Market Scope
Market Research Future (MRFR) estimates the market value of the upstream services market 2021 to be USD 148 Billion by 2023-end. MRFR also expects the market to advance at a growth rate of 4.10% from 2018 to 2023 (assessment period). Further, we will provide COVID-19 impact analysis with the report.
Growth Inducers and Main Barriers
Covid-19 analysis by MRFR reveals that the energy sector has been subjected to considerable revenue loss induced by the pandemic. The short term impact has led to a diminished demand for oil across the globe, leading to plummeting production as well as prices. A number of companies in the energy and power industry have ceased capital expenditures wherever required. Several countries are undertaking measures to back the energy industry, in an attempt to mitigate the detrimental effects of the crisis. Consolidation facilitated by the increasing acquisition of redundant assets has been the response to the recent slump in the market, which can reduce the long-term impact of covid-19 to some extent.
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On a brighter note, experts have high hopes for the upstream services market as there is now higher focus on research and development to develop sampling methods. Also, the spending on product innovation has emerged as the primary focus of well-known vendors that provide upstream services. The surge in the oil & gas exploration sites combined with the expanding subsequent production of natural gas and crude oil boost the growth of the upstream services market.
Post 2014, the oil and gas sector had witnessed revenue contraction, due to decline in the oil price. Persistent downfall of the oil price has had a profound effect on the expenditure within the industry, especially in the upstream sector. That said, the adjustments in the oil prices by leading companies have given rise to a positive outlook for the upstream services market in recent years. The evolution in the demand-supply dynamics has also induced the number of oil wells worldwide, thereby stimulating the market growth for upstream services.
Market Segmentation
The upstream services industry has been segregated into two dynamics, namely type and well type.
The types of upstream service described in the study are Well Fluids, Wireline, Tubular Goods, Pressure Pumping, Coiled Tubing, Waste Management, Intervention, Completion, and others.
The well types included in the report are offshore as well as onshore.
Regional Outlook
Regionally, the market markets for upstream services are APAC or Asia Pacific, Middle East, North America along with South America & Africa.
Out of the regions mentioned, the leading market happens to be North America, on account of the significant capital expenditures along with the massive investments in shale oil production with the widespread deployment of unconventional technologies for drilling. The rising adoption of artificial intelligence (AI) technologies among oilfield operators as well as service providers coupled with the huge number of prominent upstream services providers, especially in Canada and the US also help with market gains in the region.
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APAC has seized a substantial portion of the global market, thanks to the considerable demand for oil and gas and the rapid advancements in the upstream services industry. The increasing urbanization and industrialization rate combined with the expanding population as well as the subsequent increase in ownership of automobiles, the demand for hydrocarbons and crude oil has risen sharply across the region. Surge in the exploration activities for innovative oil and gas resources along with deep-water exploration has helped the market gain massive traction in the region. The business growth in the region is also the result of the increasing technological developments, leading to higher productivity and decline in the production cost.
Leading Contenders
Leading contenders in the market for upstream services include Flour Corporation (U.S.), Baker Hughes Incorporated (U.S.), Saipem S.p.A. (Italy), Weatherford (U.S.), Halliburton (U.S.), GE Oil & Gas (U.S.), Transocean Ltd. (Switzerland), Petrofac Limited (Jersey), Schlumberger Limited (U.S.), TECHNIP (U.K), China Oilfield Services Limited (China), to mention a few.
Latest News
May 2020
KPS Capital Partners is set to acquire Lufkin Rod Lift Solutions Company from Baker Hughes. KPS will be acquiring all the products and technologies that generally find use in the upstream services industry, along with the management team from Lufkin.
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