(PRWEB) June 28, 2014
The global market revenue for oilfield services is valued at $151.0 billion in 2013. Oilfield services are required during various phases of the lifecycle of a well, including drilling, completion, stimulation, intervention, production, and so on. These are the service provided by oilfield service companies to oil and natural gas companies. The market is analyzed on the basis of the types of services offered by oilfield service companies to support exploration and production activities. Latin America and Asia-Pacific are the fastest growing markets over the next five years with regards to these activities, and hence growth prospects for the oilfield services market are high in these regions.
Asia-Pacific, the second largest market, has a share of 20% in the global oilfield services market. The total revenue generated by the Asia-Pacific oilfield services market is $31,598.0 million in 2013, which is expected to grow at a CAGR of 14% from 2014 to 2019 to reach $68,762.0 million by 2019. The oil country tubular goods (OCTG) segment has the highest share, followed by pressure pumping and wireline services. High-energy demand from growing economies and new explorations and discoveries in Asia-Pacific market especially in China and India are driving the growth of oilfield services market.
Browse through the market data tables, figures and detailed ToC on the “Asia-Pacific Oilfield Services Market.”
North America Oilfield Services Market:
North America has the largest market share of 50.8% in the global oilfield services market by 2013. The total revenue generated by the North American oilfield services market was $76,857.3 million in 2013, which is expected to grow at a CAGR of 9.8% from 2014 to 2019 to reach $136,858.6 million by 2019. Pressure pumping services has the highest share followed by OCTG and wireline services. Rising drilling & completion activities, discoveries of new oil & gas field, and increasing oil & gas demand globally, are driving the growth of oilfield services market in this region.
South America Oilfield Services Market:
South America has the third largest market having a share of 9% in the global oilfield services market. The total revenue generated by the South America oilfield services market is $14,039.6 million in 2013, which is expected to grow at a CAGR of 17.0% from 2014 to 2019 to reach $36,033.8 million by 2019. OCTG has the highest share followed by pressure pumping and wireline services. Technological advancement and investigation activities for shale gas and CBM, increased spending from oil & gas companies accelerates offshore exploration activities, and synchronization with rising investment in the Energy and Power division are the major drivers of oilfield services in this region with Brazil and Venezuela being the key markets.
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