Asia-Pacific, the second largest market, has a share of 20% in the global oilfield services market. The total revenue generated by the Asia-Pacific oilfield services market is $31,598.0 million in 2013, which is expected to grow at a CAGR of 14% from 2014 to 2019 to reach $68,762.0 million by 2019. The oil country tubular goods (OCTG) segment has the highest share, followed by pressure pumping and wire line services. High-energy demand from growing economies and new explorations and discoveries in Asia-Pacific market especially in China and India are driving the growth of oilfield services market.
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The global market revenue for oilfield services is valued at $151.0 billion in 2013. Oilfield services are required during various phases of the lifecycle of a well, including drilling, completion, stimulation, intervention, production, and so on. These are the service provided by oilfield service companies to oil and natural gas companies. The market is analyzed on the basis of the types of services offered by oilfield service companies to support exploration and production activities. Latin America and Asia-Pacific are the fastest growing markets over the next five years with regards to these activities, and hence growth prospects for the oilfield services market are high in these regions.
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