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The global oilfield service market accounted for a value of US$ 250 Bn in the year 2018 and is estimated to reach US$
330 Bn by 2026. The global market for oilfield service is anticipated to post a steady CAGR of 3.7% during the forecast
period. Fortune Business Insights recently published this information in a report, titled “Oilfield Service Market Size,
Share and Global Trend by By Service (Seismic Service, Drilling Service, Completion & Workover Service Production
Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Geography Forecast till
2026.”
The growing advancements in technology is the chief factor driving the oilfield service market. Several oilfield services
across the world use these improved tools and technologies to enhance their E&P activities in offshore and onshore
areas. The oil and gas (O&G) industry is presently thriving on account of rising population, which in turn, may enable
growth in the oilfield services market at a steady rate.
Discovery of New and Improved Oil and Gas Fields to Spur Growth
The report observes that the discovery of new oil and gas fields is expected to fuel demand for oilfield services especially
from sectors such as power plants and transportation. Over the past few years, there has been a significant increase in
the extraction of oil and gas resources such as natural gas and crude oil
This rise, as per the report is another factor driving the oilfield service market.
The oil and gas sector is revolutionizing owing to the enhanced oil recovery or EOR technique which involves chemical
injection, gas injection, and thermal injection techniques. .This is further expected to fuel demand for oilfield
equipment, thus transforming oilfield services industry outlook.
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