Oilfield Services Market

1. Analysis of Oilfield Services Market Size by Research Nester Reveals the Market to Grow with a CAGR of ~6.35% During 2023-2035 and Attain ~USD 264.86 Billion by 2035 Research Nester assesses the global oilfield services market's growth and market size, which is expected to be driven by the increasing demand for energy from mining and exploration activities around the world New York – June 02, 2023 - Research Nester’s recent market research analysis on “Oilfield Services Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global oilfield services market in terms of market segmentation by type, service, application and by region. The global oilfield services market is estimated to grow majorly on account of rising demand for residential energy. The increased demand for

2. residential energy due to the increase in the number of households, especially in developing countries, is expected to drive the growth of the oilfield services market. Natural gas accounted for 31.7% of household energy consumption in the EU in 2020. Energy used to heat homes accounted for 62.8% of total residential energy consumption in the EU in 2020. Natural gas is a more cost-effective and efficient way to heat houses than other energy sources, making it a popular choice for many households. As a result, the demand for natural gas is expected to increase, which will drive the growth of the oilfield services market. Some of the major growth factors and challenges that are associated with the growth of the global oilfield services market are: Growth Drivers: Development of new oilfields and the presence of numerous oilfield · service providers Technological advancements in oil and gas exploration and production · Challenges: The volatile prices of crude oil, the increasing penetration of renewable energy sources, and the growing compliance requirements from regulatory bodies are some of these factors expected to significantly reduce the profitability of oilfield services and consequently, the global market size. Additionally, the rapid depletion of existing oil fields, the need for more advanced exploration and extraction technologies, and the lack of skilled labor are also expected to have a negative impact on the global market size of oilfield services.

3. Access our detailed report at LINK By application, the global oilfield services market is segmented into onshore, and offshore. The onshore segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period This is due to the increasing number of onshore oil and gas exploration activities in major countries such as the US, Russia, and Brazil. The rising production of shale gas has also led to an increased demand for oilfield services in onshore locations. Onshore oil and gas exploration activities require a variety of services such as drilling, logging, production optimization, and reservoir management. Also, the development of new technologies such as horizontal drilling and hydraulic fracturing has made it easier to tap into the reserves in onshore locations, leading to a higher demand for oilfield services in these areas. By region, the North American oilfield services market is to generate the highest revenue by the end of 2035. This growth is anticipated by the increasing demand for energy in the region, increased investment in the oil and gas industry, and technological advancements. Moreover, the increasing number of shale oil and gas projects in Canada is expected to further drive market growth. There are approximately 167 billion barrels of proven oil reserves in Canada, of which 163 billion are oil sands. Additionally, the increased production of oil and gas has allowed the US to become a major exporter of crude oil, which has further increased the demand for oilfield services in the region.

4. Consult our expert analysts at: info@researchnester.com or contact us at: https://www.researchnester.com/contact for any customized report. This report also provides the existing competitive scenario of some of the key players of Schlumberger Limited, Baker Hughes Company, Halliburton Energy Services, Inc., NOV Inc., Archer Limited, TechnipFMC plc, Nabors Industries Ltd, Aker BP, General Electric, Welltec A/S. Request Report Sample@ https://www.researchnester.com/sample-request-4824 Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates, and executives to make wise decisions for their future marketing strategy, expansion, investment, etc. We believe every business can expand to its new horizon, provided the right guidance at the right time is available through strategic minds. Our out of box thinking helps our clients to take wise decisions to avoid future uncertainties. Contact for more Info: AJ Daniel Email: info@researchnester.com U.S. Phone: +1 646 586 9123 U.K. Phone: +44 203 608 5919