Transparency Market Research includes new market research report "Oilfield Services Market" to its huge collection of research reports.

Albany, NY -- (SBWire) -- 10/17/2014 --The escalating demand for the oil and gas sector has spurred growth in the oil and gas sector. This, in turn has led to an increased scope for the oilfield services market. Over the remainder of this decade, the oil and gas sector will continue to report encouraging growth rates. This translates into a continued need for oilfield services as well.

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What is the oilfield services market composed of?

Oilfield services primarily comprise processes and technical know-how that enables the following phases in the oil and gas industry: drilling, exploration, completion, production and others. Each of these phases calls for specialized services that not only help complete the task at hand, but also promote efficiency and safety.

Let’s take a look at these key processes within the oil and gas industry. The foremost step is the identification of oil and gas reserves that lie beneath the surface of the earth. A number of techniques are used for identifying these reserves. These include: seismic surveys, geological modeling, and exploration wells.

These reserves, once identified, need to be extracted. This is typically done by drilling wells into the ground for the extraction of gas and oil. The extraction process relies in the availability of oilfield services such as well intervention, wireline, simulation, coil tubing, and more. All of these oilfield services help extract the maximum possible reserves from a given oilfield.

The equipment, infrastructure, personnel and technical know-how that are required for carrying out the aforementioned processes are all provided by oilfield services companies.
How is the global oilfield services market segmented?

The global oilfield services market can be split into broad sections by type as: well intervention and wireline services, drilling and completion fluids, pressure pumping and services, coiled tubing services, and others.

Each of these oilfield services is critical to the success of the larger oil and gas extraction process. These processes also help in maintaining safety and economy during the extraction operations through the lifespan of the oil well.

Each of the segments mentioned above are an indispensible part of the oilfield services market. Drilling fluids, for instance, are required for carrying debris, cooling and lubricating machines, and so on. In addition, coil tubing is essential for gas and oil well intervention. In depleted gas wells, it is also used as production tubing. Pressure pumping services are required when proven reserve access is needed. These services also improve the asset value.

Which geographical regions will dominate the oilfield services market?

Geographically, the market for oilfield services will be dominated by North America, thanks largely to its large reserves of shale gas. This market is segmented as Europe, Asia Pacific, North America, and Rest of the World. Currently, hectic activity is underway in North America for shale gas exploration. This has led to a spike in the demand for oilfield services. Besides North America, the Rest of the World region (comprising West Africa and Brazil), is also expected to register substantial expenditure up to 2020.

Impediments to the growth of the global oilfield services market

The oil and gas industry often has to navigate its way through various environmental regulations. Many of these regulations and laws pertain to the appropriate disposal of drilling waste. In addition, there have been widespread protests by environmentalists about the negative impact of hydraulic fracturing. These factors will eventually dent the oilfield services market as well.
Yet, a key opportunity for the market exists in the form of abundant and yet untapped reserves of oil and shale gas. By keeping a watch on these opportunities, players in the oilfield services market stand to benefit in several ways.

Service providers are increasingly investing in R&D – this cost will pay off as more projects become available in the future. There is a great need to offer solutions to exploration and drilling in areas such as the Arctic sea, as well as ultra deep sea.

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