DUBLIN, November 1, 2017 /PRNewswire/ —
The “Global Oilfield Services Market 2017-2021” report has been added to Research and Markets’ offering.
The report forecasts the global oilfield services market to grow at a CAGR of 3.63% during the period 2017-2021.
The report, Global Oilfield Services Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is the new-generation automated drilling rigs. The recent crude oil price slump, which started in July 2014, has led to reduced capital expenditure for exploration. The decline in crude oil price continues to shrink the profit margins of the upstream companies, thus calling for improving operational efficiencies. An important tool that can drive margins and increase operational efficiency is the use of digital technology in the upstream oil and gas industry
According to the report, one of the major drivers for this market is the rise in drilling in unconventional areas. Unconventional oil and gas resources include shale gas, coal bed methane, gas hydrates, tight oil, oil sands, and others. These resources are costly to produce and difficult to exploit. Technological advances and operational efficiencies have driven cost reductions, thus spurring the exploitation of unconventional resources. In the US, the shale gas boom saw the rise of unconventionally produced natural gas supplies. The huge discovery of oil sands in Canada have shown unlimited opportunities for oil exploration. As the focus shifts toward natural gas, unconventional resources like coal bed methane (CBM) and underground coal gasification (UCG) have seen considerable growth.
Further, the report states that one of the major factors hindering the growth of this market is the decline in oil rig count. Global crude oil prices witnessed a dramatic fall in July 2014, which severely impacted the upstream segment of the oil and gas industry. This led to a reduction in drilling activities, which was reflected in the fall in rig count worldwide. Thus, the fall in crude oil prices had a severe impact on the drilling segment. The global rig count fell by 31.8% from 2015 to 2016, and by 55.5% from 2014 to 2016.
- Baker Hughes
- National Oilwell Varco
Key Topics Covered:
Part 01: Executive Summary
Part 02: Scope Of The Report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market Landscape
Part 06: Market Segmentation By Application
Part 07: Regional Landscape
Part 08: Decision Framework
Part 09: Drivers And Challenges
Part 10: Market Trends
Part 11: Vendor Landscape
Part 12: Key Vendor Analysis
For more information about this report visit https://www.researchandmarkets.com/research/9cd5nx/global_oilfield
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SOURCE Research and Markets