Oilfield Service Industry 2019 Global Market Growth, Size, Share, Demand, Trends and Forecasts to 2026

The global oilfield service market accounted for a value of US$ 250 Bn in the year 2018 and is estimated to reach US$ 330 Bn by 2026. The global market for oilfield service is anticipated to post a steady CAGR of 3.7% during the forecast period. Fortune Business Insights recently published this information in a report, titled “Oilfield Service Market Size, Share and Global Trend by By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till 2026.”

Browse Complete Report at https://www.fortunebusinessinsights.com/industry-reports/oilfield-service-market-100174

The growing advancements in technology is the chief factor driving the oilfield service market. Several oilfield services across the world use these improved tools and technologies to enhance their E&P activities in offshore and onshore areas. The oil and gas (O&G) industry is presently thriving on account of rising population, which in turn, may enable growth in the oilfield services market at a steady rate.

KEY COMPANIES COVERED IN THE REPORTS

·         Schlumberger

·         Halliburton

·         National Oilwell Varco

·         SGS

·         Baker Hughes, a GE company

·         Transocean

·         Saipem

·         BJ Company

·         Petrofac

·         Oil States Industries

·         Weir Oil and Gas

·         COSL - China Oilfield Services Limited

North America to Remain Dominant and Offer Huge Growth Opportunities

Among regions, North America is expected to account for a major share in the global oilfield service market by 2026. Moreover, the U.S. covered a share of around 50% in the year 2017. The rising demand for oilfield services in the U.S. includes directional and horizontal drilling activities, primarily owing to the presence of shale gas reservoir. Another reason responsible for the growth of oilfield services in this region is the rising number of deep-water projects especially in the U.S. The market in Asia Pacific is also expected to grow at a significant rate owing to factors such as increasing number of offshore activities especially in China and rising number of oil rigs. Lastly, the oilfield service market in the Middle East and Africa is likely to witness higher CAGR. This is primarily attributable to the rising investment budget in Gulf countries and focus on offshore assets.