field operation accounted for the largest market size in the year 2017 while technical and analytical services are projected to grow at the highest CAGR over the period of 2018 to 2024.
Oilfield Services Market Size Is Anticipated to Reach US$ 141.89 Billion by 2024
The Oilfield Services Market was worth USD 108.82 Billion in 2017 and is projected to reach around USD 141.89 Billion by 2024