Research and Markets has announced the addition of the "Iran Oilfield Services Market- By Application (On-Shore, Off-Shore), By Type, By Region Opportunities & Forecast 2021" report to their offering.
Iran is forecast to grow at a CAGR of more than 13% during 2016-2021, on account of anticipated increase in oil & gas E&P activities
In 2015, onshore oilfield services segment accounted for a majority share in Iran's oilfield services market; however, the offshore oilfield services segment is forecast to exhibit higher growth during 2016-2021. Directional drilling and hydro fracturing services accounted for the largest share in the oilfield services market in Iran, followed by mud engineering services, wireline services, oil country tubular goods services, etc.
On account of removal of sanctions, advent of foreign players and anticipated rise in capital inflows, oilfield services market in Iran is expected to grow by 2021. Further, as a result of signing of a Joint Comprehensive Plan of Action (JCPOA) with P5 1 nations, in 2015, Iran is cutting down on its nuclear enrichment activities and is focusing towards increasing its crude oil production.
This in turn is expected to result in augmented demand for oilfield services during 2016-2021. In Iran, Isfahan, Kermanshah and Mashhad regions accounted for the largest share in the oilfield services market, in 2015, on the back of large scale oil & gas exploration and production activities being undertaken in these regions.