Report : Asia Pacific Oilfield Service Market Forecast to 2028 – COVID-19 Impact and Analysis – by Application (Onshore and Offshore) and Service Type (Well Completion, Wire line, Artificial Lift, Perforation, Drilling and Completion Fluids, and Others)
Onshore Segment to Dominate Asia-Pacific Oilfield Service Market during 2019–2028
According to a new market research study on “Asia-Pacific Oilfield Service Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Service Type,” is expected to reach US$ 34,264.84 million by 2028 from US$ 21,195.08 million in 2021. The market is estimated to grow at a CAGR of 7.1% from 2021 to 2028. Rising shale gas extraction is the major factor driving the growth of the Asia-Pacific oilfield service market. However, volatility in crude oil prices may hinder the growth of Asia-Pacific oilfield service market. The report provides trends prevailing in the Asia-Pacific oilfield service market along with the drivers and restraints pertaining to the market growth.
The Asia-Pacific oilfield service market is segmented into application, service type, and country. Based on application, the Asia-Pacific oilfield service market can be bifurcated into onshore and offshore. In 2020, the onshore segment held the largest share Asia-Pacific oilfield service market. Based on service type, the Asia-Pacific oilfield service market is segmented into well completion, wire line, artificial lift, perforation, drilling and completion fluids, and others. In 2020, the others segment held the largest share Asia-Pacific oilfield service market. Similarly, based on country, the market is segmented into China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. China contributed a substantial share in 2020.
Archer; Baker Hughes Company; Halliburton Energy Services, Inc; NOV Inc; Schlumberger Limited; Weatherford International plc; and Wireline Services Group are among the leading companies in the Asia-Pacific oilfield service market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Nov Inc has launched a Boomerang reamer for increasing the efficiency of drilling solutions in the APAC region. The boomerang reamer improves drilling and tripping performance cuts costs and reduces reactive torque.
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