Oilfield Services Market To Reach USD 4,09,921 Million at a 5.12% CAGR by 2028 - Report by Market Research Future (MRFR)

Need for Energy to Boost Oilfield Services Industry Growth

New York, New York, UNITED STATES

New York, US, Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Oilfield Services Market Research Report: Information, by Service Type, by Application, Region - Forecast till 2028, the market is anticipated to acquire a valuation of approximately USD 4,09,921 million by the end of 2028. The reports further predict the market to flourish at a robust CAGR of over 5.12% during the assessment timeframe.

Oilfield Services Market Key Players 

Eminent industry players profiled in the global oilfield services market report include-

  • Schlumberger Limited (US)
  • Halliburton (US)
  • Baker Hughes (US)
  • Weatherford International plc (US)
  • National Oilwell Varcos (US)
  • Asian Energy Services Limited (India)
  • TechnipFMC plc (UK)
  • Superior Energy Services, Inc (US)
  • China Oilfield Services Limited (China)

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Oilfield Services Market Report Scope:

Report Metric Details
Revenue forecast in 2028 USD 4,09,921.5 million
Growth Rate CAGR of 5.12% from 2022 to 2028
Base Year 2021
Study Period 2022-2030
Key Market Opportunities Increasing oil & gas investments in the MENA region
Key Market Drivers Growing demand for enhanced oil recovery

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Market USP Covered

Oilfield Services Market Drivers 

Surging Need for Energy to Boost Market Growth 

The surging need for energy coupled with increasing production & exploration activities in the oil & gas industry will bolster market growth over the forecast period. 

Oilfield Services Market Opportunities 

Rise in Deep-Water Projects to offer Robust Opportunities 

The rise in various deep-water as well as ultra-deep-water drilling projects will offer lucrative opportunities for this market over the forecast period. The increased number of projects is attributable to the stabilization of crude oil prices, which has increased the profit margin for drilling and production companies.

Restraints and Challenges 

High Initial Investment Cost to act as Market Restraint 

The high initial investment cost and stringent government rules & regulations on production and exploration activities may serve as market restraints in the forecast period. 

Oilfield Services Market Segmentation 

The global oilfield services market has been bifurcated based on service type and application. 

By service type, well completion equipment and services segment will spearhead this market over the forecast period. The requirement for well preparation for petroleum production is driving market expansion in this category. With the presence of natural resources and the availability of technology for the production of unconventional hydrocarbons in the region, the North America region is the largest contributor to the segment's growth. Furthermore, the presence of key businesses in the region enables technology deployment at the production site cost effective.

By application, the onshore segment will domineer the market over the forecast period. Onshore application is widely used in regions with a high concentration of onshore wells for oilfield services, such as North America and the Middle East and Africa. Improved investment in oil and gas, as well as new well discoveries is likely to drive the industry.

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COVID-19 Analysis 

The COVID-19 epidemic has significantly lowered demand for oil and gas. The global lockdown has caused all industries to shut down in order to prevent the virus from spreading. Furthermore, mobility constraints have reduced gasoline use. This has resulted in a reduction in global oil demand. Drilling and exploring efforts have been halted owing to a lack of manpower as a result of the quarantine. Furthermore, oilfield activities are projected to attract people, speeding up the virus's spread. As a result, global demand for oilfield services has decreased.

Oilfield Services Market Regional Analysis 

North America to Head Oilfield Services Market 

North America held 41.39% of the oilfield service market in 2020 and will grow at a CAGR of 5.50% during the forecast period. Because of the increased drilling and production activity, North America is one of the leading markets for oilfield services. Advances in hydraulic fracturing technologies in the United States have assisted operators in increasing shale production in this region. Thus, the country is one of the most important markets for drilling oilfield services. In 2018, the United States had 968 operating rigs and over a million producing wells, making it one of the world's major drilling oilfield services markets. North America is expected to have the highest market share in the worldwide market, followed by Asia Pacific and Europe, in that order. The trend is predicted to continue during the forecast period, with significant activity expected in offshore assets in the Gulf of Mexico & the North Sea, driving demand for oilfield services. Schlumberger Limited finalized the acquisition of Peak Well System, a specialist in the design and development of innovative downhole equipment for well intervention, flow control, and well integrity, in January 2017. In 2017, the United States accounted for about half of all new wells drilled globally, followed by China and other Asian countries.

North America is the dominant region in the worldwide oilfield services business, and its dominance is likely to remain during the projection period. The region's expanding oil and gas output, as well as the development of shale plays, are likely to fuel the growth of the oilfield services business. Furthermore, the United States is a global leader in the oil & gas business, both in terms of production and consumption. Furthermore, the development of horizontal well bores and the availability of modern completion techniques, such as multi-stage hydraulic fracturing, can fuel the region's oilfield services industry growth. In terms of revenue, North America dominates the target market over the predicted period. The key contributions to market growth are an increase in oil and gas exploration activities and an increase in oil and gas production from oil sands.

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APAC to Have Favorable Growth in Oilfield Services Market 

Over the previous decade, Asia Pacific has emerged as a key energy user. The region's rising energy consumption is fueled by an ever-increasing population, particularly in China and India, which feeds the fundamental energy requirements for electricity, transportation, and cooking fuel. The region's need for crude oil and hydrocarbons is expanding due to the region's rapid urbanization. Asia-Pacific is also expected to increase at the fastest rate over the projection period. Factors such as rising oil production, an increase in the number of oil rigs, and the development of offshore activities in China and India will drive the expansion of the oilfield services market in this area. Asia-Pacific is also on the rise as a result of increased exploration operations, with numerous countries participating, including China, India, and Malaysia. Respol, a multinational energy corporation, reported the highest gas recovery in Indonesia in February 2021, with more than 2 trillion cubic feet of recoverable resources.

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