Global Upstream Services Market Scenario
With the market ramping up to some new and emerging offshore services, higher pricing of oil is giving confidence to operators for production and exploration activities. This would propel the growth of the market during the forecast period. The market according to Market Research Future (MRFR) is slated to witness a CAGR of 4.10% between 2018 and 2023. Furthermore, the valuation of the market is expected to jump from its 2018 total of USD 180 billion to a far superior number by the end of the forecast period. A detailed analysis report of COVID-19 impact on Upstream Services Market is provided with the report.
The global upstream services market is positioned in the global landscape with the potential to garner a positive growth rate during the forecast period. This is primarily because oil producing nations are once again investing in various new projects owing to the rising prices of oil. The Middle Eastern region is alone proof of this as it is expected to witness a CAGR of 6.0% during the forecast period. It is reported that mergers & acquisitions would significantly aid in stabilizing the volatile nature of the environment, so that service providers can faintly manage their debts and go on to survive the market. At a country level, governments are making quite an impact with their favorable policies and heavy investments, thereby enabling private ventures and entities to fulfill the energy demand of the nation, mutually.
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Competitive Landscape
MRFR identified a host of key and prominent players operating in the global upstream services market. These players are highly capable with their services and are bringing-forward new developments into the field with their operations. Some of the players identified are as follows: Saipem S.p.A. (Italy), China Oilfield Services Limited (China), Baker Hughes Incorporated (U.S.), Schlumberger Limited (U.S.), Weatherford (U.S.), GE Oil & Gas (U.S.), Halliburton (U.S.), Petrofac Limited (Jersey), Transocean Ltd. (Switzerland), Flour Corporation (U.S), and TECHNIP (U.K).
Market Segmentation
The global upstream services market segmentation is done to grab a fair understanding of the market landscape. The market is broken down on the basis of type and well type.
By type, the market segments into tubular goods, coiled tubing, pressure pumping, waste management, wireline, intervention, well fluids, and others.
By well type, the market comprises of onshore and offshore well types. Among the two, the onshore application segment is anticipated to hold the dominant position in the global market landscape during the forecast period.
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Regional Analysis
The global upstream services market is geographically distributed among the following key regions: North America, Europe, Asia a Pacific, and the Middle East & Africa.
Geographically, among the mentioned regions above, the upstream services market is globally spearheaded by North America. The region holds the maximum share percentage in the global landscape and is slated to gain massive growth over the forecast period to remain at the top of rankings. Both the US and Canada contribute significantly to the overall welfare of the North American region. This is because the countries are expected to have far wider potential from shale sands, tight gas, and natural gas exploration as they have discovered new fields until very recently.
The North American regional market is followed up by Asia Pacific, one which is also forecasted to experience a profitable period of growth in the coming years. The growth of the region herein is due to number of huge discoveries combined with the increasing demand for petrochemical, increasing number of rigs, and the exploration of ultra-deep resources. Also, rapid paced urbanization in major developing countries like India and China are expected to push the market demand for upstream services in the Asia Pacific region.
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