Oilfield services refer to a wide range of services provided to oilfield operators for exploration and extraction of oil & gas. It also includes services related to the abandonment of oil & gas fields once the resources are no longer economically viable.

The oilfield services market is very competitive with the presence of a few major global leading players. This segment highlights the key growth strategies adopted by them in recent years. The market players adopted various strategies to expand regional presence and increase market shares. New product and technology launches and contracts & agreements were the most popular strategies adopted by them to achieve growth in the oilfield services market.

Vendors that fall into this category generally receive high scores for most evaluation criteria. They have a strong and established product portfolio, strong market presence, and strong business strategies.

These are established vendors that employ very strong business strategies such as mergers & acquisitions. However, their product portfolios are lacking when compared with the Vanguards. These companies generally focus on a specific type of technology related to the product. They also focus on a particular region.

Innovators in the Vendor DIVE Matrix are vendors that have demonstrated substantial product innovations compared with their competitors. They have very focused product portfolios. However, they do not have very strong growth strategies for their overall business when compared with the visionary leaders.

The vendors in this category have a niche and focused product offering and are regional players. They do not have strong business strategies compared with other established vendors. They might be new entrants in the market and may require some time before gaining significant traction in the market. The oilfield services industry is mainly driven by an increasing demand for petroleum products. In the current scenario, there has been a considerable decrease in drilling activities, combined with an increasing demand for oil & gas. This has resulted in the depletion of oil recovery rates from existing wells and conventional reservoirs, and an increase in production activities. These factors are supplementing the need for well intervention and well completion services in both onshore and offshore regions. Well intervention or well workover involves operations carried out on oil & gas wells to rework, manage, and analyze well conditions. In addition, it can be utilized at any stage to maintain optimum production. Every oil well needs well intervention periodically in different forms. The intervention services required are limited when it comes to gas wells. There is potential for growth of well intervention applications in the oil & gas industry owing to increasing production and shale exploration activities. The fluctuating prices of crude oil have boosted the demand for completion equipment and services across the globe due to a reduction in drilling activities and an increase in production activities. Well completion is carried out during the final phase of drilling and is a key stage in the lifecycle of a well. The declining oil & gas reserves in onshore areas are providing an opportunity to operators to venture into offshore regions. The trend is likely to continue in the future as increasing production from deepwater and ultra-deepwater reservoirs would drive the demand for well completion equipment and services. There is an ongoing trend of companies opting for multizone completions, which provide production from multiple reservoir levels.