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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 (2017-2027); 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 2022-2027 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: Industry Definition and 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
  • Basic Energy Services, Inc.
  • Others

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

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2017-2021
Forecast Period 2022-2027
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, EMR’s 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, Basic Energy Services, Inc., 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.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual 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    Industry Opportunities and Challenges
8    Global Oilfield Services Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Oilfield Services Historical Market (2017-2021) 
    8.3    Global Oilfield Services Market Forecast (2022-2027)
    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 (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Seismic Services
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Drilling Services
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
        8.4.4    Workover and Completion Services
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2017-2021)
            8.4.4.3    Forecast Trend (2022-2027)
        8.4.5    Production Equipment
            8.4.5.1    Market Share
            8.4.5.2    Historical Trend (2017-2021)
            8.4.5.3    Forecast Trend (2022-2027)
        8.4.6    Processing and Separation Services
            8.4.6.1    Market Share
            8.4.6.2    Historical Trend (2017-2021)
            8.4.6.3    Forecast Trend (2022-2027)
        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 (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Field Operation
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
        8.5.3    Analytical and Consulting Services
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2017-2021)
            8.5.3.3    Forecast Trend (2022-2027)
    8.6    Global Oilfield Services Market by Application
        8.6.1    Onshore
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Offshore
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
    8.7    Global Oilfield Services Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Schlumberger Limited
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Weatherford International plc
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Baker Hughes Company
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Halliburton Energy Services, Inc.
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    China Oilfield Services Limited
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Basic Energy Services, Inc.
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    Others
13    Industry Events and Developments


List of Figures and Tables

1.    Global Oilfield Services Market: Key Industry Highlights, 2016 and 2026
2.    Global Oilfield Services Historical Market: Breakup by Service Type (USD Billion), 2017-2021
3.    Global Oilfield Services Market Forecast: Breakup by Service Type (USD Billion), 2022-2027
4.    Global Oilfield Services Historical Market: Breakup by Type (USD Billion), 2017-2021
5.    Global Oilfield Services Market Forecast: Breakup by Type (USD Billion), 2022-2027
6.    Global Oilfield Services Historical Market: Breakup by Application (USD Billion), 2017-2021
7.    Global Oilfield Services Market Forecast: Breakup by Application (USD Billion), 2022-2027
8.    Global Oilfield Services Historical Market: Breakup by Region (USD Billion), 2017-2021
9.    Global Oilfield Services Market Forecast: Breakup by Region (USD Billion), 2022-2027
10.    North America Oilfield Services Historical Market: Breakup by Country (USD Billion), 2017-2021
11.    North America Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
12.    Europe Oilfield Services Historical Market: Breakup by Country (USD Billion), 2017-2021
13.    Europe Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
14.    Asia Pacific Oilfield Services Historical Market: Breakup by Country (USD Billion), 2017-2021
15.    Asia Pacific Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
16.    Latin America Oilfield Services Historical Market: Breakup by Country (USD Billion), 2017-2021
17.    Latin America Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
18.    Middle East and Africa Oilfield Services Historical Market: Breakup by Country (USD Billion), 2017-2021
19.    Middle East and Africa Oilfield Services Market Forecast: Breakup by Country (USD Billion), 2022-2027
20.    Global Oilfield Services Market Structure

Key Questions Answered in the Report

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

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

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach USD 377 billion by 2026.

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.

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.

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.

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

The application sectors include onshore and offshore.

The major players in the industry are Schlumberger Limited, Weatherford International plc, Baker Hughes Company, Halliburton Energy Services, Inc., China Oilfield Services Limited and Basic 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 2022-2027, 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 Basic 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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