Growing production activities both on onshore and offshore regions have encouraged the demand for oilfield services for oil & gas wells.
Pune, India -- (SBWIRE) -- 11/06/2015 -- The report "Oilfield Services Market by Type (Coiled Tubing, Well Completion, Well Intervention, Pressure Pumping, OCTG, Drilling Waster Management, Drilling & Completion Fluids, and Wireline ), & by Region - Global trends & Forecast to 2020'' defines and segments the oilfield services market with analysis and forecast of the global E&P revenue and applications. It also identifies driving and restraining factors for the oilfield services market, with a comprehensive analysis on trends, opportunities, burning issues, and winning imperatives.
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The market has been segmented and the market sizes have been projected on the basis of regions, such as North America, Europe, Asia-Pacific, the Middle East, Africa, and South America. Oilfield services market is projected to reach $144.36 Billion by 2020, at a CAGR of approximately 5.0% from 2015 to 2020.
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The pressure pumping segment occupied the largest market share, by value, in 2014 owing to high usage of hydraulic fracturing in North America's shale gas activities. Among application, onshore is used more as offshore applications are expensive. The cost factor is highly crucial in deciding the feasibility of any oilfield service activity, especially during a low crude oil price environment.
North America- Oilfield services market size in terms of value is expected to account for the largest market share in the next five years
North America is the largest market for oilfield services. The region has been experiencing rapid increase in its oil and gas production levels since the last 10 years and accounted for more than 45% of the total market in 2014. This is largely due to two factors viz. the production from unconventional shale plays and the deep-water production in the U.S. Gulf of Mexico. The technological advancement along with the experience in producing from unconventional formations has boosted the domestic production in this region. The region is expected to grow further during the forecast period, which can be attributed to the continued production related activities within the region.
Onshore Application– Major Application for the oilfield services market
Oilfield services, on the basis of application type, are categorized into two primary segments: Onshore and Offshore. The major market is captured by onshore oilfield services which involves the use of oilfield services for land based E&P activities. The high market share of the onshore oilfield services can be attributed to large number of onshore oil & gas production as compared to offshore production.
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