According to the analysis reports by MRFR, the China Oilfield Services market is expected to flourish substantially during the assessment era from 2024 to 2032 at a healthy growth rate of approximately 4.50%. The report anticipates the market to attain a size of around USD 186.26 million by the end of 2032.
China Oilfield Services refer to the operations associated with the oil used for the complete life cycle of sound exploration. The operations include intervention, stimulation, drilling, completion, exploration, and production. The market for China Oilfield Services has demonstrated a massive expansion in recent years. The market's growth is ascribed to the factors such as the escalating production of oil & gas, increase in shale gas extraction, rising shale gas extraction, and growing oil & gas investment in the potential region.
Segment Analysis
the market for China Oilfield Services has been segregated into several segments based on service type, application, and region.
Based on the service types, the market for China Oilfield Services is fragmented into drilling waste management services, OCTG, coiled tubing services, well completion equipment & services, wireline services, pressure pumping services, well intervention services, and several others.
Based on the application, the market for China Oilfield Services is fragmented into offshore and onshore.
Regional Analysis
The market for China Oilfield Services is analyzed across five significant geographies: the Middle East & Africa, Latin America, Asia-Pacific, Europe, and North America.
According to the research reports by MRFR, the North American region secured the top position across the market for China Oilfield Services in the year 2020 with a maximum contribution of approximately 41.39%. The report further anticipates the regional market to thrive substantially during the assessment timeframe at a healthy growth rate of approximately 5.50%. The region has the United States as the leading growth contributor in terms of revenues. The primary aspect causing an upsurge in the regional market's performance is the growing drilling & production activities across the region. In the US, development in hydraulic fracturing technology has aided the operators in raising their shale production across the region. In 2018, the nation had 968 active rigs and more than a million producing wells, and it is one of the biggest markets for drilling China Oilfield Services across the globe.
The European regional market for China Oilfield Services is anticipated to show substantial growth over the coming years. the region has further been segregated into Belgium, Poland, the UK, Italy, Germany, the Netherlands, Russia, Spain, France, and the Rest of Europe. The availability of natural gas reserves across the European region in the Barents Sea, the Norwegian Sea, the North Sea, the Mediterranean, the Caspian, and the Black Sea may offer lucrative opportunities for growth over the coming years. Furthermore, significant shale gas reserves present lucrative opportunities for market participants across the European region. It is likely to catalyze the regional market's growth over the coming years.
Competitive Analysis
- Schlumberger Limited (US)
- Halliburton (US)
- Baker Hughes (US)
- Weatherford International plc (US)
- National Oilwell Varcos (US)
- Asian Energy Services Limited (India)
- TechnipFMC plc (UK)
- Superior Energy Services Inc (US)
- China China Oilfield Services Limited (China)
Recent Developments
- November 2022- An China Oilfield Services company providing completions services to upstream oil and gas companies, ProPetro Holding Corp., has disclosed the acquisition of a provider of wireline perforating and pump-down services solely in the Permian Basin, Silvertip Completion Services Operating, LLC is generating a prominent completions-focused China Oilfield Services company headquartered in the Permian Basin.
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