The new report by Expert Market Research titled, ‘Global Oilfield Services Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global oilfield services market, assessing the market based on its segments like service type, type, application, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2023-2028)
- Historical Market Size (2020): USD 258 Billion
- Forecast CAGR (2023-2028): 6.5%
- Forecast Market Size (2026): USD 377 Billion
The growth of global oilfield services is driven by the rising demand for energy. The demand for oil and natural gas due to rapid urbanisation and industrialisation is driving the growth for the oilfield market. Additionally, the continuous exploration of new wells to meet the global demand and increasing investment in the offshore drilling will propel the market in the forecast period. The increasing research and development (R&D) in the better techniques for oil extraction and processing is expected to provide growth opportunities. However, the transitioning trend towards renewable energy and depletion of reserves may constrain the growth for global oilfield market.
Industry Definition and Major Segments
Oilfield services are activities are that help oil well operators to explore and extract crude oil and natural gas from the reservoir. It includes activities such as exploration, drilling, stimulation, intervention, production, and completion throughout well exploration.
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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
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:
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Regionally, North America is largest shareholder in the global oilfield service market in terms of revenue due to growing oil exploration activities and presence of key industry players. Meanwhile, Middle East and Africa is expected to show a significant growth due to presence of world’s major oil reserves. Further, the offshore oil fields near the shores of Kuwait, UAE and Saudi Arabia will aid the growth. However, Asia pacific is expected to grow in the forecast period due to factors such as increasing oil production, increasing offshore activities in emerging economies such as China and India, and increasing oil rig varieties.
Key Market Players
The major players in the market are Schlumberger Limited, Weatherford International plc, Baker Hughes Company, Halliburton Energy Services, Inc., China Oilfield Services Limited, Basic Energy Services, Inc., and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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