DUBLIN--(BUSINESS WIRE)--The "Global Oilfield Services Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.
The oilfield services market will register a CAGR of almost 3% by 2023.
The liquid fuel consumption is expected to grow further to 101.51 mbpd by 2019
The strong demand for petroleum products especially in developing countries such as China, India, and Indonesia, and the growing use of natural gas for power generation and city gas distribution across the world are major factors driving the demand for fossil fuel. Hence the investment in oilfield services is growing.
Increase in number of deep-water and ultra-deep-water drilling projects
The oil majors are gradually resuming their offshore operations especially in regions such as the Gulf of Mexico and Brazil as the crude oil prices are recovering. In such demanding market conditions extended reach wells can be commercially viable as they can increase production from oilfields.
The rise in the number of projects is due to stabilization of the crude oil price which has increased the profit margin for drilling and production companies. This factor is expected to raise the demand for oilfield services during the forecast period.
Volatile crude oil price is one of the biggest challenges for the global oilfield services market as an uncertain price environment has a severe impact on new E&P investments and contract prices. Consequently, affecting the demand for oilfield services. The crude oil price cycle has not exhibited a consistent trend over the last decade.
The market appears to be fragmented and with the presence of several. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
For more information about this report visit https://www.researchandmarkets.com/research/zfqdld/oilfield_services?w=4