Asia-Pacific Oilfield Services Market is Expected to be Dominated by Drilling Services Until 2028
Increasing oil & gas
investments and rising deep-water projects in the region are expected to drive
the Asia-Pacific oilfield services market during the forecast period.
According
to TechSci Research report, Asia-Pacific Oilfield Services Market - By Country, Competition, Forecast and
Opportunities, 2018-2028. The main drivers for the expansion of the Asia-Pacific oilfield
services market are
the decreasing cost of oilfield services and the rising production output. The
rise in prices is attributed to an increase in domestic oil consumption, which
continues to be the most lucrative market for international suppliers of
oilfield services. Oil creation in Asia-Pacific is 7,425 thousand of barrels
each day when contrasted with world 8,8391 thousand of barrels each day.
Oil
utilization in Asia-Pacific is 34003 thousand of barrels each day when
contrasted with world 91078 thousand of barrels each day. The region is implementing regulations to raise the
share of gas and decrease the share of coal in the overall energy mix due to
air pollution and environmental concerns. Moreover, with growing exploration
and production activities supported by government efforts, the Asia Pacific
oilfield services market is expected to grow during the forecast period.
The oilfield
equipment and services (OFS) sector needs services for processing and
separation. These services are anticipated to witness significant growth in the
anticipated time due to the increasing scope of oil, water, and gas treatment
across the industry to increase recovery and lessen the environmental effect of
hydrocarbon production. The primary services covered in this area include those
for treating water, oil, gas, sediments, and other things, which is likely to
proliferate the demand for oilfield services in the Asia-pacific region during
the forecast period.
Browse
over XX market data Figures spread through 80 Pages and an in-depth TOC on the “Asia-Pacific Oilfield Services
Market"
The
Asia-Pacific oilfield services market is divided into service type and
location of deployment. Based on service type, the market is segmented
into drilling services, completion
services, production and intervention services, and other services.
Based on location of deployment, the market is divided into onshore and
offshore.
Based
on service type, the market is segmented into drilling services,
completion services, production and intervention services, and other services.
According to service type, the Asia-Pacific oil field service market is
dominated by drilling services due to the expansion of E&P activities in
the offshore region. It is projected that the need for drilling services will
rise significantly in the coming years. The list of drilling services also
includes directional drilling, coiled tubing and reentry, measurement and
logging while drilling, reservoir navigation services, casing/liner drilling
systems, surface logging services, coring services, and hole enlargement.
Additionally, contractual services are generally offered to E&P companies
by the drilling services sector. The service is required at every stage of the
project's lifecycle, including the phases of exploration, production, field
development, and study. The market for drilling services is driven by increased
enhanced oil recovery (EOR) and the growth of mature assets in the region.
Onshore
is the dominating sector in the Asia-Pacific oil field services market based on
location of deployment since onshore drilling has lower operational costs than
offshore drilling and the number of onshore rigs has been steadily increasing
as oil prices have stabilized because its operational expenses are lower than
those of offshore drilling.
Major market players in
the Asia-Pacific oilfield services
market: -
- Schlumberger Ltd
- Baker Hughes Co.
- Halliburton Co.
- National Oilwell Varco Inc.
- Weatherford International
PLC
- Petrofac Limited
- Superior Energy Services
Inc.
- Expro International Group
Holdings Ltd.
- Archer Limited
Download Free Sample Report
Customers
can also request for 10% free customization on this report.
The
declining cost of oilfield services and the increase in production output are
the primary forces behind the expansion of the Asia-Pacific oilfield services
market. The range of customized packages offered by significant upstream
service providers also allows the operators to save up to millions of dollars
such as shale gas extraction through hydraulic fracturing and other stimulation
techniques develops. Hence, it is projected that the demand for these services
will expand. In addition, the growing demand for oil and gas from offshore regions
will propel the demand for oilfield services during the projection period.
"The
Asia-Pacific oilfield services market is expected to expand during the
projected period due to the rising
development of gas reserves and cutting-edge technology, tools, and equipment,
and the continuous launch of new tools and services to boost production and new
contracts for developing mining assets and rising collaboration activities to
brighten the oil & gas industry. Additionally, the market will also be
driven by a number of reasons, including rising deep-water projects, increasing
production & exploration activities in the oil & gas industry, and oil
& gas consumption in developing economies such as India”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
Asia-Pacific Oilfield Services Market, by Service Type (Drilling Services, Completion Services, Production
and Intervention Services, and Other Services), By Location of Deployment
(Onshore and Offshore), By
Country, Industry Size, Share, Trends, Opportunities and Forecast,
2028 has
evaluated the future growth potential of Asia-Pacific
oilfield services market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities of
the Asia-Pacific oilfield services
market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web:
https://www.techsciresearch.com