Middle East Oilfield Services Market Size, Industry | 2031
Middle East Oilfield Services Market Size, Industry | 2031
Segments - Middle East Oilfield Services Market by Service Types (Drilling Services, Drilling & Completion Fluids, Evaluation, Completion & Production Services, Well Intervention Services, Drilling Waste Management Services, and Others), Locations (Onshore and Offshore), and Geography (Saudi Arabia, Iran, UAE, and Rest of Middle East) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-1411
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Report Description
Middle East Oilfield Services Market Outlook 2031
The Middle East oilfield Services Market size was valued at USD 26.54 Billion in 2022 and is likely reach to USD 42.97 Billion by 2031, expanding at a CAGR of 5.5% during the forecast period, 2023-2031.
The oilfield services involve oil and gas exploration and production process, which is the upstream sector of the energy business. 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.
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 |
Details |
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Report Title |
Oilfield Services Market - Middle East Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
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 |
Saudi Arabia, Iran, UAE, and Rest of Middle East |
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Report Coverage |
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 |
Halliburton Company, Schlumberger Ltd, Baker Hughes Co., and Weatherford International PLC. |
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.
Middle East Oilfield Services Market Regional Outlook
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
Service Types
- Drilling Services
- Drilling & Completion Fluids
- Evaluation
- Completion & Production Services
- Well Intervention Services
- Drilling Waste Management Services
Locations
- Onshore
- Offshore
Geography
- Saudi Arabia
- Iran
- UAE
- Rest of Middle East
Key Players
- Halliburton Company
- Schlumberger Ltd
- Baker Hughes Co.
- Weatherford International PLC
Competitive Landscape
Key players competing in the Middle East oilfield services market include Halliburton Company, Schlumberger Ltd, Baker Hughes Co., and Weatherford International PLC.
Frequently Asked Questions
Key players include Halliburton Company, Schlumberger Ltd, Baker Hughes Co., and Weatherford International PLC.
The onshore segment is expected to grow rapidly due to a large number of onshore wells and new well discoveries, although both onshore and offshore services are significant.
The drilling services segment is expected to account for around 20% of the market share and is projected to dominate in the coming years.
The market faces challenges such as geopolitical tensions, civil unrest, and potential negative impacts on oilfield service expansion.
Major trends include increased R&D investment, production from unconventional reserves, and growing onshore and offshore drilling activities. Opportunities arise from new well discoveries and technological advancements.
Growth drivers include rising investments in oil & gas, increasing demand for natural gas, growing drilling and production activity, and the adoption of enhanced oil recovery (EOR) techniques.
Main oilfield service types include drilling services, drilling & completion fluids, evaluation, completion & production services, well intervention services, and drilling waste management services.
The key markets in the Middle East oilfield services sector are Saudi Arabia, Iran, UAE, and the rest of the Middle East, with Saudi Arabia anticipated to dominate the market.
Oilfield services refer to a range of activities supporting oil and gas exploration and production, including drilling, well intervention, completion, evaluation, maintenance, and equipment repair.
The Middle East oilfield services market is expected to reach USD 42.97 billion by 2031, growing from USD 26.54 billion in 2022 at a CAGR of 5.5% during 2023-2031.
Table Of Content
1. Executive Summary2. 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 (000’ 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. Halliburton Company Schlumberger Ltd Baker Hughes Co. Weatherford International PLC
Methodology
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