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LONDON, GREATER LONDON, UK, November 9, 2023 /EINPresswire.com/ — The global oilfield services market is anticipated to witness significant growth, expanding from $180.32 billion in 2022 to $192.1 billion in 2023, with a compound annual growth rate (CAGR) of 6.5%. Despite the disruptive impact of the Russia-Ukraine conflict on global economic recovery, the market remains resilient, fueled by the increasing extraction of shale gas and a notable emphasis on technological advancements within the sector.
Driver: Growing Demand for Shale Gas Extraction
A significant driver propelling the oilfield services market forward is the increasing demand for shale gas extraction. Key services such as directional drilling and hydraulic fracturing have contributed to the substantial growth in shale gas production, leading to a surge in the market demand for oilfield services. Notably, recent reports from the Energy Information Administration indicate a notable increase in shale gas volumes, particularly in the Permian Basin, highlighting the pivotal role of oilfield services in meeting the growing demand for shale gas.
For a detailed analysis of the global oilfield services market, explore the comprehensive sample report:
Notable Trend: Technological Advancements Shaping the Market Landscape
The oilfield services industry is witnessing a notable trend toward technological advancements, with major market players actively investing in innovative solutions to fortify their market position. Notable examples include Saipem’s launch of SUISO, a groundbreaking technological solution dedicated to the production of green hydrogen. This cutting-edge solution integrates various renewable energy sources such as floating wind, solar, and marine energy, offering a comprehensive system to power electrolyzers for the production of green hydrogen on existing offshore platforms. The byproduct oxygen from this process finds diverse applications, including aquaculture and seaweed production.
Key Market Segments and Leading Players
The global oilfield services market is segmented based on:
• Service Type: Subsea Services, Seismic Services, Drilling Services, Workover and Completion Services, Production Equipment, Processing and Separation Services, Other Service Types
• Type: Equipment Rental, Field Operation, Analytical and Consulting Services
• Application: Onshore, Offshore
Prominent entities within the oilfield services market landscape include Schlumberger Limited, Baker Hughes GE, and Halliburton Company, among others.
While North America is set to maintain its position as the largest region in the oilfield services market in 2022, Europe is expected to emerge as the fastest-growing region in the forecast period. The comprehensive oilfield services market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Access the complete report to gain comprehensive insights into the global oilfield services market:
Oilfield Services Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Oilfield Services Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on oilfield services market size, oilfield services market drivers and trends, oilfield services market major players, competitors’ revenues, market positioning, and market growth across geographies. The oilfield services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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