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Oilfield services include a number of activities ranging from finding to extracting oil or gas. The oilfield services company supplies the products which are required to construct, complete, and produce oil and gas wells and support in the process of finding, evaluating, developing, producing, and abandoning oil and gas resources. These companies are involved in the manufacturing, repair & maintenance of the equipment that is used in the oil extraction and transportation. <br><br>Visit;u00a0https://www.gmiresearch.com/report/oilfield-services-market/
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The market report by GMI Research offers a comprehensive breakdown of industry status and outlook of major regions based on key players and market segments. This report focuses on the market on a global basis, especially in the Asia-Pacific, North America, Europe, and the Rest of the World. The market report also studies the worldwide market competition landscape, market drivers, and trends, opportunities and challenges, risks and barriers, and other aspects of the market.
Oilfield Services Market Summary The increasing exploration activities and production of oil & gas driven by the strong demand across several industries, including the manufacturing and transportation sectors are the major factors contributing to the growth of the oilfield services market. Moreover, continuous technological advancements have improved the efficiencies for extracting resources and the increasing research & development activities in the oil and gas industry for developing new technologies, products, and processes are some other factors that are accelerating the growth of the oilfield services market share in terms of revenue. In addition to this, the increasing production of crude oil, shale gas extraction, and the presence of several offshore oil reserves are further energizing the market growth.
The expansion of offshore industry, increasing penetration of activities for the recreation of the old reservoirs, and the growing implementation of the improved oil recovery technique as it enables the efficient use of existing infrastructure and equipment in the new locations and reduces the land & habitat disturbance are further surging the growth of the market. On the other hand, the variations in the prices of crude oil and the fundamental shift towards renewable energy around the world are the major factors that are likely to hamper market growth. With the outbreak of COVID-19, there has been a temporary shutdown of production units, manufacturing plants, and other offshore and onshore wind plants, which has adversely impacted the demand for oilfield services market. However, the market is expected to bounce back in 2021 while growing at a faster rate from 2022 onwards.
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