Oilfield Services Market to See 3.4% CAGR by 2025, Expects Grand View Research in Its Topical Research Study Available at MarketPublishers.com
15 Nov 2017 • by Natalie Aster
LONDON – Globally, the oilfield services market is poised to follow an upward trend at a CAGR of 3.4% to climb to a value of USD 139.1 billion by 2025. The demand for services is set to increase due to the surging demand for energy and new oilfields developments.
The rapidly growing offshore industry, specifically in the Persian Gulf, is set to propel the oilfield services market in the offing. Nevertheless, the environmental footprint of E&P activities in tandem with stringent government regulations will likely restrain the growth of the sector.
The processing & separation segment grabbed 12.7% of the market in 2016 and is projected to ascend at a 2.7% CAGR in the foreseeable future.
By service, production was the biggest segment of the market as of 2016 and is poised to be worth USD 29.57 billion by end-2025. Meantime, the seismic segment is poised to be witness the fastest growth, posting a 4.2% CAGR over the next 8 years.
Geography-wise, the APAC market will likely progress at 4.8% CAGR in the years to come. Rising concerns about the borehole stability, oil well blowout, and extreme temperature operating environment are set to raise the demand for oilfield services in offshore and onshore regions in the offing.
In-demand research report “Oilfield Services Market Analysis” drawn up by Grand View Research offers a profound, unbiased analysis of the situation in the market worldwide.
The study examines the market structure; and offers detailed market segmentation by application, product type, service, and geography-wise. The report provides market estimates and forecasts, by value, for the overall market and for each of the individual segments. The research gives insights into the market penetration and growth prospects; analyses the value chain; canvasses the market dynamics; identifies key market drivers and restraints well as their impact; limelights major opportunities in the market. It includes Porter’s five forces analysis and PEST analysis. The report explores the competitive scenario and profiles top 10 market participants.
Many other research reports by Grand View Research are available in the publisher's online catalogue.