Oilfield Service Equipment Market is expected to reach US$ 36,874.37 Million by 2031

Rising Exports of Crude Oil Boost Oilfield Service Equipment Market Growth  

According to our latest market study on "Oilfield Service Equipment Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Location, Solution, Equipment Type, and Service," the market was valued at US$ 25,756.31 million in 2024 and is anticipated to reach US$ 36,874.37 million by 2031; it is estimated to register a CAGR of 5.39% during 2025–2031. The report includes growth prospects in light of current oilfield service equipment market trends, and propelling the market growth.

Supply uncertainties and energy security have encouraged oil-producing nations to boost production levels. As a result, several countries focus more on investing in oilfield service equipment to meet global demand and support their economies. Exporting oilfield service equipment serves as a major source of revenue and foreign exchange for oil-producing countries. It allows them to invest in infrastructure, technology, and other economic sectors. In a competitive global oilfield service equipment market share, countries aim to increase their equipment exports to expand market share and attract foreign investment in oil and gas. This rise in crude oil production is a key driver for the oilfield service equipment market. Increased upstream activities, such as drilling and well maintenance, heighten the likelihood of equipment-related challenges, necessitating specialized tools to recover stuck machinery and minimize downtime. India is expanding its refining capacity from 250 million tons to 450 million tons annually by 2030 to meet domestic and export demands. Similarly, according to the IEA in January 2024, Saudi Arabia, which holds ~17% of the world's proven petroleum reserves, is one of the largest crude oil exporters. Saudi Aramco heavily invests in upstream activities such as exploration and production to maintain its leading export position.

Oilfield Service Equipment Market Analysis – by Geography, 2024

Source: The Insight Partners Analysis

The scope of the oilfield service equipment market report focuses on North America (the US, Canada, and Mexico), Europe (Norway, Netherlands, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (China, India, Australia, Indonesia, Malaysia, and the Rest of Asia Pacific), the Middle East and Africa (Iraq, Saudi Arabia, the UAE, Iran, Turkey, Kuwait, Qatar, and the Rest of Middle East and Africa), and South America (Brazil, Argentina, and the Rest of South America).

North America leads the global oilfield services equipment market, driven by significant crude oil production. Drilling and production activity are surging across the region. With the US producing 13.2 million barrels per day (as of 2024) and Canada and Mexico ramping up exploration and development, the frequency of stuck tools, lost equipment, and wellbore obstructions is increasing. Complex well architectures from horizontal and directional drilling increase the risk of such incidents, requiring advanced oilfield services. In Mexico, investments by PEMEX and private firms, particularly in migrated projects such as Ek-Balam, have contributed to rising operational intensity in recent years. Meanwhile, Alberta’s focus on cleaning up aging and unproductive wells requires extensive intervention and oilfield services to restore well integrity.

The oilfield services equipment market growth in Europe is attributed to the increasing offshore drilling activities, especially in the North Sea, Barents Sea, and other areas. As companies such as Equinor expand exploration efforts—such as the 2025 drilling permit in license 532—complex offshore operations heighten the risk of stuck or lost equipment, boosting demand for oilfield services. The rising demand for electricity in Europe intensifies the need for a stable energy supply, supporting oil and gas as part of hybrid systems. Players such as Baker Hughes, Weatherford, and Schlumberger are addressing this need with advanced oilfield services, which are essential for well maintenance and decommissioning.

The oilfield services equipment market in South America (SAM) is expanding owing to the rising exploration and production activities, especially in offshore fields. Brazil leads the region, with oil production increasing by 125% in 2023 to 3.5 million barrels per day, largely from subsalt fields using floating production, storage, and offloading (FPSO) units. Rystad Energy projects Brazil to account for 25% of global FPSO orders by 2030. Complex offshore operations require extensive oilfield services to retrieve stuck tools, ensure wellbore integrity, and reduce downtime. Countries such as Argentina, Venezuela, and Colombia contribute to demand, making oilfield services essential to regional operational efficiency.

Welltec A/S; Renegade Services; Completion Products Pte Ltd.; Baker Hughes Co; NOV Inc; Hunting Plc; Schlumberger; Weatherford International Plc; Tenaris SA; GEODynamics; Halliburton Co; Novomet FZE; American Completion Tools, Inc.; Repeat Precision LLC; Completion Oil Tools Private Limited; and WellMax Oilfield Technologies. are among the key players profiled in the oilfield service equipment market report. Other major players were also studied and analyzed in the report to get a holistic view of the market and its ecosystem. The oilfield service equipment market forecast can help stakeholders plan their growth strategies. The market study provides detailed market insights, which help the key players strategize their growth.

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