Oilfield Services Market Trends and Forecast to 2030

Market Research Future Insights

All goods and services connected to the oil and gas exploration and production process are under the umbrella of the oilfield services (or OFS) industry. The OFS offers a wide range of technological services that are crucial for effective field operations. Locating energy sources, managing energy data, drilling and formation evaluation, geological sciences, and many more services fall under this category. Oilfield services are the activities related to oil that are used throughout the whole well exploration life cycle.

Drilling, exploration, stimulation, completion, intervention, and production are included in these operations. By regulating subsurface pressures, reducing borehole erosion, minimising formation damage, optimising drilling parameters, examining penetration rate, and cleaning holes, these services help operators in a variety of ways.

The Global Oilfield Services Market is estimated to be worth USD 451.2 Billion by 2030, registering a 5.10% CAGR during the forecast period (2023- 2030).

Owing to the increasing production of oil & gas and the upsurge in shale gas extraction are estimated to enhance the growth of the market. Abating the oilfield services cost and increasing the production output are the key factors driving the market growth. Growing shale gas extraction from hydraulic fracturing and other stimulation procedures are boosting market growth. Rising demand for oil & gas from offshore areas is thrusting the demand for oilfield services in the market.

The surging demand for refinery products is also likely to boost the oil & gas production in the region in the long term.

The Global Oilfield Services Market report provides an integrated evaluation of the market. The report provides a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a significant role in the market.

Key Players

  • 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)

Regional Analysis

The Global Oilfield Services Market size is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

North America is one of the dominant markets for oilfield services, owing to the augmenting drilling & production activities. The US is one of the biggest markets for drilling oilfield services. The US has 968 active rigs and more than a million oil and gas-producing wells, and it is one of the biggest markets for drilling oilfield services market in the world.

The feasibility of natural gas reserves in Europe in the North Sea, Black Sea, the Caspian, the Mediterranean, the Norwegian Sea, and the Barents Sea and large shale gas reserves present significant opportunities for the players running in the European and international oilfield services market.

Market Segmentation

The Global Oilfield Services Market is segmented into the following types;

By Type

  • Equipment Rental
  • Field Operation
  • Analytical Services

By Service

  • Well Completion Equipment & Services
  • Well Intervention Services
  • Coiled Tubing Services
  • Pressure Pumping Services
  • OCTG
  • Wireline Services
  • Drilling Waste Management Services

By Application

  • Onshore
  • Offshore
    • Shallow Water
    • Deepwater
    • Ultra-Deepwater

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