Oilfield Service Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Oilfield Service Market
The oilfield service market size was valued at USD 26.7 billion in 2023, and the market is now projected to grow to 48.1 USD billion by 2032, exhibiting a CAGR of 6.71% during the forecast period of 2023-2030.
This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to this domain. The COVID-19 pandemic has had a significant influence on the oil and gas sector, causing global financial and commodity markets to be disrupted and a sharp decline in demand that has hindered the sector's operations and supply chain. Prosperity has been observed for this particular product market with amusing numbers. A lot of growth has been observed in the recent times because of this particular factor that contributed and aslo acted as a catalyst to the overall development of the product market. This has ultimately outraged the sales and demand for this particular market growth and prosperity. These factors affceted the oilfield service market growth.
This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. Natural gas trapped in shale strata is also known as shale gas. These particular growth driving factors have been recorded to attribute the oilfield service market share. But technological developments like hydraulic fracturing and directional drilling have made it possible to produce more shale gas from these vital sources.
A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.
Comprehensive Analysis of Oilfield Service Market
The market is categorized by type into three categories: analytical services, field operation, and equipment rental. The market is divided into segments based on the services provided, including production, completion & workover, drilling, geophysical, and processing & separation. Onshore and offshore market segments are based on the application.
The North American region has augmented a lot in the past few years in this particular product market. The North American region held the biggest revenue share. According to projections, North America will have the biggest market shares worldwide, followed by Asia Pacific and Europe, in that order. With major operations predicted to occur in offshore assets in the North Sea and the Gulf of Mexico, which fuel demand for oilfield services, the trend is forecast to hold steady over the projected period. This particular region is actually growing a lot and is anticipated to augment more over the years.
Global markets are fiercely competitive and highly fragmented. Due to their creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), Weir Oil and Gas (U.S.), and Emerson (U.S.).
In August 2021, This particular company has attributed the market growth in terms of revenue and shares system. Four new contracts totaling USD 110 million have been announced by DOF Subsea with Petrobras. In the Campos, Santos, and Espírito Santos basins as well as the Marlin field, the contract calls for the mobilization of three DOF fleet boats to conduct flexible pipeline, riser, and subsea equipment inspections. This particular development and investment the global market has been recorded to be a boon for the market growth.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Billion)
Segmentation By Type
Equipment Rental
Field Operation
Analytical Services
By Service
Geophysical
Seismic Equipment
Seismic Service
Drilling
Offshore Drilling
OCTG
Directional Drilling
Drilling Fluid
Well Casing
Well Cementing
Drill Bits
Drilling Rigs
Logging While Drilling
Measurement While Drilling
Managed Pressure Drilling
Waste Management
Others
Completion & Workover
Well Intervention
Completion Fluid
Hydraulic Fracturing
Sand Control
Mud Logging
Wireline Logging
Other
Production
Artificial Lift
Floating Production Vessel
Support Vessel
Well Testing
Subsea Equipment
Christmas Tree
Enhanced Oil Recovery
Digital Oil Field
Others
Processing & Separation
Water Treatment
Oil Treatment
Gas Treatment
Solids Management
Others
By Application
Onshore
Offshore
Shallow Water
Deepwater
Ultra-Deepwater
By Geography
North America (the United States and Canada)
Europe (United Kingdom, Germany, France, Italy, Norway, Russia, and Rest of Europe)
Asia Pacific (China, India, Japan, Australia, Indonesia, Thailand, and Rest of Asia Pacific)
Middle East & Africa (Oman, UAE, Qatar, Kuwait, Saudi Arabia, Iraq, Algeria, Egypt, Nigeria, and Rest of the Middle East & Africa)
Latin America (Brazil, Argentina, Mexico, Venezuela, Colombia, Chile, and Rest of Latin America)