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The Oilfield Service and Equipment Market Experienced a Double-dip Negative Growth in 2015 and 2016, but is Expected to Rebound with the Recovery of Oil Prices
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The global oilfield services and equipment market is still recovering from the 2015 oil price crash, as oil companies are still trying to consolidate their position by reevaluating their capital expenditure. The oilfield services and equipment market has four main segments - drilling, completion, capital equipment, and production. While some segments like completion are recovering well, others like drilling are yet to show positive growth. As unconventional resources are very expensive to explore, many rigs across the globe have been idle. The huge backlog has led to deferred credits, which affect the bottom lines of oilfields equipment and service companies.The study aims to analyze and forecast the impact of low oil prices on the oilfield services and equipment market, 2017.
Market measurements are analyzed from 2010 to 2017, with 2016 being the base year. The revenue estimation for each sub-segment is obtained from annual reports and analyses of various drivers and restraints. As the study addresses the short-term impact of oil prices on oilfield equipment, revenue growth has been forecast only for 2017. Only segments that are critical for operation and have significant market share have been considered for study. An indexing method has been used to observe the trends in various oilfield segments, based on which an impact assessment has been made. The study also covers the market share analysis to identify the changing dynamics of the competitive structure. Lastly, based on the analysis, the growth opportunities of key segments are evaluated and the strategic imperatives for success are identified.
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