LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global oilfield services 2016-2020 report. This research report also lists six prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
The global oilfield services market is characterized by the presence of established vendors. In several regions, local or regional vendors dominate the market, which has increased the competition over the past few years. In general, however, the market is dominated by large and established players like Schlumberger, Baker Hughes, Halliburton, Weatherford, and National Oilwell Varco. They have a large portfolio of oilfield-related equipment and services that can be customized depending on customer needs.
“The new technologies in this industry are being driven by the demand for efficient production with higher productivity and lower cost of implementation,” says Vishu Rai, lead analyst at Technavio for oil and gas research.
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Baker Hughes
Baker Hughes was founded in 1987 and is headquartered in Houston, Texas, US. It is an oilfield services company that offers products, services, and technology to the oil and natural gas industry. It provides industrial products and services to the downstream refining process and pipeline industries. The company has operations in over 80 countries worldwide.
The company's products and services are classified into the following divisions: completion and production, drilling and evaluation, industrial services.
Halliburton
Halliburton was founded in 1919 and is headquartered in Houston, Texas, US. It provides products and services to the energy industry. It serves the upstream oil and gas industry throughout the life cycle of the reservoir (discovering hydrocarbons and managing data, drilling and formation evaluation, construction and completion of wells, and optimization of production through the life of the field). The company has a presence in 140 locations in over 80 countries.
The company operates through the following segments: completion and production, and drilling and evaluation.
National Oilwell Varco
National Oilwell Varco was founded in 1841 and is headquartered in Texas, US. The company provides components and equipment used in the oil and gas drilling industry. The company conducts operations in around 900 locations across six continents.
The company has established a presence in the oilfield services market with its range of offerings such as completion services, drilling fluids, mining and minerals, mud chillers, portable power, solids control, waste management, and water services.
Schlumberger
Schlumberger was founded in 1926 and is headquartered in Houston, Texas, US. It is known for providing integrated project management and information solutions to the oil and gas and production industries. The company has 125 research and engineering facilities worldwide.
The company operates through three segments: drilling, production, and reservoir characterization.
Weatherford International
Weatherford International was established in 1948 and is headquartered in Baar, Switzerland. It provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. It is one of the world's largest international oil and natural gas service companies.
The company operates through two main segments which are: formation evaluation and well construction, and completion and production.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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