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The development of new oil fields and the growing demand for energy are expected to be the key drivers for the market in the forecast period. Moreover, global energy use is growing rapidly due to increased electricity consumption and transportation. This is supported by an increase in per capita income and an increase in global GDP. Furthermore, the global economy has seen continued growth over the past few years. As a result, the mature economies have witnessed an increase in their GDPs due to increased industrial strength, rising exports, and growing human capital. Additionally, the growing demand for refinery products is likely to increase oil and gas production in the future. The rising demand for crude oil and natural gas is forecasted to provide an impetus to onshore projects in the coming years. Also, the major market players, such as Schlumberger Limited (NYSE: SLB) and Baker Hughes Company (NYSE: BKR), are investing in research and development activities related to renewed projects and abandoned oil resources in various onshore oil fields. These factors are expected to drive the market in the forecast period.
Recently, some key industrial developments have shown the potential to be propellers of the market growth over the forecast period. For instance, in September 2020, Subsea 7 (OTCMKTS: SUBCY) had received a contract at offshore Trinidad and Tobago that catered to the project management, engineering, acquisition and installation of a flexible riser and a subsea rigid flowline together with flexible flowlines and the umbilical system. The installation work is scheduled for 2021. In another case, DOF Subsea made the announcement of the reception of four new contracts worth USD 110 million, with Petrobras. This contract includes three vessels owned by DOF Subsea to be dispatched for performing the inspection of subsea equipments, risers, and flexible pipelines in the Espírito Santos, Santos, and Campos basins.
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The major players in the global oilfield services market are Schlumberger Limited, Weatherford International plc, Baker Hughes Company, Halliburton Energy Services Inc., China Oilfield Services Limited, and Basic Energy Services Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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