Global Oilfield Services & Equipment Market Outlook to 2028

Global Oilfield Services & Equipment Market Outlook to 2028

Stable crude oil price recovery coupled with a rise in the demand for oil and gas, continued oil exploration and field development activities, rising redevelopment of mature oil wells, and supportive government policies are some the factors augmenting the growth of Global oil field services and equipment market.

Furthermore, reducing the cost of oil field services and increasing demand for tools, equipment, and advanced technology for offshore and unconventional resources boost the demand for the Global oil field services and equipment market.

Oilfield equipment is elementary equipment used for the development of successfully explored oilfields. These include functions starting from drilling to well completion, i.e., drilling, data acquisition, well intervention, well logging, well completion, pressure maintenance, and flow control.

With the outbreak of novel coronavirus and worldwide lockdown, the demand for oil and gas reduced significantly and forced oil field operators to reduce their exploration budgets to maintain operational efficiency.

Post covid-19, oil demand and crude prices have recovered from record lows in Q3 2020, which has supported a recovery of shut-in production units. However, oil prices still below the breakeven levels to improve upstream spending. Most of the companies are debt-laden and going for mergers and consolidations.

Due to recent offshore oil and gas discoveries, the drilling rigs segment will likely dominate the market during the forecast period, particularly the North Sea area.

North America is expected to be the largest market for the oilfield rental services market, with major demand expected to be coming from countries like the United States, Canada.

In South America, Brazil can be a significant contributor to oil field services and equipment demand. The Brazilian government aims 2 Mm/d of additional oil production by 2027, mostly from deep-water areas.

Blackridge's Report provides insights into the current global and regional market demand scenario and its outlook. The study offers a detailed analysis of various factors instrumental in affecting the global oil field services and equipment market growth.

The Report will also provide a perspective on various market opportunities and threats and a detailed analysis of the global oil field services and equipment market's competitive landscape.
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