MarketandMarkets, a global market research and consulting company based in the US, estimates that the global oilfield services market will grow from a value of $166.6 billion in 2014 to $291.8 billion in 2019. This value is expected to grow with a CAGR of 11.9% between 2014 and 2019. North America is expected to lead the global oilfield services market with a share of nearly 52%, in terms of revenue, by the end of 2014.
Major drivers for the oilfield services market are the increase in the exploration and production rate, recoverable reserves, and the energy strategy shift through gas and energy security by domestic supply. The research and development initiatives by oilfield service companies and the rise in oil prices have assisted the oilfield services market to grow to this level.
North America holds major market share in the global oilfield services market, and is expected to lead the global oilfield services market with a share of nearly 52%, in terms of revenue, by the end of 2014.