Analysis of the Global Oilfield Services Market
NEW YORK, Jan. 7, 2014 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
Analysis of the Global Oilfield Services Market
Technological Evolution and Service Portfolio Diversification are Key to Sustain High Revenues
-The oilfield services market witnessed fluctuating growth during 2009 to 2012. However, it is expected to grow steadily over the forecast period, 2013 to 2017.
-Valued at $xx billion in 2012, the revenue of oil services market is expected to grow at a compound annual growth rate (CAGR) ofxx % and reach $xx billion by 2017.
-Oilfield services market is undergoing a period of rapid innovation with technologies such as hydraulic fracturing and horizontal drilling becoming the standard for exploration and production (E&P) activities.
-Though regional markets are mostly dominated by local companies, the revenue generated by multinational companies from these markets are significantly higher than that of domestic firms.
-Drop in oil price in the late 1980s and early 1990s restricted recruitment which has now resulted in considerable talent crunch. Companies are faced with a severe shortage of skilled labour as senior personnel are retiring and young recruits lack experience. This phenomenon also highlights the volatile nature of recruitment in oil& gas sector.
-High oil prices have been instrumental in increasing E&P activities in oil and gas sector. High price induce confidence in investors which results in increased investments in the oilfield services market.
-The oilfield services market was severely affected by the 2008-2009 economic meltdown, the impact of which lasted till 2010. This period experienced very less activities that stifled growth and significantly lowered the market revenue.
-The market recuperated from the economic crisis in 2011, after which it witnessed high revenue growth rate due to high price and increased global demand for oil.
-The US market will continue to grow as a result of shale oil and gas boom which has significantly increased oilfield activities in the country. Markets in Latin American countries such as Brazil and Venezuela are also predicted to grow stupendously during the forecast period as new oilfields have been discovered.
-China is expected to lead the oilfield services market in Asia Pacific (APAC) as E&P activities commence on its shale gas reserves, the largest in the world. The country's target to produce first gas by 2015 resulted in a surge of investments with an increasing number of international companies vying for mergers in China.
-Middle East is expected to witness the highest revenue growth. However, political turmoil in many countries within the region deters international companies from expanding their business. Local companies dominate the market in this region.
-Africa is emerging as a hotbed of oilfield activities, especially Western African countries, where political and business environment are conducive for international companies to operate.
-Schlumberger Limited was the market leader in 2012 followed by Halliburton and Baker Hughes. The top three companies in 2012 were all diversified oilfield service providers.
-National Oilwell Varco is the market leader among the equipment manufacturing companies in the engineering and equipment manufacturing segment and occupies the fourth position in the global oilfield services market in terms of revenue.
- The US remains the strongest market and its revenue contribution is expected to grow due to increasing activity in the unconventional oil and gas sector.
- Technological innovation in oilfield services is the need of the hour to enable oil and gas production from difficult terrains.
- High oil price will ensure steady cash influx needed for sustaining oilfield activities.
- China is expected to emerge as a significant market owing to its recent discovery of shale gas reserves.
- Environmental concerns and water scarcity, due to increase in horizontal drilling, are likely to be the major challenges for the market.
-The services required for E&P of crude oil and natural gas from the reservoir are collectively known as oilfield services.
-These services include:
oExploratory drilling, and,
-Transportation of the oil and gas, thus extracted, is also a part of oilfield services but has not been included in the scope of this study.
-This study covers oilfield services for drilling activities on land as well as offshore sites.
Key Questions This Study Will Answer
- What have been the trends in the oilfield service market in the past and what will be the major factors affecting the market growth in future?
- How is the market poised to respond to the challenges presented by economic downturn and fluctuating oil prices?
- Why does the demand for each segment varies across different geographies?
- When is the oil field service market likely to recover from its current downturn resulting from decreased expenditure due to economic recession?
- Which companies will emerge as global leaders in the new competitive landscape where oil companies are opting for backward integration with service sectors?
- Where are the new hotspots of oilfield services that will cater to the growing need for energy amidst the depleting conventional but increasing unconventional fossil fuel sources?
Total Oilfield Services Market
-Drivers and Restraints
-Forecast and Trends
-Market Share and Competitive Analysis
Exploration and Production (E&P) Drilling Segment Breakdown
Engineering and Equipment Manufacturing (E&EM) Segment Breakdown
Support Services Segment Breakdown
Middle East and Africa Breakdown
The Last Word
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