The global oilfield equipment and services market has been witnessing robust growth over the last several years and is expected to continue expanding at a significant rate over the forthcoming years. With over 40,000 oil fields worldwide, offshore and on land, there is a significant need for equipment and services. The ever-increasing demand for oil and natural gas from various end-user industries including power plants and transportation is prompting governments and private organizations to invest in oilfield exploration and production activities.
Oilfield services include firefighting, geophysical data analysis, well capping, reservoir mapping, environmental engineering, and core sampling. The equipment needed by organizations operating an oilfield include drilling rigs, drilling equipment, and derricks. Technological advancements in oilfield equipment are making oil production at uneconomical fields viable. For instance, novel technologies have made extraction of shale and oil bituminous sand economical, which was once considered expensive. This is leading to increased adoption of oilfield equipment and services, thereby stoking the growth of the market. Moreover, the growing drilling activities across the world are fuelling the growth of the market.
However, the growing reluctance of investors owing to the volatile behavior of the oil and gas sector and its affiliated industries is hampering the growth of the global market. Furthermore, the falling excess capacity and growing regional disparities over fuel are restraining the growth of the market. Another factor negatively impacting the growth of the market is the constrained supply of hydraulic fracturing sand.
On the bright side, the flourishing growth of unconventional hydrocarbon market is opening new avenues for manufacturers operating in the global oilfield equipment and services market. Moreover, new explorations near the Arctic Circle are likely to boost the adoption of oilfield equipment and services in the near future. Due to the booming shale gas industry and rising trend of deep-water productions, North America is expected to emerge as one of the most lucrative destinations for the majority companies in the market.
QYResearchReports.com presents a large repository offering a plethora of reports on niche markets under the category of oilfield equipment and services. Some of the markets discussed under this category are global oilfield auxiliary rental equipment market, global deep-water production market, global oilfield corrosion and scale inhibitor market, global and China oil seal industry, global and China jack-up rig market, global and China hydrogenation furnace market, and the U.S. oil boiler market.
What are the factors driving the market? What are the opportunities and challenges faced by the manufacturers in the oilfield equipment and services market? Who are the key companies in the market? How are the leading players performing? The answer to all the key questions related to the oilfield equipment and services market can be found in the reports published under QYResearchReports’ oilfield equipment and services category. All the reports pay due heed to the significance of the upstream raw materials supply chain and the downstream value chain. The various statistics pertaining to the market have also been presented in pictorial and tabular forms for a lucid analysis.