2014-01-09 05:17:01 - Analysis of the Global Oilfield Services Market - a new market research report on companiesandmarkets.com
The global oilfield services industry is currently undergoing rapid technological innovation with increasing popularity of unconventional oil & gas resources. It witnessed fluctuating growth in 2009â2011 and is expected to stabilise during the forecast period, 2013â2017. The oilfield services market witnessed fluctuating growth during 2009 to 2012. However, it is expected to grow steadily over the forecast period, 2013 to 2017. The revenue of oil services market is expected to grow during the period 2013 to 2017.
Oilfield services market is undergoing a period of rapid innovation with technologies such as hydraulic fracturing and horizontal drilling becoming the standard for exploration and production (E&P) activities. Though regional markets are mostly dominated by local companies, the revenue generated by multinational companies from
these markets are significantly higher than that of domestic firms.
Drop in oil price in the late 1980s and early 1990s restricted recruitment which has now resulted in considerable talent crunch. Companies are faced with a severe shortage of skilled labour as senior personnel are retiring and young recruits lack experience. This phenomenon also highlights the volatile nature of recruitment in oil& gas sector. High oil prices have been instrumental in increasing E&P activities in oil and gas sector. High price induce confidence in investors which results in increased investments in the oilfield services market.
Schlumberger Limited was the market leader in 2012 followed by Halliburton and Baker Hughes. The top three companies in 2012 were all diversified oilfield service providers. National Oilwell Varco is the market leader among the equipment manufacturing companies in the engineering and equipment manufacturing segment and occupies the fourth position in the global oilfield services market in terms of revenue.
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