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
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Increasing demand for energy is estimated to propel the market growth during the forecast period.
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Growing production and exploration activities in oil & gas industry is major factor fueling the market expansion in the coming years.
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A fluctuation in the prices of crude oil is estimated to impede the market growth during the forecast period.
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Strict government rules and regulation on exploration & production activities act as main challenge that can hinder the market expansion.
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Discoveries of new oilfields are expected to offer lucrative opportunities for the market players.
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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.
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Attributes
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Details
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Report Title
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Oilfield Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023-2031
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Segmentation
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Service Types (Drilling Services, Production Equipment, Completion Services, and Others), Deployments (Offshore and Onshore)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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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.
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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
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
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.
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