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In 2021, the size of the oilfield services market was estimated at USD 303.1 billion. A compound annual growth rate (CAGR) of 6.10% is anticipated for the Oilfield Services Market market between 2022 and 2030, taking it from USD 318.5 billion in 2022 to USD 451.2 billion. Shale gas development is expanding quickly, and need for better oil recovery is increasing, which are the main market drivers boosting market growth.
In the upstream segment of the oil and gas business, particularly for offshore assets, oilfield services are highly valued. Due to increased shale gas extraction and increased oil and gas production, the market is anticipated to grow more quickly. A decline in the cost of oilfield services and a rise in production output are the key forces behind market expansion. Due to increased shale gas extraction through hydraulic fracturing and other stimulation techniques, the market is growing more swiftly. An increase in the demand for oil and gas originating from offshore regions is what is driving the market's demand for oilfield services.
From 2021 to 2038, the oilfield services industry is projected to grow at a 5.1% CAGR. Two key drivers driving the oilfield services market are the growth of the oil and gas industry and the accelerated rate of shale gas production. Increased oil and gas investment in the target region, encompassing the Middle East and Africa, is boosting demand for oil and gas services. However, the development of renewable energy sources and volatile crude oil prices are the key barriers to the growth of the oilfield services sector.
In order to meet the need, new oil and gas fields are also being looked into, particularly in industries like transportation, power generation, and others. Now that technology has advanced, oil can be extracted from difficult sources. For instance, the cost of extracting gas and oil from bituminous sand and shale, respectively, was relatively high. On the other hand, the cost has decreased thanks to new, cutting-edge procedures.
Well completion equipment and services, well intervention services, coiled tubing services, pressure pumping services, OCTG, wireline services, and drilling waste management are among the service types that make up the worldwide oilfield services market segmentation. Due to increased efforts for oil recovery and well testing in the existing oil and gas fields, a greater oilfield services market revenue is predicted for the drilling segment. Artificial lift systems, floating production vessels, support vessels, well testing services, subsea equipment, Christmas trees, increased oil recovery, digital oilfield, and other production services are only a few of the several types of oilfield services included in this area.
Offshore and onshore are included in the market segmentation for oilfield services globally based on application. Due to rising investment in subsea oil & gas assets, the offshore category is anticipated to increase at the quickest rate throughout the projection period. To improve the productivity of their wells, the performance of their reservoirs, and the total life cycle of the well, several oil field service companies are heavily investing in offshore assets. The need for this industry is increased by the onshore location's requirement for more dependable and adaptable tools and services.
Report Coverage
Global Oilfield Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oilfield Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oilfield Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oilfield Services market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oilfield Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oilfield Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Schlumberger Limited (US), Halliburton (US), Weatherford International plc (US), National Oilwell Varcos (US), Asian Energy Services Limited (India), Superior Energy Services Inc (US), China Oilfield Services Limited (China) and Others.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oilfield Services market based on the below-mentioned segments:
Global Oilfield Services Market, By Type
Well Completion Equipment & Services
Well Intervention Services
Coiled Tubing Services
Pressure Pumping Services
OCTG
Wireline Services
Drilling Waste Management Services
Global Oilfield Services market, By Application
Onshore
Offshore
Global Oilfield Services market, Regional Analysis
In the upstream segment of the oil and gas business, particularly for offshore assets, oilfield services are highly valued. Due to increased shale gas extraction and increased oil and gas production, the market is anticipated to grow more quickly. A decline in the cost of oilfield services and a rise in production output are the key forces behind market expansion. Due to increased shale gas extraction through hydraulic fracturing and other stimulation techniques, the market is growing more swiftly. An increase in the demand for oil and gas originating from offshore regions is what is driving the market's demand for oilfield services.
From 2021 to 2038, the oilfield services industry is projected to grow at a 5.1% CAGR. Two key drivers driving the oilfield services market are the growth of the oil and gas industry and the accelerated rate of shale gas production. Increased oil and gas investment in the target region, encompassing the Middle East and Africa, is boosting demand for oil and gas services. However, the development of renewable energy sources and volatile crude oil prices are the key barriers to the growth of the oilfield services sector.
In order to meet the need, new oil and gas fields are also being looked into, particularly in industries like transportation, power generation, and others. Now that technology has advanced, oil can be extracted from difficult sources. For instance, the cost of extracting gas and oil from bituminous sand and shale, respectively, was relatively high. On the other hand, the cost has decreased thanks to new, cutting-edge procedures.
Well completion equipment and services, well intervention services, coiled tubing services, pressure pumping services, OCTG, wireline services, and drilling waste management are among the service types that make up the worldwide oilfield services market segmentation. Due to increased efforts for oil recovery and well testing in the existing oil and gas fields, a greater oilfield services market revenue is predicted for the drilling segment. Artificial lift systems, floating production vessels, support vessels, well testing services, subsea equipment, Christmas trees, increased oil recovery, digital oilfield, and other production services are only a few of the several types of oilfield services included in this area.
Offshore and onshore are included in the market segmentation for oilfield services globally based on application. Due to rising investment in subsea oil & gas assets, the offshore category is anticipated to increase at the quickest rate throughout the projection period. To improve the productivity of their wells, the performance of their reservoirs, and the total life cycle of the well, several oil field service companies are heavily investing in offshore assets. The need for this industry is increased by the onshore location's requirement for more dependable and adaptable tools and services.
Report Coverage
Global Oilfield Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oilfield Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oilfield Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oilfield Services market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Schlumberger Limited (US), Halliburton (US), Weatherford International plc (US), National Oilwell Varcos (US), Asian Energy Services Limited (India), Superior Energy Services Inc (US), China Oilfield Services Limited (China) and Others. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Oilfield Services Market from 2021 to 2030.
- Market Forecast for Oilfield Services Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Oilfield Services competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Oilfield Services
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oilfield Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oilfield Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Schlumberger Limited (US), Halliburton (US), Weatherford International plc (US), National Oilwell Varcos (US), Asian Energy Services Limited (India), Superior Energy Services Inc (US), China Oilfield Services Limited (China) and Others.
Primary Target Market
- Market Players of Oilfield Services
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oilfield Services market based on the below-mentioned segments:
Global Oilfield Services Market, By Type
Well Completion Equipment & Services
Well Intervention Services
Coiled Tubing Services
Pressure Pumping Services
OCTG
Wireline Services
Drilling Waste Management Services
Global Oilfield Services market, By Application
Onshore
Offshore
Global Oilfield Services market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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