Oilfield Services

Global Oilfield Services Market to Reach US$177.6 Billion by 2030

The global market for Oilfield Services estimated at US$123.7 Billion in the year 2024, is expected to reach US$177.6 Billion by 2030, growing at a CAGR of 6.2% over the analysis period 2024-2030. Equipment Rental, one of the segments analyzed in the report, is expected to record a 6.9% CAGR and reach US$99.5 Billion by the end of the analysis period. Growth in the Field Operation segment is estimated at 5.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$32.1 Billion While China is Forecast to Grow at 9.4% CAGR

The Oilfield Services market in the U.S. is estimated at US$32.1 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$41.3 Billion by the year 2030 trailing a CAGR of 9.4% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.8% and 5.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR.

Global Oilfield Services Market - Key Trends and Drivers Summarized

How Are Oilfield Services Supporting Energy Production?

Oilfield services encompass a wide range of activities that support the exploration, drilling, and production of oil and gas. These services include drilling, well completion, cementing, fracturing, seismic testing, and well intervention, playing a vital role in ensuring efficient and safe hydrocarbon extraction. Oilfield service companies provide specialized equipment, technical expertise, and innovative solutions to optimize production, enhance reservoir performance, and reduce operational risks. As global energy demand continues to rise, oilfield services are critical for increasing production capacity, improving well efficiency, and supporting sustainable exploration and production operations across both onshore and offshore fields.

What Are the Key Segments in the Oilfield Services Market?

Major types of services include drilling services, completion services, production services, and well intervention services, with drilling and completion services representing the largest segments due to high demand for new well development. Applications cover onshore and offshore operations, with onshore fields generating the highest service demand due to the larger number of active wells. Additionally, the market is segmented by operation location, distinguishing between shallow water, deepwater, and ultra-deepwater fields, where offshore services are growing rapidly due to the focus on deepwater exploration.

How Are Oilfield Services Being Utilized Across Exploration and Production?

In the exploration phase, oilfield services provide seismic testing, geological surveys, and drilling of exploratory wells to assess the potential of new fields. Drilling services, including directional drilling and horizontal drilling, are used to optimize well placement and maximize reservoir contact. During the completion phase, oilfield service companies handle casing, cementing, and well stimulation techniques like hydraulic fracturing to enhance well productivity. Production services, including well maintenance, artificial lift, and enhanced oil recovery (EOR), are employed to extend the lifespan of wells and maintain optimal production rates. Well intervention services, such as workovers and repairs, address production challenges and improve recovery from mature fields.

What Factors Are Driving the Growth in the Oilfield Services Market?

The growth in the Oilfield Services market is driven by several factors, including the increasing demand for oil and gas, which has prompted higher exploration and production activities. The development of new fields, particularly in offshore and deepwater regions, has boosted demand for drilling, completion, and intervention services. Technological advancements in drilling techniques, well completion, and enhanced oil recovery have improved well performance and reduced operational costs, driving service adoption. The rising focus on unconventional resources, such as shale and tight oil, has further fueled demand for specialized oilfield services like hydraulic fracturing. Additionally, the growing emphasis on digital oilfield technologies and real-time data analytics is enhancing the efficiency and safety of oilfield operations, supporting market expansion.

SCOPE OF STUDY:

The report analyzes the Oilfield Services market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Type (Equipment Rental, Field Operation, Analytical Services); Service (Workover & Completion Services, Production, Drilling Services, Subsea Services, Seismic Services, Processing & Separation Services, Other Services); Application (Onshore, Offshore)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 69 Featured) -

• Baker Hughes Incorporated
• BJ Services Company
• China Oilfield Services Limited
• Fluor
• Halliburton Company
• Nabors Industries Ltd.
• National Oilwell Varco, Inc.
• Nordic Well Services LLC
• Oil States Industries
• Petrofac
• Saipem
• Schlumberger Limited
• SGS S.A.
• Superior Energy Services, Inc.
• Technipfmc PLC
• Transocean
• Trican Well Service Ltd.
• Weatherford International PLC
• Weir Oil and Gas
• Welltec International APS

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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