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Well Services Market Analysis by Regions, Major Manufacturers, Key Developments and Forecast Analysis till 2023

March 17, 2019

Well Services

Well Services Market report presents in-depth analysis of Well Services which includes market size, share, growth and demand forecast until 2023 (in USD billion). Well Services market report includes research methodology, value chain analysis, industry analysis by power of suppliers and consumers. Well Services market report also includes new upcoming technology of Well Services Industry that will helps to our clients.

Industry experts project Well Services market to grow at a CAGR of 5% during the period 2018-2023.

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In 2017, crude oil price has gained momentum towards recovery and has now stabilized itself above USD 60 per barrel mark. Growth in upstream activities has also been registered in 2017 and is expected to continue during the forecast period. Low crude oil price in the past forced the oil & gas companies to invest in technology to reduce the breakeven price and change in their strategy, which is expected to add adrenaline to oil & gas upstream activity during the forecast period and drive the well services market.

Increase in Hydraulic Fracturing is driving the Market
Hydraulic fracturing market is expected to register a CAGR of more than 5% during the forecast period, which in turn, propel the well services market. Currently, the United States is the leading player in hydraulic fracturing, but several other countries, like Argentina, Canada, and China are expected to draw significant attention for hydraulic fracturing during the forecast period, thereby, driving the market.

Golden Triangle one of the Largest Market
The deepwater drilling market is expected to rebound in the near future due to increased activity in the Golden Triangle – Gulf of Mexico, Brazil, and West Africa. Chevron’s Ballymore and Shell’s giant Whale discovery in the Gulf of Mexico represents the sign of regional deepwater revival after a long time without any major discovery. The discovery of Egypt’s mammoth offshore natural gas field “Zohr” is expected to increase the demand for well intervention. Several large offshore drilling projects in countries, like Mozambique, and Nigeria are further expected to drive the market.

Norway’s Oil Industry Back on its Feet
The oil & gas industry in Norway is back on its fleet after suffering through one of the worst crisis. Spending of oil companies increased for the first time in 2017 since crude oil price collapse in 2014. The country had witnessed a decline in crude oil production since the start of the century. But in 2014, the trend changed, and production increased. Further, the production is expected to ramp up in Norway after the Johan Sverdrup field, one of the major fields, starts production in 2020. Further, in the UK several projects operated by Shell, Alpha Petroleum and other companies are expected to come online during the forecast period. As a result, increased oil & gas activity in the region is expected to drive the demand for well services.

The Major Players include – Schlumberger Limited, Weatherford International plc, Baker Hughes A GE Co., Halliburton Company, National Oilwell Varco, Superior Energy Services, Inc., Expro Group, Archer, Odfjell Well Services, and Axis Well Technology, among others.

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Geographical Analysis:

Global Well Services Market Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2013-2023):

  • North America: United States, Canada and Mexico
  • Europe: Germany, UK, France, Italy, Russia, Spain and Benelux
  • Asia Pacific: China, Japan, India, Southeast Asia and Australia
  • Latin America: Brazil, Argentina and Colombia
  • Middle East and Africa: Saudi Arabia, UAE, Egypt, Nigeria and South Africa

Global Well Services Market Segmentation:

By Types:

  • Type 1
  • Type 2

By Applications:

  • Application 1
  • Application 2

The Well Services Market report also answers the key questions of the clients; these are:

  • How big is the market opportunity?
  • What are the forces influencing the market growth?
  • What will be the market size at the end of the forecast?
  • Which regions and sub-segments will grow at the highest rate?
  • How will the regulatory scenario impact the Biosolids market?
  • What are the top strategies that the companies in the market are adopting?
  • How will the patent expires shape the market dynamics?
  • How will the market dynamics be shaped by the end of the forecasting horizon?

Price of Report: $ 4250 (SUL)

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