New York, March 30, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Oilfield Service Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Onshore and Offshore) and Service Type (Well Completion, Wire Line, Artificial Lift, Perforation, Drilling and Completion Fluids, and Others)”, the global oilfield service market growth is driven by rising oil and gas production and exploration (E&P) activities, increasing demand for offshore/deep-water discoveries.
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| Report Coverage | Details |
| Market Size Value in | US$ 96.46 Billion in 2021 |
| Market Size Value by | US$ 145.96 Billion by 2028 |
| Growth rate | CAGR of 6.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 174 |
| No. Tables | 61 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Application, and Service Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Oilfield Service Market: Competitive Landscape and Key Developments
Schlumberger Limited; Halliburton Company; Baker Hughes Incorporated; GE Oil & Gas; Superior Energy Services, Inc; Hunting plc; Weatherford International PLC; Nov Inc; PETRODYN; Pioneer Energy Services Corp; and Archer Limited are among the key players in the global oilfield service market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.
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In January 2022, Baker Hughes announced their partnership and investment in NET Powers. The partnerships will enable the company to accelerate the market development of zero-emissions power plant.
Oilfield services comprise a variety of oilfield-related operations, such as exploration, drilling, stimulation, completion, intervention, and production, throughout the life cycle of a well. Oilfield services market assist operators in controlling subsurface pressures, reducing borehole erosion, minimizing formation damage, optimizing drilling parameters, and analysing penetration rate and hole cleaning. Technological advancements in the oilfield service market have increased efficiency in resource extraction and management. Furthermore, prominent corporations have turned to technology-based services to meet the increased demand for oil & gas. Other factors contributing oilfield service market to the rising use of technologically-enhanced oilfield services market include increased accuracy and precision and decreased time and labour costs. The oilfield service market is predicted to grow rapidly in the coming years as oil and gas production and shale gas extraction expand across the world.
Impact of COVID-19 Pandemic on Global Oilfield Service Market:
In Europe, the COVID-19 pandemic had a different impact on different countries, as only selective countries witnessed the rise in the number of cases and subsequently attracted strict and prolonged lockdown periods or social isolation norms. However, western European countries such as Germany, France, Russia, and the UK have seen a comparatively modest decrease in their growth activities because of their strong healthcare systems. These countries have been investing significantly to make the COVID-19 diagnosis and treatment effective and less time-consuming. Traditional corporate frameworks have been swiftly replaced by innovative business concepts across Europe.
In recent times, the COVID-19 pandemic has been one of the most devastating shocks to the oil & gas industry and the world economy. Aside from the significant disruptions to business, mobility, and daily life, there have been clear indications that the European Union (EU) intends to make the economic recovery a green one, having committed an additional €225 billion (or 1.7% of GDP) to the energy transition. Europe is replacing oil with liquefied gas sent by ships from the US ports. Despite the fact that everything is unlikely to return to normal very soon, the oilfield service market is projected to rebound quickly in the coming months.
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Rising Shale Gas Extraction to Propel Oilfield Service Market Growth in Coming Years:
The trapped shale gases cannot easily flow into the well because of the limited permeability of shale rocks. Oil and gas firms use hydraulic fracturing and other stimulation operations to improve the permeability of shale formations and generate trapped shale gases. Shale gas emits less carbon than coal; it might be utilized as a greener energy option across many nations that rely on coal as an energy source. Shale gas production has resulted in a new abundance of natural gas supply in the US. Due to advancements in extraction technology, it is likely to take up the anticipated future.
According to the Energy Information Administration (EIA), the unproven theoretically recoverable shale gas potential in the US is estimated to be 482 trillion cubic feet. Shale gas output in the country has surged 12-fold in the previous decade, and the growth is likely to continue until at least 2035. With the development of well-finishing methods such as multistage hydraulic fracturing and drilling techniques like long-reach horizontal wellbores, Canada offers long-term possibilities for natural gas supply across North America. Shale gas resources can be based in various territories such as British Columbia, Saskatchewan, Alberta, Ontario, New Brunswick, Manitoba, Quebec, and Nova Scotia. The European Union (EU) is already profiting from the US shale gas boom, owing to an increased supply of liquefied natural gas bound for the US and better contractual circumstances for pipeline imports.
A new generation of shale gas exploitation methods with lower prices and fewer environmental footprints might make indigenous shale gas reserves in the EU appealing in the long term, beyond 2030. China, for contrast, has the most shale reserves, with a sizable portion of its output coming from the Sichuan Basin near Chongqing. According to China National Energy Administration, with new drilling instruments and shale gas exploration techniques, the country intends to increase output to 30 billion cubic meters per year by 2020 and 80–100 billion cubic meters per year by 2030. Therefore, the continuous growth of shale basins in North America and other key nations, such as China and Argentina, bolsters the growth of the oilfield service market.
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Oilfield Service Market: Service Type Overview
Based on service type, the oilfield service market is segmented into well completion, wire line, artificial lift, perforation, drilling and completion fluids, and others. In 2020, the others segment accounted for the largest oilfield service market share.
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Oilfield Stimulation Chemicals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Gelling Agents/Viscosifiers, Corrosion Inhibitors, Acids and Biocides, Friction Reducers, Others (Iron Control Agents, Water Control Agents, Etc.)); Application (Hydraulic Fracturing, Matrix Acidization, Acid Fracking, Others) and Geography
Oilfield Chemicals Market to 2027 - Global Analysis and Forecasts by Type (Polymers, Corrosion and Scale Inhibitors, Demulsifiers, Surfactants, Gallants and Viscosifiers, Others), Applications (Drilling, Cementing, Enhanced Oil Recovery, Production Chemicals, Well Stimulation, Workover and Completion), and Geography
Oilfield Communications Market to 2026 - Global Analysis and Forecasts by Service (Managed Services and Professional Services); Communication Network Technology (Tetra Network, Fiber-Optic based Communication Network, Microwave Communication Network, Cellular Communication Network, and VSAT Communication Network); Field Sit (Onshore Communications and Offshore Communications); and Solution (Midstream Communication Solutions, Downstream Communication Solutions, and Upstream Communication Solutions)
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