Continued improvement in the US onshore sector into the second half of 2017 is expected to support a recovery in global DWS expenditure, according to Westwood Global Energy Group’s latest World Drilling & Well Services

Market Forecast report (previously the World Oilfield Services Market Forecast report).

Some of the main report conclusions include: 

  • Total market of $1,177bn over the 2017-2021 forecast period. 
  • Global onshore and offshore expenditure are forecast to rise at a 9% and 2% CAGR, respectively. 
  • North America is forecast to increase its share of the onshore market from 48% over 2012-2016 to 51% over 2017-2021. 

An expected recovery in the North American onshore sector remains the key driver for growth in the global DWS market over the forecast, with Westwood’s forecast for North American onshore expenditure over 2017-2021 having increased marginally by 0.5% compared with the previous quarter. The US onshore rig count has continued to improve over the past three months as idle units are re-activated to satisfy rising demand…

You can view more commentary report conclusions here.