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Global Oilfield Services Market to Grow at a CAGR of 6.5% During 2021-2026, Aided by the Increasing Global Energy Demands

Global Oilfield Services Market: By Service Type: Subsea Services, Seismic Services, Drilling Services, Others; By Type: Equipment Rental, Field Operation, Analytical and Consulting Services; By Application; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Oilfield Services Market Outlook

The global oilfield services market reached a value of USD 258 billion in 2020. The market is further expected to grow at a CAGR of 6.5% in the forecast period of 2023-2028 to reach a value of USD 377 billion by 2026.

 

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.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
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, Latin America, Europe, Middle East and Africa, Asia Pacific
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
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., and Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Oilfield Services Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Oilfield Services Historical Market (2018-2022) 
    8.3    Global Oilfield Services Market Forecast (2023-2028)
    8.4    Global Oilfield Services Market by Service Type
        8.4.1    Subsea Services
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Seismic Services
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Drilling Services
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
        8.4.4    Workover and Completion Services
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2018-2022)
            8.4.4.3    Forecast Trend (2023-2028)
        8.4.5    Production Equipment
            8.4.5.1    Market Share
            8.4.5.2    Historical Trend (2018-2022)
            8.4.5.3    Forecast Trend (2023-2028)
        8.4.6    Processing and Separation Services
            8.4.6.1    Market Share
            8.4.6.2    Historical Trend (2018-2022)
            8.4.6.3    Forecast Trend (2023-2028)
        8.4.7    Others
    8.5    Global Oilfield Services Market by Type
        8.5.1    Equipment Rental
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Field Operation
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Analytical and Consulting Services
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
    8.6    Global Oilfield Services Market by Application
        8.6.1    Onshore
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Offshore
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)    
    8.7    Global Oilfield Services Market by Region
        8.7.1    North America
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022) 
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Europe
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022) 
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Asia Pacific
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022) 
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Latin America
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2018-2022) 
            8.7.4.3    Forecast Trend (2023-2028)
        8.7.5    Middle East and Africa
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2018-2022) 
            8.7.5.3    Forecast Trend (2023-2028)
9    North America Oilfield Services Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Oilfield Services Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Oilfield Services Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Oilfield Services Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and  Africa Oilfield Services Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain  Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Schlumberger Limited.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Weatherford International plc
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Baker Hughes Company
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Halliburton Energy Services, Inc.
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    China Oilfield Services Limited
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Ranger Energy Services, Inc.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6     Others
17    Key Trends  and Developments in the Market


List of Key Figures and Tables

1.    Global Oilfield Services Market: Key Industry Highlights, 2018 and 2028
2.    Global Oilfield Services Historical Market: Breakup by Service Type (USD Billion), 2018-2022
3.    Global Oilfield Services Market Forecast: Breakup by Service Type (USD Billion), 2023-2028
4.    Global Oilfield Services Historical Market: Breakup by Type (USD Billion), 2018-2022
5.    Global Oilfield Services Market Forecast: Breakup by Type (USD Billion), 2023-2028
6.    Global Oilfield Services Historical Market: Breakup by Application (USD Billion), 2018-2022
7.    Global Oilfield Services Market Forecast: Breakup by Application (USD Billion), 2023-2028
8.    Global Oilfield Services Historical Market: Breakup by Region (USD Billion), 2018-2022
9.    Global Oilfield Services Market Forecast: Breakup by Region (USD Billion), 2023-2028
10.    North America Oilfield Services Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    North America Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Europe Oilfield Services Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Europe Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Asia Pacific Oilfield Services Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Asia Pacific Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Latin America Oilfield Services Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Latin America Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Middle East and Africa Oilfield Services Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Middle East and Africa Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Global Oilfield Services Market Structure

Key Questions Answered in the Report

What was the global oilfield services market size in 2020?

In 2020, the global oilfield services market attained a value of nearly USD 258 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 6.5% between 2021 and 2026.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 377 billion by 2026.

What are the major industry drivers?

The major industry drivers include the rising population, increasing E&P activities, which is the direct fallout of the rising global demand for energy and growing urbanisation and industrialisation.

What are the key industry trends of the global oilfield services market?

Key industry trends include the growing prevalence of shale gas and the projection of oil prices expected to start surging soon, hence encouraging oil sector players and private exploration companies to start investing in exploration activities.

What are the major regional markets of oilfield services, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with North America accounting for the largest share in the market.

What is the dominant type of oilfield services in the industry?

Based on type, the industry can be divided into equipment rental, field operation, and analytical and consulting services.

What are the leading service types of oilfield services?

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

What are the application sectors for the industry?

The application sectors include onshore and offshore.

Who are the key industry players, according to the report?

The major players in the industry are Schlumberger Limited, Weatherford International plc, Baker Hughes Company, Halliburton Energy Services, Inc., China Oilfield Services Limited and Ranger Energy Services, Inc., among others.

Analyst Review

The global oilfield services market attained a value of USD 258 billion in 2020, driven by the increasing E&P activities, which is the direct fallout of the rising global demand for energy and growing urbanisation and industrialisation. Aided by growing urbanisation, industrialisation growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 6.5%. The market is projected to reach USD 377 billion by 2026.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the oilfield services industry can be segmented into equipment rental, field operation, and analytical and consulting services. On the basis of application, the onshore sector accounts for the leading share in the industry. The leading service types of oilfield services are subsea services, seismic services, drilling services, workover and completion services, production equipment and processing and separation services, among others. The major regional markets for oilfield services are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with North America accounting for the largest share of the market. The key players in the above market include Schlumberger Limited, Weatherford International plc, Baker Hughes Company, Halliburton Energy Services, Inc., China Oilfield Services Limited and Ranger Energy Services, Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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