![]() Rising Energy Demand to Facilitate Growth ![]() To get a detailed report summary and research scope of this market, click here: Moreover, the strategy to replace diesel-powered frack gear with electric pumps will consequently lead to the scraping of about 1 million horsepower of fracking pumps bought from Schlumberger. The growing business of liberty at present will have a tremendous impact on the market in the foreseeable future. The company plans to integrate electric blenders with his company’s two-year effort to develop the next generation in fracking pumps that work off electricity, rather than diesel. The Schlumberger’s electric blender technology that mixes the water, sand, and frack chemicals will enormously improve the services of liberty. Liberty signed an agreement to buy Schlumberger’s OneStim fracking business in exchange for a 37% stake in the company. ![]() The deal will help the company to extend its services and become a leader in the near future. Liberty Oilfield Services Inc, an oilfield service company, specializing in hydraulic fracturing, stimulation, and engineering services announced the acquisition of a Schlumberger unit. The increasing investment in the offshore sector is expected to favor healthy growth of the market, mentioned in a report, titled “Oilfield Services Market Size, Share & COVID-19 Impact Analysis, By Type (Equipment Rental, Field Operation, and Analytical Services), By Service (Geophysical, Drilling, Completion & Workover, Production, and Processing & Separation), By Application (Onshore and Offshore ), and Regional Forecast, 2020-2027.” The market size stood at USD 267.82 billion in 2019 and is expected to exhibit a CAGR of 6.6% between 2020 to 2027.Īcquisition of Schlumberger unit by Liberty Oilfield Services to Augment Growth The global oilfield services market size is expected to reach USD 346.45 billion by 2027.
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