Oilfield Services Market Rising due to Increasing Unconventional Oil and Gas Exploration

Transparency Market Research has announced a new market study, titled ‘Oilfield Services Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2014 – 2020.’ The report examines historical data about the global oilfield services market gathered through primary and secondary research and hence presents a granular overview of the market’s current condition. Further, it presents detailed forecasts regarding the global oilfield services market, including the key segments that will come to dominate the market, the drivers and restraints that will emerge as the most influential, and the major players that will leave a mark on the market in the coming years.
 
The report describes the growth of the oil and gas industry in recent years as the primary driver propelling the global oilfield services market. As an ancillary industry of the oil and gas industry, demand from the oilfield services industry has naturally risen along with the growing oil and gas industry. The rising demand for fossil fuels and the increasing concerns regarding the scarcity of new oil and gas fields as well as the dropping levels of existing oil and gas reservoirs have driven the oil and gas industry, leading to a corresponding rise in demand for oilfield services.
 
Oilfield services comprise the various methods used in exploration, drilling, and conveyance of oil and gas. Geological modeling of potential reserves, seismic surveys and drilling wells to further ascertain the presence of oil, and the various techniques used in oil drilling such as coil tubing, wireline, simulation, and well intervention are some of the prominent examples of oilfield services. The equipment, accompanying infrastructure, and the actual rendering of the services make up the oilfield services industry.
 
On the basis of type, the report segments the global oilfield services market into well intervention and wireline services, drilling and completion fluids, coiled tubing services, pressure pumping and services, and others. Most of these services are utilized in oilfields at various times in its lifespan, leading to the overall oilfield services market getting a significant boost. The report provides the figures and forecasts for each product segment of the global oilfield services market.

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According to TMR analysts, the rising focus on unconventional oil and gas drilling in North America has driven this regional market in recent years. The oilfield services in North America emerged as the regional leader in the global market in 2013 and is expected to remain dominant in the market owing to the rising demand for shale gas exploration.
 
Innovation of economical and effective oilfield service technologies is the primary R&D channel for oilfield services companies. Major players operating in the global oilfield services industry examined in the report are Halliburton Company, Yantai Jereh Oilfield Services Group Co. Ltd., Schlumberger Ltd., Cameron, Zhongman Petroleum and Gas Group, The Weir Group PLC, Beron Energy Ltd., and Frontier Oilfield Services Inc. With analysis of these and other key players in the global oilfield services market, the report presents a comprehensive overview of the competitive landscape of the market.