LONDON--(BUSINESS WIRE)--The energy industry as a whole has been improving in recent months, bringing an upswing for oilfield services providers. Companies have begun to be able to raise their prices and increase operations. However, this has not been enough to make business sustainable for them again, and they will need to be able to raise prices further in order to be profitable. These organizations are also having difficulty finding skilled labor now that business is increasing, as many workers have left the field to find work elsewhere.
The oil industry is cyclical, and peaks and troughs in demand are normal. Some industry experts are optimistic that circumstances will continue to improve and demand will continue to rise. However, others estimate that demand will need to reach record levels this year in order to support oil prices.
There are other ways that oilfield services can adapt to this situation, however. The adoption of digital oilfield technology, for example, can streamline operations and allow organizations to make more efficient use of their resources. This technology involves advanced software and data analytics that can optimize areas such as workflow, production, and resource allocation. Infiniti Research observes that this technology can improve the net present value of a project by up to 25%, and expects the market to grow at a CAGR of 4.68% by 2021 despite current setbacks in the oil industry.
In an uncertain and challenging market, it is important to be aware of the external factors at play, and to take advantage of new technologies and practices that can benefit your business. A leading oilfield services company recently used Infiniti Research’s services to gain insights and recommendations on strategic engagements on the eight service lines — wireline logging, coiled tubing/stimulation, cementing, directional drilling/LWD, surface well testing, slick line, mud logging, drilling fluids.
By using specialized news aggregators, annual reports, industry databases, media platforms, industry forums, and company presentations, Infiniti Research industry specialists presented the client with an in-depth understanding of the overall market, market pricing, and the competitive landscape for eight countries in Middle East and Africa. The numerous insights provided in this study allowed the oil services conglomerate were utilized for devising strategic plans for future growth, including organic growth and through merger and acquisition activities.
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Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
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