Description
The
global oilfield services market is expected to be valued at USD 139.1 billion
by 2025, according to a new report by Grand View Research, Inc. These services
are being increasingly implemented owing to the rising demand for energy and
the development of new oilfields.
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The
purpose of oilfield services is to help operators control the subsurface
pressures, minimize formation damage, control borehole erosion, and optimize
drilling parameters including the penetration rate and hole cleaning. The
burgeoning offshore industry, particularly in the Persian Gulf, is anticipated
to drive the oilfield services market over the forecast period. However, the
adverse environmental effects of E&P activities coupled with strict
government regulations are likely to hinder the market growth.
The
processing & separation segment accounted for a market share of 12.7% in
2016 and is anticipated to ascend at a CAGR of 2.7% over the forecast period.
This service aids the treatment of oil by means of distillate treaters,
desalting & dehydration electrostatic treaters, and multiphase separation
systems. It helps purify the natural gas obtained from reservoirs, eliminating
its inherent impurities. The techniques employed in gas processing &
treatment include glycol dehydration, monoethylene glycol reclamation &
regeneration, phase separation, and acid gas treatment & removal. The
various advantages of processing & separation are anticipated to boost the
demand for oilfield services over the next few years.
The
growing number of deep-water exploration and production activities in the Gulf
region is projected to fuel the demand for drilling fluids over the forecast
period. In 2015, major companies such as Chevron, Petronas, Shell, Total, and
YPF had announced plans to invest in E&P activities. However, macroeconomic
factors such as inflation, falling oil prices, and the economic downturn had a
negative impact on the oil production in various parts of Argentina, Brazil,
and Venezuela.
Further key findings from the report
suggest:
•
The global oilfield services market was valued at USD 103.26 billion in 2016
and is estimated to witness a CAGR of 3.4% from 2017 to 2025
•
The global demand for oilfield services in onshore applications was valued at
USD 66.57 billion in 2016 and is anticipated to record a steady growth over the
next eight years
•
Production emerged as the largest segment of the market, by service, in 2016
and is predicted to be valued at USD 29.57 billion by 2025
•
Seismic is anticipated to be the fastest growing segment of the market, by
service, ascending at a CAGR of 4.2% over the next eight years
•
Asia Pacific is anticipated to progress at a CAGR of 4.8% over the forecast
period. Growing concerns about the wellbore stability, well blowout, and
extreme temperature operating conditions are expected to boost the demand for
oilfield services in offshore and onshore regions in the coming years.
•
Key players of the market include Schlumberger Limited, Baker Hughes
Incorporated, Archer Limited, Halliburton Company, and Weatherford
International. These players often engage in research & development
activities in order to expand their product portfolios and gain larger market
shares
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