Global Oilfield Services Market Analysis to Reach USD 127.31 billion by 2022
Sarasota, FL -- (SBWIRE) -- 10/12/2018 -- With the presence of a large pool of participants, the global oilfield services market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). CONMED Corp., Olympus Corp., Fujifilm Holding Corp., Boston Scientific Corp., Cook Medical Inc., Covidien Plc, Stryker Corp., and Smith & Nephew Plc are some of the key vendors of endoscopy devices across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the oilfield services market study.
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Citing an instance, in August 2018, Baker Hughes, the oilfield services subsidiary of GE, declared that it has won an integrated oilfield service and device contract for development of oil & gas fields of Cairn, oil & gas business of Vedanta, located in Rajasthan.
As estimated in this report, the global oilfield services market stood at US$102.08 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this oilfield services market is set to reach US$127.31 billion by the end of the forecast period. The main types available in this oilfield services market are pressure pumping services, oil country tubular goods, wireline services, well completion equipment & services, well intervention services, drilling & completion fluid services and coiled tubing services. Among them, the demand for pressure pumping services s relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
Huge Government Investments In E & P Activities To Accelerate Demand
"Growing government & vendor funding of exploration and production operations is anticipated to boost the global oilfield services market trends over the coming years," says the author of this study. Apart from this, the global demand for oil & gas across the world will further impel the popularity of oilfield services over the forthcoming years.
With renewable energy trends gaining momentum across the globe and global warming becoming a buzzword, it is more likely that the operations of oilfield services may get impacted and this may result in the decline of the oilfield services market revenue in the near future. Nonetheless, technological innovation in oil & gas exploration activities is projected to create lucrative prospects for oilfield services market over the forthcoming years, thereby normalizing the impact of hindrances on the oilfield services market, reports the study.
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Profuse Oil & Gas Exploration Activities To Support North America Dominance
Regionally, North America has been leading the worldwide oilfield services market and is anticipated to continue on the dominant position in the years to come, states the oilfield services market study. The rise in oil and gas exploration activities in the region is the main factor behind the dominance of the North America oilfield services market. The production of oil & gas from oil sands, tight gas and natural gas from coal, in Canada, combined with shale gas activities in the U.S. is anticipated to drive the growth of this regional oilfield services market.
The Middle East and Africa
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