USD 267.82 billion
Report ID: SQMIG10B2042 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 65 | Figures: 77
Oilfield Service Market size was valued at USD 267.82 billion in 2021 and is poised to grow from USD 285.5 billion in 2022 to USD 476.06 billion by 2030, growing at a CAGR of 6.6% in the forecast period (2023-2030).
Oilfield services include a range of oilfield-related activities that take place over the course of a well's life cycle, including exploration, drilling, stimulation, completion, intervention, and production. Controlling subsurface pressures, reducing borehole erosion, minimising formation damage, optimising drilling parameters, and analysing penetration rate and hole cleaning are all tasks that oilfield services help operators with. Oilfield equipment technological advancements have increased efficiency in resource extraction and management. Furthermore, to meet the increased demand for oil and gas, major corporations have turned to technology-based services. Increased accuracy and precision, as well as lower time and labour costs, are other factors driving the increased use of technologically enhanced oilfield services. As a result, the oilfield service market is expected to grow rapidly in the coming years as oil and gas production and shale gas extraction spread across the globe.
Production and exploration activities are increasing as a result of increased energy demand and lucrative investment opportunities in the oil and gas industry. Furthermore, by 2035, unconventional onshore oil production will have more than doubled to approximately 22 Mbpd, accounting for nearly 30% of global crude oil production. As a result, increased production and development operations in the oil and gas industry are expected to drive future growth in the oilfield service market. In addition, Increased exploration and production activities are driving the oilfield service market as the global demand for energy rises. Growing urbanisation and industrialization, as well as rapid technological advancements, have all contributed significantly to the growth of the oilfield service market.
US Oilfield Service Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 267.82 billion
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Oilfield service market is segmented based on the type, service and region. Based on type, Oilfield service market is segmented into equipment rental, field operation, and analytical services. Based on service, the Oilfield service market is segmented into geophysical, drilling, completion & workover, production, and processing & separation segment. Based on Region Oilfield Service Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Oilfield Service Market Analysis by Type
Based on type, The equipment rental segment has a sizable market share and is expected to expand slowly due to rising demand for field optimization and analytical services. Due to the large number of services deployed on the field for project execution, the field operation segment is increasing its market share. The analytical services segment is expected to grow as a result of a wide range of applications in real-time analytics, software solutions, monitoring services, routine quality control, and sample analysis, among other services, which helps to increase output from the existing field.
Oilfield Service Market Analysis by Service
Based on service, The production segment is expected to account for a larger share of the market due to the growing initiative for oil recovery and well testing in existing oil and gas fields. This segment includes a variety of oilfield services such as artificial lift systems, floating production vessels, support vessels, well testing services, subsea equipment, Christmas trees, enhanced oil recovery, digital oilfield, and other production services. Due to an increase in offshore well drilling to explore, extract, store, and process petroleum and natural gas, the drilling segment is expected to hold the second-largest market share. Because of the wide range of applications for hydraulic fracturing and wireline logging services in the oilfield, the completion and workover segment is expected to grow during the forecast period. The completion and workover segment is accelerated by the production and exploration of oil and gas resources, as well as the provision of solutions for stimulation performance evaluation, water shutoff determination, tubing and multiple casing integrity in oil wells. Other important services investigated in this segment include well intervention, completion fluid, sand control, and mud logging. In the OFS industry, processing and separation services are critical. These services are expected to grow significantly over the forecast period due to the industry's broad range of oil, water, and gas treatment to improve recovery and reduce the environmental impact of hydrocarbon production. This segment includes water treatment, oil treatment, gas treatment, solid treatment, and other services. Because of its efficient technologies and solutions in petroleum field development and oil and gas transportation, the geophysical segment is expected to grow. Technology advancement has enabled high-quality subsurface illumination for conventional and unconventional reservoirs at significantly lower costs. As a result, the growing demand for investment in the oil and gas industry drives demand for the OFS market over the forecast period.
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North America is expected to have the largest market share in the global market, followed by Asia Pacific and Europe, in that order. The trend is expected to continue during the forecast period, with significant activity expected in offshore assets in the Gulf of Mexico and the North Sea, driving demand for oilfield services. Schlumberger Limited completed the acquisition of Peak Well System, a specialist in the design and development of advanced downhole tools for flow control, well intervention, and well integrity. Europe is also expected to have a larger market share, which is expected to grow over the forecasted period.
Rising production and exploration activities to meet rising energy demand are expected to boost the Asia Pacific market. Countries such as China, Thailand, Indonesia, Malaysia, and Myanmar have seen an increase in production and exploration activities, as well as the discovery of oil and gas reserves. As a result, rising investment in new oilfields and discoveries drives demand for the oilfield service industry. The Middle East and Africa markets have significant market potential to explore untapped capacity for hydrocarbon development and non-complex formations to effectively drill the wells that will drive the oilfield services market growth in the coming years. Countries in the Middle East and Africa, including the UAE, Saudi Arabia, Kuwait, Bahrain, and others, are members of the Organization of Petroleum Exporting Countries (OPEC), and are thus focused on meeting the organization's production targets. Oman, Algeria, Qatar, and Nigeria are also important players in the region's market.
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Oilfield Service Market Drivers
Shale Exploration to Bolster Market Growth
Oilfield Service Market Restraints
Fluctuation in Market to Hinder its Growth
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Oilfield service market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Because of the strong portfolio of services and a remarkable distribution network of major companies in developed and emerging markets, the market is consolidated. Schlumberger Limited, Halliburton Company, Baker Hughes, and Weatherford currently control the majority of the market. Other key players have entered the market to provide innovative oilfield services to various end-users, including hydratight, Muntajat, Protiviti Inc., ESG Solutions, Cyntech, Fugro, Hytera, Geokinetics, and other small players.
Oilfield Service Market Top Player's Company Profiles
Oilfield Service Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Oilfield service market analysis, in terms of type, the equipment rental segment held a larger market share because of enhancing demand for field optimization and analytical services. And in terms of services, the production segment contributes to the market expansion owing to growing initiative for oil recovery. Moreover, rising shale gas extraction and increasing production boost the Oilfield service market growth. Whereas, volatility in crude oil prices can hamper the market growth.
|Market size value in 2021
|USD 267.82 billion
|Market size value in 2030
|USD 476.06 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Oilfield Service Market Recent Developments
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oilfield Service Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oilfield Service Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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