Theglobaloilfield services market is expected to grow at a CAGR of 3.41% duringthe forecast period. Based on the application, the market has been segmentedinto onshore and offshore.
The onshore oilfield services marketis characterized by the presence of several large to small-scale oilfieldservice companies, as the capital investment required to operate in onshorefields is considerably lower than in offshore fields. The growth of the onshoresegment is attributed to the increasing upstream activities, including newdrilling and implementation of enhanced oil recovery technologies propelled bythe global rise in energy demand.
Increased focus on unconventionalreserves such as shale gas and tar sands reserves is anotherfactor stimulating the growth of the onshore segment. For example, in the US,the advances in drilling and production technology in recent years have allowedwell operators to reduce breakeven costs significantly, enabling operations inPermian, Eagle Ford, and Bakken regions to remain profitable. This isencouraging more companies to invest in shale gas and tight oil production,while driving the demand for drilling and completion services from the onshoresegment.
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