Oilfield Services Market Worth 125.51 Billion USD by 2022

PUNE, India, May 29, 2017 /PRNewswire/ --

The report "Oilfield Services Market by Application (Onshore and Offshore), Service (Well Completion Equipment & Services, Well Intervention Services, Coiled Tubing Services, Pressure Pumping Services, OCTG, and Wireline Services), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the Oilfield Services Market is expected to grow from an estimated USD 106.43 Billion in 2017 to USD 125.51 Billion by 2022, registering a CAGR of 3.35%, from 2017 to 2022. The global market is set to witness a significant growth due to the increasing shale gas exploration, increasing oil & gas production, and growing efforts in exploring new oil & gas reserves.

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Browse 86 market data tables and 113 figures spread through 248 pages and in-depth TOC on "Oilfield Services Market"

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The onshore segment is expected to hold the largest share of the Oilfield Services Market, by application, during the forecast period. 

The onshore sub-segment, within the application segment, led the Oilfield Services Market in 2016, and is projected to dominate the market during the forecast period. However, the offshore segment is expected to grow at the fastest rate during the forecast period. The growth of this segment is primarily driven by new exploration and production activities being carried out in offshore areas.  This would ultimately create new revenue pockets for the Oilfield Services Market during the forecast period. Oilfield services plays a critical role in challenging environmental conditions such as HPHT and unconventional reservoirs.

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The pressure pumping services oilfield services sub-segment, within the services segment, is expected to hold the largest share of the Oilfield Services Market during the forecast period. 

The pressure pumping services oilfield sub-segment, within the services segment, led the Oilfield Services Market in 2016, and is projected to dominate the market during the forecast period. However, the well completion equipment and services segment is expected to grow at the fastest rate during the forecast period. Pressure pumping oilfield services are used for applications such as well cementing and stimulation.  Increasing drilling activities for extraction of oil & gas has raised the demand for EOR and advanced drilling technologies, further increasing the demand for pressure pumping services. Countries such as the U.S. and China are expected to drive the market demand, mostly because of the ongoing shale boom.