Baker Hughes Company; Halliburton Energy Services, Inc; Schlumberger Limited; NOV Inc; and Weatherford are the five key market players operating in the global Oilfield Service market. PetroDyn; Archer; Patterson-UTI Energy, Inc; Wireline Services Group; and Hunting are few other notable players that are profiled in this market study. In addition to these players, multiple other leading global, regional & local market players, emerging companies, market disruptors and niche market players were studied and analyzed during the course of this study to gather a holistic view of the market. The global Oilfield Service market includes companies operating in a wide range of product portfolio. Each category has some well-established key players and owing to different markets in which they operate and compete it is not feasible to determine key five players in the overall Oilfield Service market. However, based on parameters such as overall revenue, brand image, current Oilfield Service product portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, we have listed above five key players operating in the region.
Baker Hughes Company; Halliburton Energy Services, Inc; Schlumberger Limited; NOV Inc; and Weatherford – PROMINENT MARKET PARTICIPANTS IN OILFIELD SERVICE MARKET
Based on application, the oilfield service market can be bifurcated into onshore and offshore. Based on service type, the global Oilfield Service market is segmented into well completion, wire line, artificial lift, perforation, drilling and completion fluids, others. Geographically, the global oilfield service market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The rise in global energy consumption and technological advancements in oilfield services drive the global oilfield services market. Increased deep-water exploration and production operations in the Gulf area are likely to fuel the demand for drilling services during the forecast period. Furthermore, increasing productivity from mature assets and rising investment in deep-water exploration projects would boost market growth in the future. Increased investment in R&D efforts for novel goods is likely to create profitable prospects for market participants. However, the environmental consequences of E&P activities and stringent government restrictions are projected to stifle industry expansion in the coming years. Furthermore, variations in crude oil prices limit market growth. On the other hand, new oil and gas fields are being developed to meet the rising demand for oil, particularly from businesses such as transportation and power plants. Due to technological developments, operators can now collect oil and gas from challenging sources. The development of laser drilling techniques is another market trend in the oil & gas industry. The technique provides several advantages, such as high accuracy, precision drilling, and a single-diameter borehole.
Few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Country |
| 2021 | Schlumberger has announced the launch of the Periscope Edge multilayer mapping-while-drilling service. The service provides new measurements and an industry-leading inversion process combined with cloud solutions to deliver accurate geosteering in reservoirs while drilling. | North America |
| 2021 | Nov Inc has launched a Boomerang reamer for increasing the efficiency of drilling solutions in the APAC region. The boomerang reamer improves drilling and tripping performance cuts costs and reduces reactive torque. | APAC |
