Oilfield Services Market Share, Opportunities, Industry 2031

Segments - Oilfield Services Market by Service Types (Drilling Services, Production Equipment, Completion Services, and Others), Deployments (Offshore and Onshore), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

The Global Oilfield Services Market size was valued at USD 324.43 Billion in 2022 and is expected to surpass USD 576.68 Billion by 2031, expanding at a CAGR of 6.6% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising demand for energy worldwide and high investment in the oilfield sector.

Oilfield services are the operations related to oil including stimulation, drilling, production, intervention, exploration, and completion. An oilfield service provides products and services that are important to complete, produce, and construct oil and gas wells. It helps operators to control borehole erosion, optimize drilling parameters, control the subsurface pressure, analyze penetration rate & hole cleaning, and minimize formation damage.

Covid-19 pandemic has impacted the oilfield services market and has restricted the operations as well as supply chain of the oil and gas industry. Various oil and gas companies globally had to shut down services along with exploration projects as government imposed lockdown to deal with the pandemic. Therefore, this has decreased the global demand for oilfield services.

Market Trends, Drivers, Restraints, and Opportunities

Increasing demand for energy is estimated to propel the market growth during the forecast period.
Growing production and exploration activities in oil & gas industry is major factor fueling the market expansion in the coming years.
A fluctuation in the prices of crude oil is estimated to impede the market growth during the forecast period.
Strict government rules and regulation on exploration & production activities act as main challenge that can hinder the market expansion.
Discoveries of new oilfields are expected to offer lucrative opportunities for the market players.
R&D investment and technological advancement in oilfield services are projected to create significant opportunities for the market players.

Scope of Oilfield Services Market Report

The report on the global oilfield services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Oilfield Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023-2031
Segmentation	Service Types (Drilling Services, Production Equipment, Completion Services, and Others), Deployments (Offshore and Onshore)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Tican Well Service, Ltd.; Halliburton Company; Nabors Industries, Ltd; China Oilfield Services Ltd.; Schlumberger Ltd; Nordic Well Services, LLC; Superior Energy Services, Inc.; National Oilwell Varco, Inc.; and Baker Hughes Inc.

Oilfield Services Market Segment Insights

Drilling services segment is projected to account for a large market share

Based on service types, the global oilfield services market is divided into drilling services, production equipment, completion services, and others. The drilling services segment is expected to constitute a key share of the market during the forecast period owing to rise in deep-water exploration and production activities, increasing efficiency and growing investment in technology.

However, the completion services segment is anticipated to expand at a rapid pace during the forecast period due to growing need for preparation of well for petroleum production.

Onshore segment is projected to constitute a major market share

In terms of deployments, the market is segregated into offshore and onshore. The onshore segment is expected to account for a key share of the market during the forecast period owing to new well discoveries, rising demand for natural gas & crude oil, and increasing investment in oil & gas. Onshore is majorly used in various regions including Middle East & Africa and North America where mostly onshore wells are located for oilfield services.

However, the offshore segment is anticipated to expand at a rapid pace during the forecast period due to increasing investment in deep & ultra-deep-water drilling activities as well as subsea oil and gas assets.

North America is expected to dominate the market

On the basis of regions, the global oilfield services market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to development of shale plays and growing production levels of oil and gas in the region. The US is one of the largest producer and consumer of oil and gas.

On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to rising production and exploration activities to serve to the increasing energy demand.

Segments

The global oilfield services market has been segmented on the basis of

Services Types

Drilling Services
Production Equipment
Completion Services
Others

Deployments

Offshore
Onshore

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Tican Well Service, Ltd.
Halliburton Company
Nabors Industries, Ltd
China Oilfield Services Ltd.
Schlumberger Ltd
Nordic Well Services, LLC
Superior Energy Services, Inc.
National Oilwell Varco, Inc.
Baker Hughes Inc.

Competitive Landscape

Key players competing in the global oilfield services market include Tican Well Service, Ltd.; Halliburton Company; Nabors Industries, Ltd; China Oilfield Services Ltd.; Schlumberger Ltd; Nordic Well Services, LLC; Superior Energy Services, Inc.; National Oilwell Varco, Inc.; and Baker Hughes Inc.

Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.

Oilfield Services Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Oilfield Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Oilfield Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Oilfield Services Market - Supply Chain
  4.5. Global Oilfield Services Market Forecast
     4.5.1. Oilfield Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Oilfield Services Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Oilfield Services Market Absolute $ Opportunity
5. Global Oilfield Services Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Oilfield Services Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Oilfield Services Demand Share Forecast, 2019-2026
6. North America Oilfield Services Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Oilfield Services Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Oilfield Services Demand Share Forecast, 2019-2026
7. Latin America Oilfield Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Oilfield Services Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Oilfield Services Demand Share Forecast, 2019-2026
8. Europe Oilfield Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Oilfield Services Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Oilfield Services Demand Share Forecast, 2019-2026
9. Asia Pacific Oilfield Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Oilfield Services Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Oilfield Services Demand Share Forecast, 2019-2026
10. Middle East & Africa Oilfield Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Oilfield Services Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Oilfield Services Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Oilfield Services Market: Market Share Analysis
  11.2. Oilfield Services Distributors and Customers
  11.3. Oilfield Services Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Tican Well Service, Ltd.
     11.4.2. Halliburton Company
     11.4.3. Nabors Industries, Ltd
     11.4.4. China Oilfield Services Ltd.
     11.4.5. Schlumberger Ltd
     11.4.6. Nordic Well Services, LLC
     11.4.7. Superior Energy Services, Inc.
     11.4.8. National Oilwell Varco, Inc.
     11.4.9. Baker Hughes Inc.