Report : South America 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 South America Oilfield Service Market during 2019–2028
According to a new market research study on “South America Oilfield Service Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Service Type,” is expected to reach US$ 10,994.61 million by 2028 from US$ 8,077.13 million in 2021. The market is estimated to grow at a CAGR of 4.5% from 2021 to 2028. Rising oil and gas production and exploration (E&P) activities is the major factor driving the growth of the South America oilfield service market. However, volatility in crude oil prices may hinder the growth of South America oilfield service market. The report provides trends prevailing in the South America oilfield service market along with the drivers and restraints pertaining to the market growth.
The South America oilfield service market is segmented into application, service type, and country. Based on application, the South America oilfield service market can be bifurcated into onshore and offshore. In 2020, the onshore segment held the largest share South America oilfield service market. Based on service type, the South America 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 South America oilfield service market. Similarly, based on country, the market is segmented into Brazil, Argentina, and the rest of SAM. Brazil contributed a substantial share in 2020.
Archer; Baker Hughes Company; Halliburton Energy Services, Inc; NOV Inc; Pioneer Energy Services Corp; Schlumberger Limited; and Weatherford International plc are among the leading companies in the South America 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 2022, Baker Hughes announced their partnership and investment with NET Powers. The partnerships will enable the company to accelerate the market development of zero-emissions power plant.
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