The oilfield Service Market size is projected to reach US$ 175.96 billion by 2031 from US$ 111.56 billion in 2023. The market is expected to register a CAGR of 5.9% during 2023–2031. Increasing oil & gas production, rising production of new oil rigs, and reconstruction of existing and old oil & gas rigs are likely to remain key trends in the market.
Oilfield Service Market Analysis
The oilfield service market is expected to experience considerable growth during the analyzed timeframe owing to the rising number of natural gas projects as well as the discovery of new oil fields, particularly in remote locations. Additionally, the depletion of existing oil & gas reserves in various countries has created a demand for cross-border pipelines for the supply of oil & gas-related products, which is boosting the growth of the oilfield service market. The increasing demand for cost-effective transportation methods for oil and gas is one of the major factors that is expected to boost the demand for oilfield services in the overseas oil & gas sector across the globe.
Oilfield Service Market Overview
With the mounting population and industrialization, the demand for energy is also rising at the global level. The rise in energy consumption also boosted the need for oil and gas in developing and developed economies. This has resulted in driving the demand for oilfield services across the globe. In addition, the Large population, high per capita income, and rapid industrialization are driving the offshore oil & gas pipes fittings and flanges market in the Asia Pacific. The region is the largest consumer of crude oil & gas. Further, highly industrialized countries in the Asia Pacific, including Japan, China, India, & South Korea, are reporting increasing overall energy consumption. These countries are increasing their focus on boosting domestic oil production through various enhanced oil recovery techniques, which is supporting the market growth in APAC to fulfill the growing demand for oil.
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Oilfield Service Market: Strategic Insights
Market Size Value in US$ 96,465.86 Million in 2021 Market Size Value by US$ 145,963.08 Million by 2028 Growth rate CAGR of 6.1% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Oilfield Service Market: Strategic Insights
| Market Size Value in | US$ 96,465.86 Million in 2021 |
| Market Size Value by | US$ 145,963.08 Million by 2028 |
| Growth rate | CAGR of 6.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Oilfield Service Market Drivers and Opportunities
The Raising Demand for Natural Gas and Crude Oil to Favor Market
The demand for oil & natural gas is witnessing a constant increase across the world. The US and China have registered the most considerable growth. The robust increase in petrochemical demand in the US resulted in increased consumption. The surge in industrial production, along with the high demand for trucking services, is boosting the demand for petrochemicals, thereby fuelling the growth of the oilfield service market. Moreover, the growth in air traffic volumes worldwide, particularly in Asia's developing economies, is another significant factor resulting in increased oil consumption.
Efforts to Improve Oil Recovery Operations to Reduce Dependency on Oil & Gas Imports
The steam injection method has been exploited commercially over recent decades to improve recovery from conventional heavy oil reservoirs in their later stages of development. The injected steam increases the overall pressure of an offshore oil reservoir, which helps improve the mobility ratio of crude oil and allows it to flow efficiently. As a result, the enhanced oil recovery methods help revitalize extraction processes in existing offshore oil wells. Various countries are investing in efforts to rejuvenate their existing oil resources to boost domestic oil production and decrease their dependence on oil imports. Thus, the projected expansion of their oil & gas operations is anticipated to offer promising growth opportunities for the oilfield service market players in the coming years.
Oilfield Service Market Report Segmentation Analysis
Key segments that contributed to the derivation of the oilfield service market analysis are service type and application.
- Based on service type, the oilfield service market is divided into well completion, wireline, artificial lift, perforation, drilling and completion fluids, and others. The others segment held the largest oilfield service market share in 2023.
- By material type, the market is segmented into onshore and offshore. The onshore segment held the larger share in the oilfield service market in 2023.
Oilfield Service Market Share Analysis by Geography
The geographic scope of the oilfield service market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The oilfield services market in North America is sub-segmented into the US, Canada, and Mexico. The region dominates the global oilfield service market due to extensive oil and gas exploration and production projects and a surge in new activities in the US, the Gulf of Mexico, and Canada. There were 912,962 oil and gas wells in the US in that year. An increase in the number of horizontal wells in the US and a rise in oil and shale gas production per rig contribute to the oilfield services market growth in the country. The emergence of advanced intelligent oilfield services systems, such as high-end self-adaptive inflow control completion systems, would propel the market growth in North America in the coming years. High demand for onshore equipment due to significant prospects in the Permian Basin and North Dakota, especially in an increasingly large number of unconventional projects, would flourish the oilfield services market growth for the onshore segment.
Oilfield Service Market Report Scope
Oilfield Service Market News and Recent Developments
The oilfield service market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the oilfield service market are listed below:
- Baker Hughes announced the expansion of the Oilfield services and equipment business in Guyana. Baker Hughes is all set to develop a new supercentre facility in Guyana for oilfield services and equipment. (Source: Baker Hughes, Press Release, February 2022)
- Schlumberger Limited has announced the launch of the Periscope Edge multilayer mapping-while-drilling service. The service provides new measurements and an industry-leading inversion process combined with cloud solutions to deliver accurate geo steering in reservoirs while drilling. (Source: Schlumberger Limited, Press Release, August 2021)
Oilfield Service Market Report Coverage and Deliverables
The “Oilfield Service Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Oilfield service market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Oilfield service market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Oilfield service market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the oilfield service market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application, and Service Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the oilfield service market in 2023.
Technological advancements in oilfield services and rise in construction of oil and gas rigs are the future trend of the oilfield service market
Schlumberger Limited, Weatherford International Plc, Baker Hughes Company, Halliburton Company, National Oilwell Varco, Inc., TechnipFMC, Plc, Superior Energy Services, Inc., China Oilfield Services Ltd., Asian Energy Services Limited, and Transocean Ltd are some of the leading players in the oilfield service market.
US$ 175.96 billion estimated value of the oilfield service market by 2031.
5.9% is the expected CAGR of the oilfield service market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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