The Middle East oilfield services market size was valued at USD 26.54 Billion in 2022 and is anticipated to reach USD 42.97 Billion by 2031, expanding at a CAGR of 5.5% during the forecast period, 2023-2031.
The growth of the market is attributed to the increasing adoption of enhanced oil recovery (EOR) technique in the oil & gas sector, which involves gas injection, thermal injection, and chemical injection. The oilfield services involve oil and gas exploration and production process, which is the upstream sector of the energy business.
Oilfield services include manufacturing, repairing, and maintenance of oil extraction and transportation equipment. These services also include locating energy sources, energy data management, drilling & formation evaluation, and geological sciences.
Oilfield service refers to different oil-related operations such as exploration, drilling, stimulation, completion, intervention, and production. Perforation, well logging, placing tubing plugs, and sand washing are some of the services that assist operators explore as well as produce oil & gas from reservoirs.
Oilfield services help the operators in exploring and producing oil and gas from reservoirs by aiding in perforation, well logging, well stimulation, zonal isolation, setting tubing plugs, and sand washing. Controlling subsurface pressures, monitoring borehole erosion, minimising formation damage, optimising drilling parameters, analysing penetration rate, and hole cleaning are the services included in oilfield services. Oilfield service is an important part of the oil and gas industry's upstream service.
Oilfield Services Market Trends, Drivers, Restraints, and Opportunities
- Rising investments in the oil & gas industry is anticipated to drive the market growth during the forecast period.
- Increasing demand for natural gas is expected to drive the oilfield services market expansion.
- Growing drilling and production activity in the region is estimated to propel the market growth in the coming years.
- Rising demand for oil & gas owing to increasing energy demand, is anticipated to boost the market growth.
- Geopolitical tension and civil unrest are expected to have a negative impact on the expansion of oilfield services, hindering the growth of the market.
- R&D investment in new oilfield and increasing production from unconventional reserves are expected to create significant opportunities for the oilfield services market.
Scope of Middle East Oilfield Services Market Report
The report on the Middle East 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 - Middle East 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, Drilling & Completion Fluids, Evaluation, Completion & Production Services, Well Intervention Services, Drilling Waste Management Services, and Others) and Locations (Onshore and Offshore)
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Regional Scope
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Saudi Arabia, Iran, UAE, and Rest of Middle East
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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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Halliburton Company, Schlumberger Ltd, Baker Hughes Co., and Weatherford International PLC.
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Middle East Oilfield Services Market Segment Insights
Service Type Segment Analysis
Based on service types, the market is divided into drilling services, drilling & completion fluids, evaluation, completion & production services, well intervention services, drilling waste management services, and others. The drilling services segment is expected to account for around 20% of the market share and is projected to dominate in the coming years.
Drilling services include directional drilling services, coiled tubing & re-entry, measurement, logging, reservoir navigation services, casing/liner drilling, surface logging services, coring services, and hole enlargement. The drilling services contracts are given to the exploration & production companies.
Locations Segment Analysis
In terms of locations, the market is bifurcated into onshore and offshore. The onshore segment is expected to grow at a rapid pace in the coming years. Onshore applications are often used in areas with a large number of onshore wells for oilfield services. New well discoveries are expected to drive the market growth.
Saudi Arabia to dominate the market
On the basis of geography, the market is categorized as Saudi Arabia, Iran, UAE, and Rest of Middle East. Saudi Arabia is anticipated to dominate the market and is expected to exhibit an impressive CAGR during the forecast period. Saudi Arabia is one of the major oil producers. The crude oil exports account for country’s 90% of total export earnings.
The Kingdom of Saudi Arabia (KSA) has maintained high crude oil production levels. The Government of Saudi Arabia is aiming for a rapid increase in gas production, so to use it in the country's industrial & power sectors, replacing petroleum, and allowing it to be exported.
Segments
The Middle East oilfield services market has been segmented on the basis of
Service Types
- Drilling Services
- Drilling & Completion Fluids
- Evaluation
- Completion & Production Services
- Well Intervention Services
- Drilling Waste Management Services
Locations
Geography
- Saudi Arabia
- Iran
- UAE
- Rest of Middle East
Key Players
Competitive Landscape
Key players competing in the Middle East oilfield services market include Halliburton Company, Schlumberger Ltd, Baker Hughes Co., and Weatherford International PLC.
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