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Oil & Gas Field Services Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

A07831
Pages: NA
Nov 2020 | 40 Views
 
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Oil & Gas Field Services Market Outlook - 2027

An oil field is a tract of land used for extracting petroleum, also known as crude oil, from the ground. Although some contest the exact origin of oil, most consider petroleum a fossil fuel created from dead organic material often found in ancient seabed’s thousands of meters below the surface of the earth. Governments of different countries are initiating different oil & gas related projects, and are significantly investing in this segment of petroleum industries. The major tax breaks at virtually every stage of oil exploration and extraction, including the costs of oil field leases and drilling equipment, which boosts the growth of the oil & gas field services market.

Scope of the report

            Report Metric

                                          Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast unit

  Value (USD)

  Segments covered

  Type, Application, End User, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), LAMEA (Brazil, Mexico, and the Rest of LATAM), and the Middle East & Africa

  Companies covered

Baker Hughes Incorporated, Halliburton Company, Schlumberger Limited, Weatherford International PLC, National Oilwell Varco, Inc., China Oilfield Services Limited (COSL), Superior Energy Services, Inc., TechnipFMC PLC, Trican Well Service Ltd., and Welltec International APS

 

COVID-19 impact analysis

The global market for oil & gas field services is severely impacted by the outbreak of the COVID-19 pandemic. The shutdown of activities of manufacturing and commercial sectors during the pandemic is anticipated to result in temporary downfall in the demand for oil & gas field services. In addition, the activities of the transport sector are on halt and restrictions imposed on oil exploration are likely to decline the growth of the market during the forecast period. Furthermore, owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, insufficiency of raw material is expected to hamper the production rate of oil & gas.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

High demand for oil & gas field services is the major factor driving the growth of the global market. Technological advances have broadened service offerings by oil & gas field services providers and improved industry efficiency, which boost the market growth. In addition, exploration and production (E&P) companies are the primary users of oil & gas field services. Thus, expansion of these comprises notably contribute toward the growth of the global market. However, the volatility in the prices of the oil & gas field services is anticipated to hamper the growth of the market during the forecast period.

New product launches to flourish the market

New products that exhibit improved capabilities have been launched by leading market players. In addition, these players have taken necessary steps to improve the accuracy of new products and overall functionality. Furthermore, market players are seeking opportunities to expand their range of oil & gas field services in different segments. Moreover, partnerships, acquisitions, agreements are the key developmental strategy adopted by the manufactures to strengthen their position in the competitive market.

Key segments covered

               Segment

                            Subsegment

  By Service

  • On-shore
  •  Off-shore

  By Application

  • Extraction
  •  Drilling
  • Exploration
  • Stimulation
  •  Others

  By Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

 

Key benefits of the report

  • This study presents the analytical depiction of the global oil and gas field market industry along with the current trends and market estimation to determine the imminent investment pockets.
  • The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the oil and gas field market.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
  • The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
  • This report helps users in comprehending the key product segments and their future.
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

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We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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