Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Oilfield Services Market Outlook

The global oilfield services market reached a value of USD 311.65 billion in 2023. The market is further expected to grow at a CAGR of 6.5% in the forecast period of 2024-2032 to reach a value of USD 550.09 billion by 2032.        

Global Oilfield Services Market

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Increasing Demand for Onshore Applications to Augment the Oilfield Services Industry Growth

Based on type, the onshore segment accounted for a significant share in the oilfield services industry. The increasing onshore activities in countries like China and Saudi Arabia due to the growing demand for natural gas and crude oil has aided the industry growth. Meanwhile, the offshore segment is expected to witness a significant growth over the forecast period owing to the development of existing offshore wells and growing investments in deep and ultra-deep-water drilling activities and subsea oil and gas assets. Furthermore, factors such as the growing offshore rig count globally and increasing investments by the leading oil and gas companies are expected to drive the market.

North America to Dominate the Global Oilfield Services Industry

North America is the leading region in the global oilfield services industry and is expected to continue its dominance in the global market over the forecast period. The rising oil and gas production and the development of shale plays in the region are expected to stimulate the growth of the oilfield services industry. Moreover, the United States is one of the leading regions in the global oil and gas industry, both in terms of production and consumption. Additionally, development of horizontal well bores and the availability of advanced completion techniques, such as multi-stage hydraulic fracturing, can further drive the oilfield services industry growth in the region.

Oilfield Services Market Segmentation

Oilfield services play an important role in oil and gas industry’s upstream service. These services are utilised for the processes of exploration and production in the upstream sector. The major players involved in this line of business offer services related to production, maintenance, and repairing of equipments used in the extraction and transportation of oil. The catalogue of the provided services includes energy resource location, formation and drilling evaluation, energy data management, among others.

Global Oilfield Services Market By Service Type

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By service type, the market is divided into:

  • Subsea Services
  • Seismic Services
  • Drilling Services
  • Workover and Completion Services
  • Production Equipment
  • Processing and Separation Services
  • Others

Based on type, the industry can be segmented into:

  • Equipment Rental
  • Field Operation
  • Analytical and Consulting Services

The market is divided based on application into:

  • Onshore
  • Offshore

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. 

Global Oilfield Services Market By Region

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Increasing Global Demand for Energy to Bolster the Growth of the Oilfield Services Industry

The oilfield services industry is being driven by the increasing E&P activities, which is the direct fallout of the rising global demand for energy. The growing urbanisation and industrialisation and the rapid technological advancements have significantly contributed to the industry growth.

However, for some time now, oil prices have been volatile and they witnessed a sharp fall particularly with the onset of the coronavirus pandemic. And due to the low oil prices, oil companies reduced the cost of exploration activities, which has led to a reduction in the number of new oil field discoveries recently. However, according to the World Bank, oil prices are expected to start surging soon. This will encourage oil sector players and private exploration companies to start investing in exploration activities to improve their reserve replacement ratio. This will, in turn, drive the growth of the oilfield services industry in the forecast period. In addition, the growing prevalence of shale gas extraction is likely to propel the market growth.

Key Industry Players in the Global Oilfield Services Market

The report gives a detailed analysis of the following key players in the global oilfield services market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Schlumberger Limited
  • Weatherford International plc
  • Baker Hughes Company
  • Halliburton Energy Services, Inc.
  • China Oilfield Services Limited
  • Ranger Energy Services, Inc.
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Service Type
  • Type
  • Application
  • Region
Breakup by Service Type
  • Subsea Services
  • Seismic Services
  • Drilling Services
  • Workover and Completion Services
  • Production Equipment
  • Processing and Separation Services
  • Others
Breakup by Type
  • Equipment Rental
  • Field Operation
  • Analytical and Consulting Services
Breakup by Application
  • Onshore
  • Offshore
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Schlumberger Limited
  • Weatherford International plc
  • Baker Hughes Company
  • Halliburton Energy Services, Inc.
  • China Oilfield Services Limited
  • Ranger Energy Services, Inc.
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global oilfield services market attained a value of nearly USD 311.65 billion.

The market is projected to grow at a CAGR of 6.5% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 550.09 billion by 2032.        

The major market drivers include the increasing exploration and production activities, the rising global demand for energy and growing urbanisation and industrialisation.

The key market trends include the growing prevalence of shale gas and the increase in investments in offshore activities.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The dominant types of oilfield services include equipment rental, field operation, and analytical and consulting services.

The leading service types include subsea services, seismic services, drilling services, workover and completion services, production equipment, and processing and separation services, among others.

The applications include onshore and offshore.

The key players in the global oilfield services market are Schlumberger Limited., Weatherford International plc, Baker Hughes Company, Halliburton Energy Services, Inc., China Oilfield Services Limited, and Ranger Energy Services, Inc., among others.

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