Get More Information on Oilfield Services Market - Request Sample Report
The Oilfield Services Market size was valued at USD 139.69 billion in 2023 and is expected to grow to USD 200.03 billion by 2032 and grow at a CAGR of 4.07% over the forecast period of 2024-2032.
Oilfield services refer to the various activities and operations that are involved in the exploration, drilling, production, and maintenance of oil and gas wells. These services are essential for the smooth functioning of the oil and gas industry, and they include a wide range of activities such as drilling, well completion, well testing, well intervention, and well maintenance.
The oilfield services industry is highly specialized and requires a skilled workforce with expertise in various areas such as geology, engineering, and technology. The services provided by this industry are critical to the success of oil and gas companies, as they help to maximize production and minimize downtime.
In recent years, the oilfield services industry has undergone significant changes due to the increasing demand for energy and the development of new technologies. As a result, companies in this industry are constantly innovating and adapting to meet the evolving needs of their clients.
During the Covid-19 pandemic demand for the oil & gas industry was reduced drastically. To prevent the spread of the virus government imposed a strict lockdown and restrictions on traveling and transportation which hampered the consumption of fuel. Due to this overall oil demand is reduced across the world. The oilfield activities such as drilling, completion & workover, exploration, processing & separation were suspended due to a shortage of labor. To avoid further contamination government had quarantined the people which restricted the gathering of people and ultimately reduced the demand for global oilfield services.
Drivers
Increasing oil and gas production and exploration activities globally
Increasing shale gas extraction
Rising return on investment in the oil & gas industry
Rising demand for energy
Technological advancement in oilfields
Shale gas refers to the natural gas that is found in the deposits of shale. Shale gas is used for electricity generation and domestic cooling and heating purpose. The abundant shale gas sources which are easily available and the reduced natural gas prices increase the shale gas extraction activities which drive the growth of the oilfield service market globally. Rapidly rising oil and gas exploration activities and shifting preference for using renewable energy resources are the key factors that drive the market growth of oilfield services.
Restrain
Fluctuating crude oil prices
The constant fluctuation in crude oil and natural gas prices hamper the oilfield service market globally. Continuously fluctuating raw material prices can directly impact the oilfield service market.
Opportunities
Rapidly rising investment in the oil and gas industry
Challenges
Stringent government regulations for approval
Rising environmental concern regarding the E&P activities
The ongoing conflict between Russia and Ukraine has had a significant impact on the oilfield services market. The instability in the region has caused a decrease in oil production, which has led to a decrease in demand for oilfield services. This has resulted in a decline in revenue for companies operating in the oilfield services market. Furthermore, the sanctions imposed on Russia by the international community have also had an impact on the oilfield services market. Many companies that operate in Russia have been forced to halt their operations due to the sanctions, which have further decreased the demand for oilfield services.
Impact of Recession
The oilfield services market has been significantly affected by the recent recession. The downturn in the global economy has led to a decrease in demand for oil and gas, resulting in a decline in exploration and production activities. This has had a direct impact on the oilfield services market, which provides support services to the oil and gas industry.
The recession has caused a reduction in capital spending by oil and gas companies, leading to a decrease in demand for oilfield services. This has resulted in a decrease in revenue for companies operating in this market. In addition, the recession has led to a decrease in the price of oil, which has further impacted the profitability of oilfield services companies.
On the basis of Type, the Oilfield Services Market is further segmented into Equipment rental, Field operation, and Analytical & consulting services.
On the basis of the Services, the Oilfield Services Market is classified into Workover & Completion services, Production, Drilling Services, Subsea Services, Seismic Services, Processing & Separation Services, and others
On the basis of the Application, the Oilfield Services Market is further bifurcated into Onshore and Offshore.
By Type
Equipment rental
Field operation
Analytical & consulting services
By Services
Workover & Completion services
Production
Drilling Services
Subsea Services
Seismic Services
Processing & Separation Services
Others
By Application
Onshore
Offshore
North America region dominated the market with the highest revenue share in 2021 and is expected to show significant growth during the predicted period. This growth trend is especially driven by the presence of key players like Schlumberger in the country USA. Schlumberger designed and developed advanced tools for flow control, well integrity, well intervention, and well drilling. This developed technology by market players has helped the USA to grow in the oilfield service market. The presence of abundant sources of shale gas and the high production and consumption capacity of oil and gas propels the growth of the oilfield service market significantly.
After the North America region Asia-Pacific region is expected to show lucrative growth between 2023-2030. China is the country that has the highest number of shale gas reserves. To fulfill the ever-growing demand for energy from this country government of China has decided to shift its focus to shale gas production which requires oilfield services. Therefore, key market players are interested in investing in China for oilfield services as well as shale gas extraction services. Rapidly growing population, increasing urbanization along with high disposable income in the countries like China and India will drive the market for oilfield services in the future.
Need any customization research on Oilfield Services Market - Enquiry Now
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major players are Baker Hughes Company, Halliburton, Schlumberger Limited, Weatherford, Superior Energy Services, NOV Inc., China Oilfield Services Limited, Archer Oilfield Engineers, Expro Group, TechnipFMC plc, General Electric, Trican, Welltec A/S, Basic Energy Corporation, Nabors Industries Ltd, Pioneer Natural Resources Company, Edgo and Other Players
| Report Attributes | Details |
| Market Size in 2023 | USD 139.69 Bn |
| Market Size by 2032 | USD 200.03 Bn |
| CAGR | CAGR of 4.07% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Equipment rental, Field operation, and Analytical & consulting services) • By Services (Workover & Completion service, Production, Drilling Services, Subsea Services, Seismic Services, Processing & Separation Services, and others) • By Application (Onshore and Offshore) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Baker Hughes Company, Halliburton, Schlumberger Limited, Weatherford, Superior Energy Services, NOV Inc., China Oilfield Services Limited, Archer Oilfield Engineers, Expro Group, TechnipFMC plc, General Electric, Trican, Welltec A/S, Basic Energy Corporation, Nabors Industries Ltd, Pioneer Natural Resources Company, Edgo. |
| Key Drivers | • Increasing oil and gas production and exploration activities globally • Increasing shale gas extraction |
| Market Opportunities | • Rapidly rising investment in the oil and gas industry |
The expected CAGR of the global Oilfield Services Market during the forecast period is 4.07%.
The market size of the Oilfield Services Market is USD 139.69 billion in 2023.
The major key players in the Oilfield Services Market are Baker Hughes Company, Halliburton, Schlumberger Limited, Weatherford, Superior Energy Services, NOV Inc., China Oilfield Services Limited, ARCHER OILFIELD ENGINEERS, Expro Group, TechnipFMC plc, General Electric, Trican, Welltec A/S, Basic Energy Corporation, Nabors Industries Ltd, Pioneer Natural Resources Company, Edgo
North America region dominated the Oilfield Services Market.
Increasing oil and gas production and exploration activities globally, increasing shale gas extraction, rising return on investment in the oil & gas industry, rising demand for energy, and technological advancement in oilfields are the driving factors of the Oilfield Services Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Oilfield Services Market Segmentation, By Type
8.1 Equipment rental
8.2 Field operation
8.3 Analytical & consulting services
9. Oilfield Services Market Segmentation, By Services
9.1 Workover & Completion services
9.2 Production
9.3 Drilling Services
9.4 Subsea Services
9.5 Seismic Services
9.6 Processing & Separation Services
9.7 Others
10. Oilfield Services Market Segmentation, By Application
10.1 Onshore
10.2 Offshore
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Oilfield Services Market by Country
11.2.2North America Oilfield Services Market by Type
11.2.3 North America Oilfield Services Market by Services
11.2.4 North America Oilfield Services Market by Application
11.2.5 USA
11.2.5.1 USA Oilfield Services Market by Type
11.2.5.2 USA Oilfield Services Market by Services
11.2.5.3 USA Oilfield Services Market by Application
11.2.6 Canada
11.2.6.1 Canada Oilfield Services Market by Type
11.2.6.2 Canada Oilfield Services Market by Services
11.2.6.3 Canada Oilfield Services Market by Application
11.2.7 Mexico
11.2.7.1 Mexico Oilfield Services Market by Type
11.2.7.2 Mexico Oilfield Services Market by Services
11.2.7.3 Mexico Oilfield Services Market by Application
11.3 Europe
11.3.1 Europe Oilfield Services Market by Country
11.3.2 Europe Oilfield Services Market by Type
11.3.3 Europe Oilfield Services Market by Services
11.3.4Europe Oilfield Services Market by Application
11.3.5Germany
11.3.5.1 Germany Oilfield Services Market by Type
11.3.5.2 Germany Oilfield Services Market by Services
11.3.5.3 Germany Oilfield Services Market by Application
11.3.6 UK
11.3.6.1 UK Oilfield Services Market by Type
11.3.6.2 UK Oilfield Services Market by Services
11.3.6.3 UK Oilfield Services Market by Application
11.3.7 France
11.3.7.1 France Oilfield Services Market by Type
11.3.7.2 France Oilfield Services Market by Services
11.3.7.3 France Oilfield Services Market by Application
11.3.8 Italy
11.3.8.1 Italy Oilfield Services Market by Type
11.3.8.2 Italy Oilfield Services Market by Services
11.3.8.3 Italy Oilfield Services Market by Application
11.3.9 Spain
11.3.9.1 Spain Oilfield Services Market by Type
11.3.9.2 Spain Oilfield Services Market by Services
11.3.9.3 Spain Oilfield Services Market by Application
11.3.10 The Netherlands
11.3.10.1 Netherlands Oilfield Services Market by Type
11.3.10.2 Netherlands Oilfield Services Market by Services
11.3.10.3 Netherlands Oilfield Services Market by Application
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Oilfield Services Market by Type
11.3.11.2 Rest of Europe Oilfield Services Market by Services
11.3.11.3 Rest of Europe Oilfield Services Market by Application
11.4 Asia-Pacific
11.4.1 Asia Pacific Oilfield Services Market by Country
11.4.2Asia Pacific Oilfield Services Market by Type
11.4.3 Asia Pacific Oilfield Services Market by Services
11.4.4 Asia Pacific Oilfield Services Market by Application
11.4.5 Japan
11.4.5.1 Japan Oilfield Services Market by Type
11.4.5. 2Japan Oilfield Services Market by Services
11.4.5. 3Japan Oilfield Services Market by Application
11.4.6 South Korea
11.4.6.1 South Korea Oilfield Services Market by Type
11.4.6.2. South Korea Oilfield Services Market by Services
11.4.6.3. South Korea Oilfield Services Market by Application
11.4.7China
11.4.7.1 China Oilfield Services Market by Type
11.4.7.2. China Oilfield Services Market by Services
11.4.7.3. China Oilfield Services Market by Application
11.4.8 India
11.4.8.1 India Oilfield Services Market by Type
11.4.8.2. India Oilfield Services Market by Services
11.4.8.3 India Oilfield Services Market by Application
11.4.9Australia
11.4.8.1 Australia Oilfield Services Market by Type
11.4.8.2. Australia Oilfield Services Market by Services
11.4.8.3. Australia Oilfield Services Market by Application
11.4.10Rest of Asia-Pacific
11.4.10.1 APAC Oilfield Services Market by Type
11.4.10.2. APAC Oilfield Services Market by Services
11.4.10.3. APAC Oilfield Services Market by Application
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Oilfield Services Market by Country
11.5.2 The Middle East & Africa Oilfield Services Market by Type
11.5.3The Middle East & Africa Oilfield Services Market by Services
11.5.4The Middle East & Africa Oilfield Services Market by Application
11.5.5Israel
11.5.5.1 Israel Oilfield Services Market by Type
11.5.5.2 Israel Oilfield Services Market by Services
11.5.5.3 Israel Oilfield Services Market by Application
11.5.6 UAE
11.5.6.1 UAE Oilfield Services Market by Type
11.5.6.2 Israel Oilfield Services Market by Services
11.5.6.3 Israel Oilfield Services Market by Application
11.5.7South Africa
11.5.7.1 South Africa Oilfield Services Market by Type
11.5.7.2 South Africa Oilfield Services Market by Services
11.5.7.3 South Africa Oilfield Services Market by Application
11.5.8 Rest of Middle East & Africa
11.5.8.1 Rest of Middle East & Asia Oilfield Services Market by Type
11.5.8.2 Rest of Middle East & Asia Oilfield Services Market by Services
11.5.8.3 Rest of Middle East & Asia Oilfield Services Market by Application
11.6 Latin America
11.6.1 Latin America Oilfield Services Market by Country
11.6.2. Latin America Oilfield Services Market by Type
11.6.3 Latin America Oilfield Services Market by Services
11.6.4 Latin America Oilfield Services Market by Application
11.6.5 Brazil
11.6.5.1 Brazil Oilfield Services Market by Type
11.6.5.2 Brazil Oilfield Services Market by Services
11.6.5.3Brazil Oilfield Services Market by Application
11.6.6Argentina
11.6.6.1 Argentina Oilfield Services Market by Type
11.6.6.2 Argentina Oilfield Services Market by Services
11.6.6.3 Argentina Oilfield Services Market by Application
11.6.7Rest of Latin America
11.6.7.1 Rest of Latin America Oilfield Services Market by Type
11.6.7.2 Rest of Latin America Oilfield Services Market by Services
11.6.7.3Rest of Latin America Oilfield Services Market by Application
12 Company Profile
12.1 Baker Hughes Company
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Halliburton
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Schlumberger Limited
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Weatherford
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Superior Energy Services
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 NOV Inc.
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 China Oilfield Services Limited
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Archer Oilfield Engineers
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Expro Group
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 TechnipFMC plc
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11 General Electric
12.11.1 Market Overview
12.11.2 Financials
12.11.3 Product/Services/Offerings
12.11.4 SWOT Analysis
12.11.5 The SNS View
12.12 Trican
12.12.1 Market Overview
12.12.2 Financials
12.12.3 Product/Services/Offerings
12.12.4 SWOT Analysis
12.12.5 The SNS View
12.13 Welltec A/S
12.13.1 Market Overview
12.13.2 Financials
12.13.3 Product/Services/Offerings
12.13.4 SWOT Analysis
12.13.5 The SNS View
12.14 Basic Energy Corporation
12.14.1 Market Overview
12.14.2 Financials
12.14.3 Product/Services/Offerings
12.14.4 SWOT Analysis
12.14.5 The SNS View
12.15 Nabors Industries Ltd
12.15.1 Market Overview
12.15.2 Financials
12.15.3 Product/Services/Offerings
12.15.4 SWOT Analysis
12.15.5 The SNS View
12.16 Pioneer Natural Resources Company
12.16.1 Market Overview
12.16.2 Financials
12.16.3 Product/Services/Offerings
12.16.4 SWOT Analysis
12.16.5 The SNS View
12.17 Edgo
12.17.1 Market Overview
12.17.2 Financials
12.17.3 Product/Services/Offerings
12.17.4 SWOT Analysis
12.17.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Use Cases and Best Practices
15. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Biodiesel Market size was valued at USD 36.63 billion in 2023 and is expected to grow to USD 85.57 billion by 2032 with a growing CAGR of 10.2% over the forecast period of 2024-2032.
The Energy Harvesting System Market size was valued at USD 638.86 million in 2023 and is expected to grow to USD 1442.32 million by 2032 and grow at a CAGR of 9.47% over the forecast period of 2024-2032.
The Subsea Manifolds Market size was valued at USD 5.36 billion in 2023 and is expected to grow to USD 9.07 billion by 2031 and grow at a CAGR of 6.4% over the forecast period of 2024-2031.
The High Purity Methane Gas Market size was valued at USD 7.95 billion in 2023 and is expected to grow to USD 12.20 billion by 2031 and grow at a CAGR of 5.5% over the forecast period of 2024-2031.
The Heavy Metal Testing Market size was valued at USD 4.01 billion in 2023 and is expected to grow to USD 7.89 billion by 2032 and grow at a CAGR of 7.8% over the forecast period of 2024-2032.
The Silent Generator Market size was valued at USD 3.2 billion in 2023 and is expected to grow to USD 5.2 billion by 2032 with a growing CAGR of 5.5% over the forecast period of 2024-2032.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
