The oilfield service market was valued at US$ 96,465.86 million in 2021 and is projected to reach US$ 145,963.08 million by 2028; it is expected to grow at a CAGR of 6.1% from 2021 to 2028.
Oilfield services comprise a variety of oilfield-related operations, such as exploration, drilling, stimulation, completion, intervention, and production, throughout the life cycle of a well. Oilfield services assist operators in controlling subsurface pressures, reducing borehole erosion, minimizing formation damage, optimizing drilling parameters, and analyzing penetration rate and hole cleaning. Technological advancements in oilfield equipment has increased efficiency in resource extraction and management. Furthermore, prominent corporations have turned to technology-based services to meet the increased demand for oil and gas. Other factors contributing to the rising use of technologically-enhanced oilfield services include increased accuracy and precision and decreased time and labor costs. Hence, oilfield service market is predicted to develop rapidly in the coming years as oil and gas production and shale gas extraction expand across the world.
Due to increased energy demand and lucrative investment prospects in the oil & gas industry, production and exploration activities are increasing. For instance, in July 2019, i3 Energy PLC awarded Baker Hughes GE an oilfield service contract to drill at the Liberator and Serenity assets in the North Sea. Furthermore, by 2035, unconventional onshore oil production will be doubled to roughly 22 Mbpd, accounting for nearly 30% of world crude oil production. As a result, increased production and development operations in the oil & gas industry are predicted to drive the oilfield service market growth in the future.
Based on application, the oilfield service market is bifurcated into onshore and offshore. Based on service type, the market is segmented into well completion, wire line, artificial lift, perforation, drilling and completion fluids, and others. By geography, the oilfield service market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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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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Impact of COVID-19 Pandemic on Oilfield Service Market
The oilfield service market disrupted in 2020 due to the COVID-19 outbreak. Steps taken by corporations and governments to restrict the virus spread have resulted in a significant and rapid decrease in transportation and related operations, affecting demand for oil and gas. According to the International Energy Agency (IEA), geopolitical events boosted the supply of low-cost oil to the global market while decreasing demand owing to the pandemic's onset, resulting in a drop in oil prices in March 2020. Such incidents have reduced the demand for oil and natural gas, and intervention services and supplies, which have resulted in severe volatility in oil prices. The West Texas Intermediate (WTI) oil price was US$ 61.1 on December 31, 2019, and it was US$ 23.4 on March 23, 2020, a drop of more than 60.0%. As of April 2020, OPEC and other oil-producing nations have agreed to cut oil output by 10 million barrels per day (BPD), or around 23.0% of current levels. The implementation of COVID-19-related restrictions has hindered the expansion of the oilfield service market The crisis has pushed some existing production to cease because low oil prices are uneconomical to continue production operations. Furthermore, the fast accumulation of oil stockpiles has depleted available storage capacity in a few places globally, even leading to negative pricing. Several oilfield service businesses have filed for bankruptcy and are reorganizing their capital assets. Furthermore, they reported significant revenue decreases in 2020, compared to 2019. For example, Halliburton (US) reported a 55.1% loss in sales in 2020, whereas Schlumberger (US), Baker Hughes (US), and Weatherford International (US) recorded yearly revenue declines of 39.5%, 15.1%, and 34.5%, respectively.
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Market Insights – Oilfield Service Market
Rising Oil and Gas Production and Exploration (E&P) Activities
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The oilfield service market is being pushed by increased exploration and production activities due to the rising demand for energy across the world. Growing urbanization and industrialization, and rapid technology improvements have contributed considerably to the oilfield service market growth. The upstream portion of the oil and gas business is exploration and production (E&P), and it encompasses the phases of search, exploration, drilling, and extraction. The exploration and production (E&P) sector is the first oil and gas production stage. Furthermore, conventional onshore oil output will be more than quadruple to roughly 22 Mbpd by 2035, accounting for nearly 30% of total world crude oil production. In addition, recent discoveries in the Americas may increase the region's world-class geography for hydrocarbon development and production in the following years, providing significant new investment possibilities in exploration and production (E&P) firms. Advances are the identification and development of new subsurface potential (for instance, unconventional resources in Argentina and deep-water resources in Brazil) and the introduction of appealing access and tax regimes to stimulate new investments (for instance, energy reforms in Mexico, new fiscal terms in Argentina, and moves toward non-Petrobras operatorship in Brazil). Due to increased energy demand across Asia Pacific, driven by fast economic development, the region is becoming highly reliant on oil and gas imports. Therefore, Asia Pacific countries are boosting their offshore exploration and production (E&P) efforts to improve local energy output and reduce reliance on imported oil and gas. As a result, rising production and exploration activities in the oil & gas sector fuel the growth of the oilfield service market.
Application-Based Insights
Based on application, the oilfield service market is bifurcated into onshore and offshore. Increased onshore activities in various nations, such as China and Saudi Arabia, due to rising demand for natural gas and crude oil have boosted industry expansion. Meanwhile, the market for the offshore segment is predicted to grow significantly during the forecast period due to the development of existing offshore wells and rising investments in deep and ultra-deep-water drilling activities and subsea oil and gas assets. Furthermore, the increasing number of offshore rigs across the world and rising investments by the top oil and gas firms are projected to boost the oilfield service market in the coming years.
Service Type-Based Insights
Based on service type, the global oilfield service market is segmented into well completion, wire line, artificial lift, perforation, drilling and completion fluids, and others. The oilfield services business is an essential partner for oil exploration and production enterprises. They offer onshore and offshore oil well maintenance, completion, production, supply, and logistical support services. Oilfield services firms, in general, build, repair, and maintain equipment used in the production and transportation of oil. This oil is expected to grow in the coming years due to the rising consumption of oil, increasing usage of internal sources of finance, and technological improvements.
Players operating in the oilfield service market are mainly focused on the development of advanced and efficient products.
- In 2022, Baker Hughes announced partnership and investment in NET Powers. The partnerships will enable the company to accelerate the oilfield service market development of zero-emissions power plant.
- In April 2021, Nov Inc and Chevron announced their collaboration. The collaboration will accelerate and enhance the delivery and development of technologically advanced products and services. Nov Inc will benefit from this collaboration in the development of the next-generation subsea systems.
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 led the market with a revenue share of more than 30% in 2020. Further, APAC is expected to register the highest CAGR in the market during the forecast period.
The oilfield services business is being pushed by increased exploration and production activities due to the rising demand for energy across the world. Growing urbanization and industrialization, and rapid technology improvements have contributed considerably to the growth of the market. The upstream portion of the oil and gas business is exploration and production (E&P), and it encompasses the phases of search, exploration, drilling, and extraction. The exploration and production (E&P) sector is the first oil and gas production stage. Production and exploration activities are expanding due to the increased energy demand and profitable investment possibilities in the oil & gas sector. For instance, in July 2019, i3 Energy PLC granted Baker Hughes GE, one of the world's leading oilfield services firms, contracts for $3,249,901.15 million to carry out drilling at its North Sea Liberator and Serenity properties.
Based on service type, the global Oilfield Service market is segmented into well completion, wireline, artificial lift, perforation, drilling and completion fluids, others. In 2020, Other services led the market which includes pressure pumping services, oil country tubular goods, well intervention services, drilling and production services, and coiled tubing services. Pressure pumping is the process of propagating cracks through layers of rock with pressure fracturing fluid and pouring cement into the wellbore to finish it. Furthermore, Casing, tubing, pipes, and pipelines used in the petroleum sector are Oil Country Tubular Goods (OCTG). These tubular materials serve as the foundation for oil and gas well and pipeline design and the conduit for the safe and efficient transportation of oil and gas products to market. Well intervention is a technique that improves the quality of oil and gas wells and provides data to aid in managing oil and gas well production rates.
Baker Hughes Company; Halliburton Energy Services, Inc; Schlumberger Limited; NOV Inc; and Weatherford are the five key players in the Oilfield Service market. These companies have shown consistent growth in revenue and larger volumes of sales. Additionally, the well-established top five players are offering a comprehensive product portfolio and have a prominent presence in terms of share in the Oilfield Service market.
The market is estimated to register a CAGR of 6.1% during the forecast period. The oilfield service market, based on geography, is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM).
The offshore segment is expected to grow at the fastest CAGR during the forecast period. This segment's expansion is driven mainly by new offshore exploration and production operations. This would create new income pockets for the oilfield services industry during the projected period.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Oilfield Service Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia-Pacific
4.2.4 Middle East and Africa
4.2.5 South America
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Oilfield Service Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Oil and Gas Production and Exploration (E&P) Activities
5.1.2 Rising Shale Gas Extraction
5.2 MARKET RESTRAINTS
5.2.1 Volatility in Crude Oil Prices
5.3 MARKET OPPORTUNITIES
5.3.1 Increasing Demand of Offshore/Deep-Water Discoveries
5.4 FUTURE TRENDS
5.4.1 Technological Innovation in Oilfield Service
5.5 Impact Analysis of Drivers And Restraints
6. Oilfield Service – Global Market Analysis
6.1 Global Oilfield Service - Global Overview
6.2 Global Oilfield Service Market Revenue Forecast and Analysis
6.3 Market Positioning – Five Key Players
7. Oilfield service Market – By Application
7.1 Overview
7.2 Oilfield service Market, By Application (2020 and 2028)
7.3 Onshore
7.3.1 Overview
7.3.2 Onshore: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Offshore
7.4.1 Overview
7.4.2 Offshore: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
8. Oilfield service Market – By Service type
8.1 Overview
8.2 Oilfield service Market, By Service type (2020 and 2028)
8.3 Well Completion
8.3.1 Overview
8.3.2 Well completion: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Wire line
8.4.1 Overview
8.4.2 Wire line: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Artificial lift
8.5.1 Overview
8.5.2 Artificial lift: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Perforation
8.6.1 Overview
8.6.2 Perforation: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Drilling and Completion Fluids
8.7.1 Overview
8.7.2 Drilling and Completion Fluids: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9. Oilfield service Market – Geographic Analysis
9.1 Overview
9.2 North America: Oilfield Service Market
9.2.1 North America: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.2.2 North America: Oilfield Service Market, By Application
9.2.3 North America: Oilfield Service Market, by Service type
9.2.4 North America: Oilfield Service Market, by Key Country
9.2.4.1 US: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.2.4.1.1 US: Oilfield Service Market, By Application
9.2.4.1.2 US: Oilfield Service Market, by Service type
9.2.4.2 Canada: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.2.4.2.1 Canada: Oilfield Service Market, By Application
9.2.4.2.2 Canada: Oilfield Service Market, by Service type
9.2.4.3 Mexico: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.2.4.3.1 Mexico: Oilfield Service Market, By Application
9.2.4.3.2 Mexico: Oilfield Service Market, by Service type
9.3 Europe: Oilfield Service Market
9.3.1 Europe: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.3.2 Europe: Oilfield Service Market, By Application
9.3.3 Europe: Oilfield Service Market, by Service type
9.3.4 Europe: Oilfield Service Market, by Key Country
9.3.4.1 Germany: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.1.1 Germany: Oilfield Service Market, By Application
9.3.4.1.2 Germany: Oilfield Service Market, by Service type
9.3.4.2 UK: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.2.1 UK: Oilfield Service Market, By Application
9.3.4.2.2 UK: Oilfield Service Market, by Service type
9.3.4.3 France: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.3.1 France: Oilfield Service Market, By Application
9.3.4.3.2 France: Oilfield Service Market, by Service type
9.3.4.4 Italy: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.4.1 Italy: Oilfield Service Market, By Application
9.3.4.4.2 Italy: Oilfield Service Market, by Service type
9.3.4.5 Russia: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.5.1 Russia: Oilfield Service Market, By Application
9.3.4.5.2 Russia: Oilfield Service Market, by Service type
9.3.4.6 Rest of Europe: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.3.4.6.1 Rest of Europe: Oilfield Service Market, By Application
9.3.4.6.2 Rest of Europe: Oilfield Service Market, by Service type
9.4 APAC: Oilfield Service Market
9.4.1 APAC: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.4.2 APAC: Oilfield Service Market, By Application
9.4.3 APAC: Oilfield Service Market, by Service type
9.4.4 APAC: Oilfield Service Market, by Key Country
9.4.4.1 China: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.1.1 China: Oilfield Service Market, By Application
9.4.4.1.2 China: Oilfield Service Market, by Service type
9.4.4.2 Japan: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.2.1 Japan: Oilfield Service Market, By Application
9.4.4.2.2 Japan: Oilfield Service Market, by Service type
9.4.4.3 India: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.3.1 India: Oilfield Service Market, By Application
9.4.4.3.2 India: Oilfield Service Market, by Service type
9.4.4.4 South Korea: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.4.1 South Korea: Oilfield Service Market, By Application
9.4.4.4.2 South Korea: Oilfield Service Market, by Service type
9.4.4.5 Australia: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.5.1 Australia: Oilfield Service Market, By Application
9.4.4.5.2 Australia: Oilfield Service Market, by Service type
9.4.4.6 Rest of APAC: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.4.4.6.1 Rest of APAC: Oilfield Service Market, By Application
9.4.4.6.2 Rest of APAC: Oilfield Service Market, by Service type
9.5 MEA: Oilfield Service Market
9.5.1 MEA: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.5.2 MEA: Oilfield Service Market, By Application
9.5.3 MEA: Oilfield Service Market, by Service type
9.5.4 MEA: Oilfield Service Market, by Key Country
9.5.4.1 South Africa: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.1.1 South Africa: Oilfield Service Market, By Application
9.5.4.1.2 South Africa: Oilfield Service Market, by Service type
9.5.4.2 UAE: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.2.1 UAE: Oilfield Service Market, By Application
9.5.4.2.2 UAE: Oilfield Service Market, by Service type
9.5.4.3 Saudi Arabia: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.3.1 Saudi Arabia: Oilfield Service Market, By Application
9.5.4.3.2 Saudi Arabia: Oilfield Service Market, by Service type
9.5.4.4 Rest of MEA: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.5.4.4.1 Rest of MEA: Oilfield Service Market, By Application
9.5.4.4.2 Rest of MEA: Oilfield Service Market, by Service type
9.6 SAM: Oilfield Service Market
9.6.1 SAM: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.6.2 SAM: Oilfield Service Market, By Application
9.6.3 SAM: Oilfield Service Market, by Service type
9.6.4 SAM: Oilfield Service Market, by Key Country
9.6.4.1 Brazil: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.6.4.1.1 Brazil: Oilfield Service Market, By Application
9.6.4.1.2 Brazil: Oilfield Service Market, by Service type
9.6.4.2 Argentina: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.6.4.2.1 Argentina: Oilfield Service Market, By Application
9.6.4.2.2 Argentina: Oilfield Service Market, by Service type
9.6.4.3 Rest of SAM: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
9.6.4.3.1 Rest of SAM: Oilfield Service Market, By Application
9.6.4.3.2 Rest of SAM: Oilfield Service Market, by Service type
10. Oilfield service Market - Covid-19 Impact Analysis
10.1 Overview
10.1.1 North America: Impact Assessment of COVID-19 Pandemic
10.1.2 Europe: Impact Assessment of COVID-19 Pandemic
10.1.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
10.1.4 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
10.1.5 South America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Development
12. Company Profiles
12.1 Archer
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Baker Hughes Company
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Halliburton Energy Services, Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Hunting PLC
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 NOV Inc.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Schlumberger Limited
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Weatherford International plc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Pioneer Energy Services Corp.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Petrodyn
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Wireline Services Group
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Global Oilfield Service Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 3. North America: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 4. North America: Oilfield Service Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 7. Canada: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 9. Mexico: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 10. Mexico: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 11. Europe: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 12. Europe: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 13. Europe: Oilfield Service Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 14. Germany: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 15. Germany: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 16. UK: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 17. UK: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 18. France: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 19. France: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 20. Italy: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 21. Italy: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 22. Russia: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 23. Russia: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 24. Rest of Europe: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 25. Rest of Europe: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 26. APAC: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 27. APAC: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 28. APAC: Oilfield Service Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 29. China: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 30. China: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 31. Japan: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 32. Japan: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 33. India: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 34. India: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 35. South Korea: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 36. South Korea: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 37. Australia: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 38. Australia: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 39. Rest of APAC: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 40. Rest of APAC: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 41. MEA: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 42. MEA: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 43. MEA: Oilfield Service Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 44. South Africa: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 45. South Africa: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 46. UAE: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 47. UAE: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 48. Saudi Arabia: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 49. Saudi Arabia: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 50. Rest of MEA: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 51. Rest of MEA: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 52. SAM: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 53. SAM: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 54. SAM: Oilfield Service Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 55. Brazil: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 56. Brazil: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 57. Argentina: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 58. Argentina: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 59. Rest of SAM: Oilfield Service Market, By Application – Revenue and Forecast to 2028 (US$ Million)
Table 60. Rest of SAM: Oilfield Service Market, by Service type – Revenue and Forecast to 2028 (US$ Million)
Table 61. List of Abbreviation
LIST OF FIGURES
Figure 1. Oilfield Service Market Segmentation
Figure 2. Oilfield Service Market Segmentation – By Geography
Figure 3. Global Oilfield Service Market Overview
Figure 4. Oilfield Service Market, By Application
Figure 5. Oilfield Service Market, By Service type
Figure 6. Oilfield Service Market, By Geography
Figure 7. North America – PEST Analysis
Figure 8. Europe – PEST Analysis
Figure 9. Asia-Pacific – PEST Analysis
Figure 10. Middle East and Africa – PEST Analysis
Figure 11. South America – PEST Analysis
Figure 12. Oilfield Service Market- Ecosystem Analysis
Figure 13. Oilfield Service Market Impact Analysis of Drivers and Restraints
Figure 14. Geographic Overview of Oilfield Service Market
Figure 15. Global Oilfield Service Market Revenue Forecast and Analysis (US$ Million)
Figure 16. Oilfield Service Market Revenue Share, by Application (2020 and 2028)
Figure 17. Onshore: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Offshore: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 20. Well completion: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Wire line: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Artificial lift: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Perforation: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Drilling and Completion Fluids: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Others: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Global Oilfield Service Market Revenue Share, By Region (2020 and 2028)
Figure 27. North America: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. North America: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 29. North America: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 30. North America: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 31. US: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Canada: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Mexico: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Europe: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. Europe: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 36. Europe: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 37. Europe: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 38. Germany: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. UK: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 40. France: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 41. Italy: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 42. Russia: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 43. Rest of Europe: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 44. APAC: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 45. APAC: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 46. APAC: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 47. APAC: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 48. China: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 49. Japan: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 50. India: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 51. South Korea: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 52. Australia: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 53. Rest of APAC: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 54. MEA: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 55. MEA: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 56. MEA: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 57. MEA: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 58. South Africa: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 59. UAE: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 60. Saudi Arabia: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 61. Rest of MEA: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 62. SAM: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 63. SAM: Oilfield Service Market Revenue Share, By Application (2020 and 2028)
Figure 64. SAM: Oilfield Service Market Revenue Share, by Service type (2020 and 2028)
Figure 65. SAM: Oilfield Service Market Revenue Share, by Key Country (2020 and 2028)
Figure 66. Brazil: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 67. Argentina: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 68. Rest of SAM: Oilfield Service Market – Revenue and Forecast to 2028 (US$ Million)
Figure 69. Impact of COVID-19 Pandemic in North American Countries
Figure 70. Impact of COVID-19 Pandemic in European Countries
Figure 71. Impact of COVID-19 Pandemic in APAC Countries
Figure 72. Impact of COVID-19 Pandemic in Middle East and Africa Countries
Figure 73. Impact of COVID-19 Pandemic in South American Countries
The List of Companies - Oilfield service Market
- Baker Hughes Company
- Halliburton Energy Services, Inc
- Schlumberger Limited
- NOV Inc.
- Weatherford
- PetroDyn
- Archer
- Patterson-UTI Energy, Inc.
- Wireline Services Group
- Hunting
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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