the oil and gas sector and thereby significantly boosting the demand for oilfield services . Technological advancements have now enabled the operators to extract from sources that were inaccessible previously . For example , extraction of gas from shale and oil underneath bituminous sand was quite expensive but with new technologically advanced processes have made it economical . Moreover , these new technologies have helped in E & P activities in several aging oilfields across the globe .
The application segment of onshore oilfield services currently accounts for most of the demand . However , offshore segment is also projected for a healthy growth rate , despite being expensive , due to depleting onshore resources , which has urged operators to explore alternatives . By services , the segment of drilling contributes most of the demand , which is a reflection of increased investment in technology by the OFS companies and increasing efficiency of several drilling processes .
Global Oilfield Services Market : Regional Outlook
Currently , North America serves maximum demand for oilfield services , which is a reflection of deep-water productions in the countries of the U . S . and shale gas production in Canada . North America is expected to remain most prominent region throughout the forecast period .
Companies mentioned in the research report
Some of the key companies currently operating in global oilfield services market are Schlumberger , Halliburton , National Oilwell Varco , Baker Hughes , Weatherford International , China Oilfield Services , Petrofac , Saipem , Transocean , and Worley Parsons .
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Major regions analyzed under this research report are :
-Europe
-North America
-Asia Pacific